PF is an initiative by the Government to imbibe a habit of saving for the future. Accessible to almost every employee, this is a great tool designed to encourage disciplined savings for retirement and other financial needs.
As an added incentive, there are tax exemptions of up to Rs. 1.5 lakh under Section 80 (C)
The mandatory contribution for the employee is 12% of the basic salary + DA, where the Basic pay of an employee is less than or equal to Rs 15,000. For employees who have Basic salary of over Rs 15,000, the amount is capped at 12% of Rs. 15,000 which is Rs. 1,800
Gone are the days of tedious hours being spent in calculating PF for all the employees in the entire company. Manual entries are now kept to a minimum with the introduction of highly effective software that is integrated with the payroll for each employee.
In today’s video, we will talk about how to perform PF related tasks on greytHR.
-How to onboard a newly joined employee into PF -How to verify your employee PF -How to remit PF to the department.
Click on the link and watch the video “How to complete the PF KYC for your employees on greytHR” https://greytip-2.wistia.com/medias/8pffy3559j