PF Wage: PF Wage is also known as Basic Wage. Basic Wage is the amount on which PF is calculated. EPF (Employer Provident Fund) contribution is transferred to Account 1. Basic Wage may or may not be limited to 6500.
Pension Wage: Pension Wage is the wage on which Pension Amount is calculated. EPS (Employer Pension Scheme) contribution is transferred to Account 10. Pension Wage is limited to 6500. This means that under no circumstance the contribution in Account 10 can be greater than 541 for one month.
Eg. An employee gets 10000 per month as Basic. His PF is calculated on the full amount of 10000 i.e. the Basic Wage is 10000.
Employees Contribution
12% of 10000 = 1200 (Goes to Account 1)
Employers Contribution
Pension Wage (8.33% of 6500) = 541 goes to Account 10
3.67% of Basic Wage + Left Over goes to Account 1 = 440 + 219 = 659
In the above example 10000 is the Basic Wage (PF Wage) and 6500 is the Pension Wage.
Webpay Payroll Software by BBSPL
Showing posts with label Webpay Payroll Software. Show all posts
Showing posts with label Webpay Payroll Software. Show all posts
Monday, May 17, 2010
Thursday, May 6, 2010
User Group Creation, Assign Rights to User Group and Map Employees to User Group in Webpay Payroll Software
User Group Creation, Assign Rights to User Group and Map Employee to User Group
User Group Creation: Click here to view the video on how to create Employee User Group.
Assign Rights to User Group and Block/Unlock Functions: Click here to view the video on how to assign rights to user group and block/unlock functions.
Map Employee to User Group: Click here to view the video on how to map employee to user group.
User Group Creation: Click here to view the video on how to create Employee User Group.
Assign Rights to User Group and Block/Unlock Functions: Click here to view the video on how to assign rights to user group and block/unlock functions.
Map Employee to User Group: Click here to view the video on how to map employee to user group.
Blog by BBSPL , Webpay Payroll Software
Webpay Copyright BBSPL
Monday, May 3, 2010
How to handle reimbursements in Webpay Payroll Software?
How to handle reimbursements in Webpay?
Option B: The employee asks its employer to accumulate the amount and whenever she/he submits the bills, the claim should be given. If by the end of financial year the employee fails to submit the complete bills then the remaining amount should be given to the employee as taxable. To accomplish this in Webpay we create a Paycode with following properties.
In Option B Webpay will accumulate the amount and when ever you wish to give the claim you can do so. You have three options to manage reimbursement claims.
1. Reimbursement Claim Form
2. Import Reimbursement
3. Employee requests reimbursement from ESS
Let me explain Option 1 i.e. Reimbursement Claim Form: With this process you can enter the bill amount and claim amount. Webpay will automatically calculate the claim amount based on the bills submitted. Therefore you only need to enter the bills. You can also use a process available in this form i.e. "Pay in Paycode". "Pay in Paycode" allows you to insert the claim amount in another paycode which is "Variable Type", "Used for Reimbursement Claim" and "art of Gross". This is used when you want to give Reimbursement Claims along with Salary. If you do not give reimbursement claims with salary then you do not need to use this option and you also need to create the third paycode i.e. Medical Claim. Check the snapshot below for the properties of Medical Claim.
You will find the explanation with Medical Reimbursement example.
In most companies medical reimbursements is given as an option to the employee.
Option A: The employee wants Medical Reimbursement as taxable pay component then it is to be treated as any addition (earning) type paycode. See the properties of the paycode that you should select.
Option B: The employee asks its employer to accumulate the amount and whenever she/he submits the bills, the claim should be given. If by the end of financial year the employee fails to submit the complete bills then the remaining amount should be given to the employee as taxable. To accomplish this in Webpay we create a Paycode with following properties.
In Option B Webpay will accumulate the amount and when ever you wish to give the claim you can do so. You have three options to manage reimbursement claims.1. Reimbursement Claim Form
2. Import Reimbursement
3. Employee requests reimbursement from ESS
Let me explain Option 1 i.e. Reimbursement Claim Form: With this process you can enter the bill amount and claim amount. Webpay will automatically calculate the claim amount based on the bills submitted. Therefore you only need to enter the bills. You can also use a process available in this form i.e. "Pay in Paycode". "Pay in Paycode" allows you to insert the claim amount in another paycode which is "Variable Type", "Used for Reimbursement Claim" and "art of Gross". This is used when you want to give Reimbursement Claims along with Salary. If you do not give reimbursement claims with salary then you do not need to use this option and you also need to create the third paycode i.e. Medical Claim. Check the snapshot below for the properties of Medical Claim.
Below is the snapshot of the Pay Slip where you will find the Medical Claim Amount. However this is optional. If you do not give reimbursement claims in salary then you do not need the third paycode i.e. Medical Claim.
Import Reimbursement: Using this method you can import the claim and bill amount of the Medical Reimbursement from Import Reimbursement Claim and Bill. Secondly, if you want to pay the claim amount in salary then you need to assign the claim amount in Medical Claim paycode (the thrid paycode i.e. "Variable" and "Used for Reimbursement Claim"). You can assign the paycode using Import Salary Structure. Therefore you need to use two import methods here.
Employee requests reimbursement from ESS: Using this method the employee would send reimbursement request when she/he logs into ESS. A request will then be approved by the admin using the same form as in Point 1. The process thereafter is similar to Point 1.
Blog by BBSPL , Webpay Payroll Software
Webpay Copyright BBSPL
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