Updating PF (Provident Fund) settings for a pay group

Available for plans : Foundation, Growth, Strength.

Provident Fund is one of the largest social security initiatives that are available to your employees. 

TABLE OF CONTENTS

• Is PF amount limited to statutory minimum for all the employees? 
• Employer Contribution
• Other charges – EPF admin and EDLI charges 
• Additional Settings 
  • Do not adjust (reduce) special allowance in case PF contribution is impacted by LOP (Loss of Pay).
  • Allow Additional 1.16% as member share of Pension 
  • Limit PF exemption to 12% of Basic + DA 
  • Allow employees to contribute towards VPF 
  • Allow admin to override PF Contribution, opt-out from PF, limit to statutory PF 

Getting the PF settings right is important to align with your processes. You can configure the PF settings on Keka to ensure that you are compliant with statutory regulations. Let’s see how you can configure PF settings for a pay group.

To start editing the PF settings, navigate to Payroll (1)>> Settings (2). 

In the Pay Groups tab (3), you will see the various pay groups that you have configured on Keka. 

Select the pay group and click on the Configure icon (4).  

On the Pay Group Configuration window, select the Contributions tab (5). Here you can see the various settings in brief. Click on the three dots (6) on this window and from the drop-down, select Update PF Settings (7).

In the Provident Fund (PF) Settings window, there are some important options to focus on.  

On the top of the window, you can toggle PF on or off using the toggle button. This will enable or disable PF for the pay group.