What's New in Zoho Payroll [Indian Edition]: November 2020
Hello everyone,
We hope you are all doing well. At Zoho Payroll, we have been adding even more new features and updates to enhance your payroll processing. Check out our updates for this month:
View employee termination report
We have now introduced an Employee Termination Report in Zoho Payroll. In this report, you can find the list of all the employees who have resigned or been let go in the past year. This report can be accessed by navigating to Reports > Employee
Reports > Employee Termination Report. You can use this report to devise employee retention strategies, analyse settlement costs, and keep track of employee terminations.
You can view a terminated employee's service period, reason for termination, final settlement amount, and termination date in the report. You can also access their termination payrolls from the report.
Customise EPF calculation when loss of pay is involved
To ensure a substantial amount is contributed to the EPF on behalf of the employee, Zoho Payroll allows the calculation of PF wages using as many earnings as possible. In general, the Basic earning and Dearness Allowance are always considered for calculating the PF wages. If these earnings do not amount to ₹15,000 (the ideal PF wage), there is an option to use restricted components (Transport Allowance, Telephone Allowance, etc) to bring the sum of PF wages to ₹15,000.
Now, let's say an employee has a 10-day loss of pay due to personal issues. In this case, the PF wages would be very low for that particular month. Hence, to compensate for this, we have introduced an option to consider all applicable PF components if PF wage is less than ₹15,000 after loss of pay so that your employee continues to enjoy the benefit of EPF later on.
You can enable this option for your employees under Settings > Statutory Components > Employees' Provident Fund. You can see a sample calculation of how this option would work in the image below.
Customise the final settlement payslip
Once you've let an employee go, you need to process their final settlement and send the payslip to the terminated employee. You can now customise the final settlement payslips that you send to your employees by including special notes, custom fields, and a declaration.
To customise the final settlement payslip:
- Go to Settings > Payslip Templates > Final Settlement.
- Hover over the template and click the Edit icon.
- Check or uncheck the desired options. You can also choose to display any custom fields you've created.
- Make changes to the Declaration by the Receiver, if needed.
- Click Save.
Notes that you add in the Termination Pay Run will be displayed in the final settlement payslip.
View employee benefits summary in the ESS portal
Your employees can now keep track of the statutory component contributions made on their behalf in the Benefits Summary tab of their employee self-service portal. It contains the monthly breakdown of contributions made to the Employee Provident Fund, Employee State Insurance, and the Labour Welfare Fund, if applicable. With this report, employees can estimate their yearly contribution towards social security and plan for their retirement.
To view the benefits summary as an employee:
- Log in to the Employee Self-Service portal.
- Navigate to the Salary Details module.
- Select the EPF Contribution Summary tab next to Annual Earnings to see the details of EPF contribution for that year.
- From the dropdown menu, you can select and view the ESI or LWF summary.
You can also export this report using the Export as PDF button in the top right corner.
That’s all the major features for this month! Let us know how these features are useful to you and what other new features you'd like to see. As always, if you need any assistance using Zoho Payroll, drop us an email at support@zohopayroll.com.
Sincerely,
Supriya A
The Zoho Payroll Team
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