What's New in Zoho Payroll [Indian Edition]: September 2020
Hello everyone,
We hope you are all doing well. At Zoho Payroll, we have been adding new features and updates to enhance payroll processing. Let's dive into this month's updates:
Reversal of special EPF contribution rates
As a part of the COVID-19 relief measure, the Government of India had announced a special EPF contribution rate of 10% for employers and employees for the months of May, June, and July 2020. In accordance with this, for these three months, employees and employers could choose to have their EPF contribution rate reduced from 12% to 10% to facilitate more liquidity. From the month of August 2020, the EPF contribution rate needs to be reverted to 12%. We have provided an option to revert to the previous configuration before you process the pay run for August 2020. To revert the previous configuration:
- Go to Settings > Statutory Components > EPF.
- Click Reset to 12% PF Rate.
The PF rate will be reset to 12% automatically for all the employees.
Restrict FBP amount override
You can now restrict your employees from overriding the FBP amount while making FBP declarations. Here's how:
- Go to Settings > Salary Components.
- Click the component you've included in the Flexible Benefit Plan (FBP) and check Restrict employee from overriding the FBP amount.
- Click Save.
If you have marked any reimbursements as FBP, then go to Settings > Salary Components > Reimbursements and perform the last two steps.
When your employees declare FBP in their respective ESS portals, they can either claim the maximum FBP value or exclude the FBP component by unchecking it.
These are the major updates for this month. Leave your comments on these updates below! If you have any queries, write to support@zohopayroll.com and we are here to assist you.
Sincerely,
Supriya A
The Zoho Payroll Team
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