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Pf and esi payment due date late fees & interests ppt (g&cc management services)
1. G&CC Management Services Pvt. Ltd
HR Compliance & Outsourcing Expert
PF and ESI Payment, Due Date, Late Fees & Interests
2. About G&CC:
Gupta & Company Consultants (G&CC) , Founded by Mr. SACHIN GUPTA is a well
known company in the field of HR Labour Compliance Outsourcing. G&CC was
established in the year 2004 and has grown in leaps and bounds since then and now
comprises of 250 +core team members.
G&CC specializes in catering to the HR compliance needs of more than 400+ clients across
the country. Ours is a well known company handling EPF & ESIC Compliance, Payroll
Processing Services, Establishment Compliance Services, Factory Act Compliances,
Contract Labour Compliances, Compliance Audit & Consultation and Labour Laws
Licencing Services.
Our mission is to continuously engage in effective customer service mechanisms and
provide best in HR services by our honesty and integrity to our customers for their human
resource statutory compliances .Recently the company name has been changed to G&CC
Management Services Pvt. Ltd. an ISO 9001-2008 certified .
6. 6
• Provident Fund is a self-financed, compulsory contributory fund, which is reusable in the
future by the employees.
• PF works as a corpus fund that is generated through monthly or regular contributions from the
employee and the employer contribution. From the employee’s salary, a minimum of 12% gets
deducted and contributed to the PF.
• The cumulative contribution of the employee and employer gets added to the PF of the
employee, and that can be en-cashed for future use. The organizations are required to register
to EPFO once they reach the limit of 20 employees under a company name.
Provident Fund
• Employees’ State Insurance Corporation (ESIC) maintains the social security scheme- ESI.
• The ESI fund is applicable to the employees who earn Rs. 21,000 or less than that in a month.
• Medical privileges are given to these employees and their families under this scheme.
• An accumulative monthly contribution of 1.75% of the employee’s salary and 4.75% form the
employer’s side get deducted from CTC (Cost to Company) and added to the ESI fund.
• However, the amount from an employee’s contribution depends on the gross monthly salary,
and there is a setup limit. When the gross amount is less than
• the setup limit; the employee will be eligible for ESI.
Employees’ State
Insurance
Corporation
Provident Fund and Employees’ State Insurance Corporation
7. • The PF will be deducted from every employees’ salary, and the payment due date is within
the 15th of the following month. E.g. , if you want to deposit the PF contribution for June,
then as an employer you should clear all the payments before the 15th of July.
• Payment and filing for the PF return date are probably the same, and you can process it at
the same time.
• Therefore, the due date of the PF return is the same as the payment date, and that is before
the 15th of the following month. The PF annual return due date is 25th April of the
following year.
PF Due Date
• Every employer makes the ESI payment on a monthly basis, and the payment is given to the
ESI department. The due date for ESI is the 15th of the following month, which can also
exceed or change according to the department rules. In this context, ESI is similar to the PF.
• The employer needs to pay ESI return on a half-yearly basis, and the due dates are also
fixed as follows:
• Period of Return Due date of filing of return
• April to September 11th November
• October to March 11th May
ESI Due Date
Due Date: PF and ESI
8. Late Fees/Interest: Provident Fund
Delay in the deposition of Provident Fund:
Interest:
The person who fails to
complete the payment
within the given
deadline shall be
responsible for paying
12% per year interest
for each day he has
delayed.
Penalty:
The EPFO has mentioned some charges that will apply
to the late payment of the Provident Fund deposit. Here
are the charges:
Period of Delay Penalty
Delay upto 2 months 5% interest per annum
Delay of 2-4 months 10% interest per annum
Delay of 4-6 months 15% interest per annum
Delay of more than 6 months 25% interest per annum which can’t
exceed 100% at a time.
9. 9
Delay in the
deposition
of ESI
Interest:
Every employee shall clear all the payments within the given deadline;
otherwise, a simple interest rate will be applicable. The ESI payment interest
is 12% for each day of delay in payment.
Further, to promote the timely payment of ESI and PF to employees’
accounts, the income tax act also provides for disallowance of PF and ESI
deposited after the due date. Accordingly, employers shall not get the
deduction of EPF or ESI deposited after the due date under Income tax and
they will end up paying income tax on it.
Late Fees/Interest: ESIC
