19 June 2009
In Office we pay monthly salary and account once in a month and pay PF & ESI accordingly.
In FActory we pay weekly wages. In this case how to account wages for the particular month and calculate PF & ESI. Since for calculating PF & ESI calender month wage will be taken. Whereas payment will be based on weekly which will not exactly ends up by month end.
19 June 2009
Payment is one part and other is salary computation based on calendar month basis. U may compute salaries on month to month basis and keep paying on weekly basis as per industry norms. The differences, if any (plus or minus) can be adjusted quaterly, half yearly or annually, as per the management policy.
For example every saturday the wages being distributed after deducting esi & pf. Whereas for the purpose of PF & ESI monthly calculation only to be arrived. For the month of June 2009, 30th June falls on Tuesday. Whereas the weekly payment would have expired by 27.6.2009 and the next payment by July 4th for the wage period from 29.6 to 4.7.
For example every saturday the wages being distributed after deducting esi & pf. Whereas for the purpose of PF & ESI monthly calculation only to be arrived. For the month of June 2009, 30th June falls on Tuesday. Whereas the weekly payment would have expired by 27.6.2009 and the next payment by July 4th for the wage period from 29.6 to 4.7.
CAclubindia
