Payroll compliance specific to EPF, ESI, PT, and LWF Laws and regulations helps ensure that employees receive the benefits to which they are entitled and that the employer is in compliance with relevant laws. Payroll compliance with EPF, ESI, PT, and LWF is a complex and ever-changing area, and organizations may benefit from a payroll compliance management service to ensure on-going compliance.
EPF is a mandatory savings scheme for salaried employees, where both the employee and the employer contribute a specified portion of the employee's salary to a retirement fund. Payroll compliance with EPF requires the employer to make timely contributions, maintain accurate records, and file returns with the Employees' Provident Fund Organization (EPFO).
ESI is a social security scheme for employees, providing benefits for medical and maternity care, as well as benefits for injury and disablement. Payroll compliance with ESI requires the employer to make timely contributions and maintain accurate records.
PT is a tax levied on professionals and employees in some states in India. Payroll compliance with PT requires the employer to calculate and withhold the tax from employee salaries and remit the tax to the relevant authorities.
LWF is a fund established by some state governments in India to provide financial assistance to workers and their families in case of illness, injury, or death. Payroll compliance with LWF requires the employer to make contributions to the fund and maintain accurate records.