PF Slab & Type
PF Slab & Type in PrismERP is used to define how Provident Fund contributions are structured and calculated for employees. It includes setting up slab-based contribution rules based on service duration or conditions, as well as selecting the PF type during employee PF setup.
The PF Slab determines how contribution percentages vary across different periods or eligibility criteria, while the PF Type defines whether the contribution follows a shared model or a standard calculation method.
Add PF Slab
| Field | Action |
|---|---|
| Name | Enter the name of the PF contribution slab |
| Appl. From (Mon.) | Enter the starting month from which the slab will be applicable |
| Appl. To (Mon.) | Enter the ending month up to which the slab will be applicable |
| Employee Contr. % | Enter the employee PF contribution percentage for this slab |
| Employer Contr. % | Enter the employer PF contribution percentage for this slab |
| Multiply With (Employee) | Select the factor used to calculate employee contribution |
| Multiply With (Employer) | Select the factor used to calculate employer contribution |
| Applicable After | Enter the condition after which this slab will be applied |
After adding a PF Contribution Slab, it will be available in the slab list where all configured slabs are displayed.
From this list, the user can edit the slab details whenever required, as well as activate or deactivate it depending on whether it should be used in PF calculation.
During future salary generation, the system automatically applies the PF Slab rules and calculates the Provident Fund amount accordingly based on the defined slab conditions.
Provident Fund Type
Provident Fund Type in PrismERP is used to define how PF will be applied and managed for an employee. It controls the contribution structure and determines how the PF amount is calculated, whether it follows a shared contribution model or a simpler standard setup. During employee PF setup, the user can select the PF type based on the applicable policy for that employee.
Contributory PF
Contributory PF is a shared contribution model where both the employee and the employer contribute to the Provident Fund. A fixed percentage is defined for each side, and the total PF balance is built from both contributions over time. During payroll, the employee’s portion is deducted from salary, while the employer’s portion is added separately to the PF account.
General PF
General PF follows a basic PF structure where contributions are handled in a simpler way without complex splitting rules. It is used when the organization applies a standard PF calculation method without multiple contribution variations or detailed allocation rules.
