Payroll Management Best Practices You Should Know
By Tamaro HR
Payroll Management Best Practices You Should KnowJun 12, 2021
EPS – Employee Pension Scheme and it’s benefits
The Employee Pension Scheme is an add-on to the Employee Provident Fund (EPF) subscription. A subscriber (employee) to the EPF contributes 12% of the Basic Salary + Dearness Allowance. The employer matches the contribution of 12%, of which 8.33% is contributed to EPS and 3.67% is contributed to EPF. The 8.33% contribution by the employer has multiple advantages for the subscriber.
The major advantages of EPS scheme for employees are:
Pension on retirement age
Pension on leaving service before becoming eligible
Pension on disability during service
Pension for the family on death:
Early Pension:
Payroll Management Best Practices You Should Know
Managing HR operations is easy if done in the right manner. HR operations consist majorly of recruitment, onboarding, payroll management, performance management systems, labour law compliance etc. Given an unstructured HR function, managing these HR functions is a daunting task. But with the right policies, processes, checklists and MIS you can make your payroll service simple. How does this help? You can rely on the process and not the people managing it. This will reduce your dependence on people; you can reduce the salary cost of the HR team by hiring less experienced executives and also maintain the quality of output required.