Allowance and calculations
- Anand Muthu
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8 years 4 weeks ago #628
by Anand Muthu
Allowance and calculations was created by Anand Muthu
Hi ,
First I would like to say this is a great software and has really helped in my startup. Recently I have introduced two allowance in my company.
Optical - RM 290
Telco / Broadband - RM 200
Can I know if both the allowance above are subject to EPF. I read in the EPF website that allowance are applicable for EPF contributions.
The EPF contributions above with 8% comes to RM 39.20 but the system rounds it to RM 40. Is that correct ? How would that translates to the accountings.
Hope you can help. I screenshot the payslip below.
Thanks.
Anand
First I would like to say this is a great software and has really helped in my startup. Recently I have introduced two allowance in my company.
Optical - RM 290
Telco / Broadband - RM 200
Can I know if both the allowance above are subject to EPF. I read in the EPF website that allowance are applicable for EPF contributions.
The EPF contributions above with 8% comes to RM 39.20 but the system rounds it to RM 40. Is that correct ? How would that translates to the accountings.
Hope you can help. I screenshot the payslip below.
Thanks.
Anand
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8 years 4 weeks ago #630
by Kap-Chew
Replied by Kap-Chew on topic Allowance and calculations
Yes, allowance are subject to EPF, and for EPF calculation it is not simply by multiplying with the rate in percentage, but you have to round it up according to EPF specifications.
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