Important Note:
- Pay Master is ready with upcoming New Contribution Rates of NHIF (New Name SHIF – Social Health Insurance Fund). This document is a guideline on how to switch over to the New Contribution Rates once the Notification on effecting the same is Released.
- Please Consult your Tax Consultant before effecting this change.
- Make Sure Previous Years & Months are closed before making these Changes
- After making these changes No Auto Calculation of previous Months should be done i.e., the Months prior to effecting this change.
Steps;
- Login into Paymaster with Administrative Rights
- Click on System >> Settings >> System Settings, Input System Settings Password THEN Press OK. (Payroll Administrators have this Password, Otherwise Call Office Support)
- Click NHIF Calculation and change NHIF Calculation method from slab wise to Percentage Based.
- Update NHIF Calculation Percentage to 2.75, then change then NHIF calculated on to Gross.
- Click Apply then OK.