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., Oct 2023 & Prior Months.
Steps;
1. Login into Paymaster with Administrative Rights
2. Click Setup >> Payroll >> Setup
3. Scroll Down to NHIF Calculation and change NHIF Calculation method from slab wise to Percentage Wise2. Click Setup >> Payroll >> Setup
4. Update NHIF Calculation Percentage to 2.75, then change NHIF calculated on to Gross.
