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)
3. Click NHIF Calculation and change NHIF Calculation method from slab wise to Percentage Based.
4. Update NHIF Calculation Percentage to 2.75, then change then NHIF calculated on to Gross.
