HRStop enables admin to configure NPS. Employee can declare an amount that contributes to National Pension Scheme. Click here for more details on NPS. Admin has to declare the component in the salary template in order to employee to contribute:
- Navigate to: Control Panel → Payroll → Salary Template
- Click on Next to proceed to the Pay Components section.
- In the Deduction Components subsection, define the components for Employer NPS — with a maximum limit of 14% or 10% of Basic Salary, as per your requirement.
- Select the appropriate configurations for Value, Pay Frequency, Prompt, etc.
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Proceed to the Map Component section and assign the correct category:
- Map Employer NPS against the respective components.
- Click on Next to complete the setup process.
Please follow the steps below to configure the Employer NPS in the salary template:
Once configured, the system will automatically display the eligibility on the Income Tax Computation page based on the entered data.
Note: Now employee can declare the amount of he/ she wants to contribute to NPS, employer can also declare it on the behalf of employee.