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Friday, April 22, 2016

Interest on delayed payment of ESI contribution

Interest on delayed payment of ESI contribution As per new Memorandum/Instruction issued on 08.04.2016 by ESI Corpn, it has been decided that the interest on ESI contribution payable on omitted wages, shall be calculated calendar month-wise.

Prior to above instructions, the Interest on left-out wages/omitted wages reported by the Social Security Officer or Test Inspecting Officer where the number of employees, employee-wise details of wages paid and period of engagement of such employees was not available, is to be claimed after allowing a grace period of 21 days from the date of demand letter/C-18 notice from the Regional/Sub-Regional Office.

Henceforth, the interest is payable on such omitted wages from the day the ESI contribution on said omitted wages was payable.

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