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Legislative Update for PeopleSoft HCM Global Payroll India

Paul Smit
Director Product Management
The government of India vide notification no 323 (E) & 324 (E) has reduced the EPF administrative charges to 0.85% subject to minimum amount of Rs.500 per month per establishment  effective 1st January 2015. Additionally we also have amendments made in the schedule to Karnataka State Tax on Professions, Trades, Callings and Employments Act, 1979. As per the amendment, Professional tax is exempted for employees drawing salary below Rs.15,000 and age limit for senior citizen to claim exemption from Professional tax has been reduced to 60 years from 65 years. The Position Statement has been revised to include details about these legislative updates and the patch availability. We advise customers to review the position statement to keep up-to-date. The Position Statement can be found on My Oracle Support, Document ID 1962660.1.

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