Karnataka Labour Welfare Fund (KLWF)
Points to be noted:
1. It’s mandatory to deduct the KLWF as per Labour Welfare fund (LWF) act 1965.
2. Applicable for those companies having more than 50 employees.
3. KLWF is to be deducted in the month of December and it has to be paid within January 15.
Follow the below mentioned procedure, how to deduct KLWF in Paypac
1. Create a new component in Master->Pay slip
2. Click Add to create new component. Enter code & name. Select type as Deduction &
Select Lumpsum. And click on create formula enter the deduction amount.
Click Save to update records.
3. Go to Processing -> Monthly transaction
-> Lumpsum components.
4. Select the KLWF component. Click on modify and select yes for one employee.
5. Press F3 to repeat values ( Y )
6. After that Go to Processing->Monthly processing to process Active month.
7. You can see the KLWF component in Payslip
8. You can take the KLWF challan in Reports.
9. Your KLWF challan is ready.