Provident Fund (PF) Services - What is the service about ?

The Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 (PF) came into effect on 4th March 1952. In the Indian Labour Conference held in 1948 , there was a general consensus to introduce a statutory provident fund scheme for industrial workers. To test such a PF scheme in a restricted field , the Coal Mines Provident Fund Scheme was launched in 1948. The success of this PF Scheme led to the demand for expansion of PF Scheme to other establishments. The EPF Organization is controlled by Ministry of Labour and Employment, Government of India. The Act was framed to provide the benefits to salaried class employees

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The Employees’ Provident Funds & Miscellaneous Provisions Act, 1952 (PF) has been enacted with the main objective of protecting the interest of the employees after their retirement and their dependents after death of the employee. This PF Act provides insurance to workers and their dependents against risks of old age, retirement, discharge, retrenchment or death.

The Government of India has made it compulsory for all working class to be enrolled under this PF Scheme. The Employees’ Provident Funds & Miscellaneous Provisions Act, 1952 (PF) extends to whole of India including J&K and Ladakh , the two Union Territories which has been brought under the ambit of EPFO recently. This PF Scheme applies to every establishment employing 20 or more persons and engaged in industry specified in Schedule I of the Act or any other activity notified by the Central Government. It applies to all departments / branches of an establishment wherever situated, as per the following criteria :

PF Schemes

The PF fund accumulated would be tax-free and if PF withdrawal is being made after 5 years of registration, then the maturity amount with interest will also be treated as tax-free income. The PF contribution also helps employees by facilitating the withdrawal of partial amounts for expenses like house construction, daughter’s wedding, in the case of critical illness, higher education, etc. Thus, it is very important to contribute towards this PF fund from both sides i.e. employer as well as the employee.

Service

Karma Management Global Consulting Solutions Pvt Limited, the foremost PF service provider /PF consultant with Head Office in Mumbai having PAN India Operations, has emerged as a leader of payroll compliances and offers the most sought-after provident fund services when it comes to maintaining the Provident Fund (PF) of Organizations eligible under this PF Scheme. Karma develops and creates solutions based on the specific needs of the clients. While delivering a maximum business value to customers, Karma combines excellence in process with an exemplary framework, refined quality, and innovation in the delivery of services. Our extensive range of Provident Fund (PF) management related services include:

Provident Fund (PF) Services – What value does the client get ?

Error-free, hassle-free, seamless processing of Provident Fund / PF consultancy services rendered by using a state-of-the-art software tool called “WE PROCESS”, Karma Management Global Consulting Solutions Pvt. Ltd., as a leading HR & Compliance Company assures that the clients have no additional worries about the operational aspects of their Provident Fund / PF Services as the same is in very safe hands

With our strong networking as one of the foremost PF Consultants in Mumbai and other States, Karma has been successful in organizing seminars and webinars where Provident Fund’s higher authorities are invited to share their expertise by way of tips, tricks, and suggestions for the perfect management of Provident Funds. This not only enhances the value of the PF services that we provide so diligently but also increases the credibility of our organization to carry out these PF services for the goodness of all people at large. Any individual who is interested in the management of Provident Fund or wants to know more about EPF Organization can participate in these workshops and learn from the veterans or experts themselves.

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We guarantee that there will be no regret in the decision made by you to join us in the delivery service to you of our offerings as explained above, since there are already more than 10,000 business enterprises who are hooked on our payroll compliance services as ultimately, along with the tool, it is the fieldwork of our experts which speaks for itself. Our team of field officers besides rapport building with the authorities are constantly in the field hopping from one Government institution to another, entailing a plethora of actions backed up a sound process, supervised by various Team Leaders at the helm of affairs.

Provident Fund (PF) Services – What value does the client get ?

With more than decades of experience in the regulatory and compliance field as well as payroll management, where Karma is not only, totally seized of the employees’ concern about the accuracy and timely disbursement of his/her take-home salary together with deductions, but also takes care of its own concern about payroll cost, accounting, and allocation of statutory funds with rapid deployment and utilization of high-end tools. Thus, all in all, Karma Management Global Consulting Solutions Pvt Ltd. has emerged as a major consulting giant with a specialization in PF services. Being completely tech-driven in this ever-evolving world, Karma’s aim is to procure accurate results for all the PF-related services laid down by us with SOP in place, where we cover above two lakh employees for Pf contributions on monthly basis.

To sustain in this digital world and to emerge as leaders, we have evolved a tool called “We Process” which is a valuable digital container holding together as a cohesive unit, all the regulatory compliances of the establishment, including the respective forms and documents for Provident Fund with liaison support to all EPFO Organizations in India. With the help of the AI chatbot which pops up as a support tool, it provides full-fledged assistance to all queries related to Provident Fund or related issues. The “WE PROCESS” tool in a way also offers tremendous assistance to the principal employer or to an industry, big, medium, or small, in a full-fledged diagnostic mode to check whether it is following proper regulatory compliances for itself or not, offering a perfect and accurate PF analytics on a month to month basis.

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