What is the service?
As we all know that under the Provident Fund and Employee State Insurance Corporation Act, it is mandatory to provide some contributory and health care benefits to employees for which there is some percentage contribution on the part of the employer towards each and every employee who is eligible for this purpose in the immediate and long-run while in tenure of service. These are also known as social security benefits that are governed and managed by Government bodies as per rules and regulations laid down and understood by all employers applicable by these Acts.
There are a series of procedures to be fulfilled in order to become eligible as per legal provisions and also similarly, there are a series of processes to be followed if one wants to reap the benefits so accrued to his Provident Fund account or avail of the various medical schemes if one who is covered by Employee State Insurance Corporation scheme was to experience bad health at some part of his working life. In this case, the Employee State Insurance Corporation benefits would include medical, cash, maternity, disability, and dependent benefits to the Insured Persons under the Employee State Insurance Corporation Act. The scheme provides full medical care to the employee registered under the Employee State Insurance Corporation Act, 1948 during the period of his incapacity, restoration of his health, and working capacity. To name some of the processes would be like:
- Issuance of EPF and Employee State Insurance Corporation code numbers
- Facilitating bank transactions
- Preparing legal documents and filling mandatory forms
- Facilitating the employees to get the benefits and compensations all within the purview of our Provident Fund and Employee State Insurance Corporation compliance services
- Meticulous tracking of contribution to various accounts maintained for Provident Fund, Gratuity, and Employee State Insurance Corporation benefits, as well as the withdrawal from these accounts as per the rules, laid down for this purpose
- Regular follow up and liaison with government authorities
Besides the above Provident Fund Act and Employee State Insurance Corporation Act, another monthly contributing factor to the respective State Government’s coffer is the Professional tax which is a state-imposed tax on the income earned by employees for rendering their services based on the nature of employment, profession, or trade. The professional tax applies to all salaried individuals and working professionals like doctors, lawyers, chartered accountants, consultants, salaried employees, and so on. The professional tax rate differs across states, with a minimum amount of INR 2,500 per annum.
It is worthy to mention that in our role as the global consulting giant, our knowledgeable and learned experts do assist all types of enterprises that are coverable under the above mentioned social contributory acts and rules to be in line with the statutory norms within the timelines specified for making payments on or before the due dates, failing which, there is a set of penalty and interest levied by the authorities, even leading to summons and conviction if for whatever reason these contributions are floundered by the employers.
Our team of dedicated professionals who are nurtured, tutored and mentored guide every enterprise in a rightful manner that these need to be tackled and handled, both in a meticulous and errorless manner, works with advanced payroll software coupled with a task management tool with inbuilt artificial intelligence that sets the contributory governance works in motion, be it for 20 or 20,000 employees, with precision like calculations of contributions and remittances, both methodically and systematically, without faltering on the least.
How we do it and by using what tools?
We have our very own highly indigenized and customized payroll tool called “MY PAYROLL BUDDY”.
A super solution that has the best HR & payroll software, the best team for payroll &its compliance services, the only fully geared system to offer free & fully loaded content for compliance updates. The core strength of My payroll buddy is not just the payroll service offerings over the technology platform. but has payroll generation domain expertise of over a decade. This expertise results in delivering an error-free and on-time payroll along with timely payroll statutory filling..
It is very often the statement made by the MD, Pratik Vaidya, at various payroll forums and seminars where he says, “We want HR to play an important role in the Boardrooms. Our automation solutions must free them from operational hassles and empower them with decision-making support systems. We are here not just to create software but a better work culture in India!”
What value does the client get?
The most significant aspect is maintaining the confidentiality of the data besides following the regimental process without sidestepping any tasks and sub tasks. The stringent process comes to you fully backed with the ISO 9001 certification, and it also comes to you with cutting edge security which ensures the safety of your data on a cloud platform duly certified with the latest 27001 certifications. Also, the second advantage for you will be the fruitful layer of decision making which is only possible when “analytics” are made available to you with facts and figures like
- Eligibility of foreign nationals for Provident Fund
- Bilateral social security agreements with India,
- Statutory length of paid maternity leave and calculations and deployment of salary through Employee State Insurance Corporation
- Payment of sick pay leave and other documentation for being eligible for this absence pay as well as other accidental pays
- Eligibility of pension on retirement or after completing 10 Years of Service
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.
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