What is the service?
As we all know, under the Employees Provident Funds & Miscellaneous Provisions Act, 1952 and Employees State Insurance Act, 1948 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 to whom such Acts are applicable.
There are a series of procedures to be fulfilled on the part of the employees in order to become eligible as per legal provisions, and similarly, there are a series of processes to be followed if one wants to reap the benefits accrued to his Provident Fund Account or avail of the various medical schemes, if one who is covered by such schemes experiences illness at some point in his working life. In this case, the Employees State Insurance Corporation’s benefits would include medical, cash, maternity, disability, and monthly payments to the dependants’ of the deceased insured persons under the Employees State Insurance Act. The scheme provides full medical care to the employee and his eligible family and children up to 25 years of age, registered under this Insurance Act during the period of his/her incapacity, restoration of his/her health, and serviceability. To name some of the processes, they would be like:
- Issuance of Employees Provident Fund Organisation (EPFO) and Employees State Insurance Corporation’s (ESIC) code numbers
- Facilitating banking transactions
- Preparing legal documents and filling out mandatory forms
- Facilitating the employees to get benefits and compensation all within the purview of Employees Provident Fund Organisation and Employee State Insurance Corporation’s compliance services
- Meticulous tracking of contributions to various accounts maintained for availing of Provident Fund and Employees State Insurance Corporation’s 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 Employees Provident Funds Act and Employees State Insurance 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 noteworthy 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 penalties and interest levied by the authorities, even leading to summons and conviction if for whatever reason these contributions are floundered /delayed by the employers.
Our team of dedicated professionals who are nurtured, tutored, and mentored do go out of their way and guide every enterprise in a rightful manner which is required to be tackled and handled, both in a meticulous and errorless manner. They work with advanced payroll software coupled with a task management tool with inbuilt artificial intelligence that sets the contributory governance working accurately in motion, be it for 20 or 20,000 employees, with precision like calculations of contributions and remittances, both methodically and systematically, without faltering the least on any of the aspects.
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 and payroll software, unrivalled team for payroll and its compliance services, and the only fully geared system to offer free and 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 spanning over a decade. This expertise results in delivering an error-free and on-time payroll, along with timely payroll statutory filing so necessary as to protect anything that may perhaps slip through the crack.
The most significant aspect is maintaining the confidentiality of the data and following the regimental process without sidestepping any tasks or subtasks. The stringent process comes to you fully backed by the ISO 9001 certification, and it also comes to you with cutting-edge security that 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
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 under Employees Provident Funds Act
- Bilateral social security agreements with India relating to Employees Provident Funds Act
- Statutory length of paid maternity leaves and calculations and deployment of salary through the Employees 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 for a 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 that are hooked on our payroll compliance services, as ultimately, along with the tool, it is the fieldwork of our experts that speaks for itself. Our team of field officers, besides building rapport with the authorities, is constantly out in the open making several visits, hopping from one government institution to another, entailing a plethora of actions backed up by sound technology and processes, supervised by various team leaders at the helm of affairs virtually round the clock.
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