The Government of India has mandated all salaried employees to have a retirement savings scheme called the Employee Provident Fund which deducts a certain amount of money from the salary every month. All organizations in India that have more than 20 employees, as per law, are mandated to register with EPFO. In simple language, Provident Fund is a savings platform provided by the Government to help the employees build a corpus for post-retirement life. Comprising as an essential part of payroll compliances, Provident Fund involves International Worker’s Provident Fund & Nil Challan, Calculating EDLI, and administration charges payable to the Provident Fund department & generating ECR and uploading the data on the Provident Fund website. Karma Management Global Consulting Solutions Pvt Ltd. has emerged as a leader of payroll compliance and offers the most sought-after services when it comes to maintaining the Provident Fund. Our extensive range of Provident Fund management related services include:
Error-free, hassle-free, seamless processing of Provident Fund which is done using a high-tech software tool named WE PROCESS, Karma Management Global Consulting Solutions Pvt. Ltd. as a leading compliance company assures that the clients have no additional worries about their Provident Funds. With our strong networking, every year we successfully organize seminars and sessions where Provident Fund’s higher authorities are invited to share their best-acquired tips, tricks, and suggestions for the perfect management of Provident Funds. This not only enhances the value of the services we provide but also increase the credibility of our organization. Any individual who is interested in the management of Provident Funds can participate in these workshops and learn from the global experts themselves.
With more than 20 years of experience in the compliance, governance, and payroll management industry, Karma Management Global Consulting Solutions Pvt Ltd. has emerged as a global consulting giant. Being completely tech-driven in this ever-evolving world, our aim is to procure accurate results for all the services laid down by us. 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 the help of the AI chatbot which pops up as a support tool, it provides full-fledged support 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 or medium, or small, in a full-fledged diagnostic mode to check whether it is following proper regulatory compliances for itself or not.
Challenge- With one of our new client, we found that there are wrong deductions of Provident Fund of the employees & there was a case of Swap case, where it was wrongly contributing the Provident Fund Contribution To each other’s account. Also, we noticed that they had an International worker contributing Provident Fund only on basic and DA and we realized that some more changes to be done in the Provident Fund calculation.
Solution- We studied their complete Payroll Structure we suggested with the structure and accordingly we resolved the following three cases.