Primary Benefits of Setting up of Provident Fund Trust
- Easy loan facility.
- Prompt settlement of account.
- Easy transfer of PF of new employees.
- Better services.
- Better employee satisfaction.
- Minimum cost to the company.
- Company saves 0.92 paise on basic.
- Automatic transfer of old contributions to the trust.
- Group companies can be added into one trust.
Following activities are related to new appointees:
- Receipt of forms from new appointees and sending them to RPFC/Ex-employees trust for getting the fund transferred through the concerned RPFC office(Form 2 with Form 13 in case of old employee)
- Allotting provident fund number.
- Sending reminders for transfer of contribution on a regular basis until the transfers are affected.
- Informing each person who has left regarding his or her balances accumulated in the member’s account in the provident fund.
- Receipt of forms after 60 days of leaving of the employee and filing the Form 10C or Form13 with RPFC for settlement/Transfer.
Monthly Cash Flow
- Preparation of projected cash flows of the year with a monthly break up
- Collection of quotation for investment as and when required
- Getting approval from the trustees on monthly investments, settlements and withdrawals.
- Obtaining approval from Trustees, coordinating with the concerned broker and ensuring that timely investments are made.
- Ensuring the investments are deposited in the SGL Demat account and maintaining an updated record in the form of updated Investment Registers.
- Follow up on interest receivable on or before due date.
- Obtaining TDS certificate.
- Preparation of monthly provident fund returns (Appendix A).
- Preparation of accounts and maintenance of statutory registers.
- Preparation of bank reconciliation statement.
- Filing claims for left employees for gratuity trust with LIC for gratuity recovery and remitting the account received by the trust to the company Company/ Members.
- Scrutiny of papers to ensure that the withdrawals are within the norms as specified under the rules.
- Preparation of Minutes book for meetings of Board of Trustees.
- Brief the trustees on investments and earnings on a quarterly basis.
- Preparation of balance sheets.
- Preparation and despatch of provident fund slips
- Preparation of FPF returns
- Submission of balance sheet to the provident fund Commissioner’s office.
- Filing of Income Tax returns.
- Filing of TDS returns
- Deposit of premium in case of gratuity and superannuation trust.
Customized Provident Fund Software
- Member Module
- Investment Module
- General Ledger