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Provident Fund & UAN
Our Provident Fund compliance checklist includes PF registrations, UAN compliance, PF transfers, PF advances, e-Nominations, and PF withdrawals/settlements. Our dedicated employee help desk services for EPF members have been commended by leading corporations. We also handle the statutory compliance for the Employees’ Provident Fund.
Provident Fund - RPCF - Scope of Work
Administration
Database maintenance and management, PF numbers, and UAN allocation post verification of details
Processing of settlement, loans, Nomination, transfer claims. Submission with RPFC and scanned acknowledgments to be shared with Client and employee to their email IDs.
Document management (Detail list of documents to be maintained will be provided by Client)
PF Applications trackers to be shared with the Client every week.
Liasoning with PF authorities: Follow-up with PF office for submitted claims through personal weekly visit/ reminder letters for specific cases upon Client’s request
Liasoning with PF authorities: Follow-up with PF office for submitted claims through personal weekly visit/ reminder letters for specific cases upon Client’s request
Employee query management through Email and voice support
PF Management automation to establish control and visibility of the process
Online portal access to employee and employer to view balance and application status
Online portal should have RPFC website link for status verification if needed
All types of applications including nomination to be submitted by the employee through the vendor online portal
Data exchange facility with access control
Reminders to ex-employee to initiate transfer or withdrawal
Regulatory Compliance
Legal Opinion
Preparation and remittance of challan per statute
Preparation and filing of statutory returns
Compliance tracker to be shared with the Client periodically.
Coordinating statutory inspections/ notices / Hearings on issues generated after taking operational responsibility
Coverage of International workers would be as per legal requirement
MIS: Summary of transactions every month
Periodic SSAE 16 – Type II report (Inclusive of BCP and DR plans)
Provident Fund - EXEMPT - Scope of Work
Administration
Database maintenance and management, PF numbers, and UAN allocation post verification of details
Processing of PF settlement, loans, and transfer claims and submission of EPS transfers/EPS claims and Nominations with RPFC and scanned acknowledgments to be shared with Client and employee to their email IDs.
Document management (Detail list of documents to be prepared will be provided by Client)
Liasoning with government authorities
Application trackers to be shared with the Client every week
Follow-up for transfer ins (through personal / reminder letters for specific cases upon Client’s request)
Employee query management through Email, and voice support
PF Trust Management automation to establish control and visibility of the process
Online portal access to employee and employer to view balance and application status
All types of applications including nomination to be submitted by the employee through an online portal
Data exchange facility with access control
Audits
Reminders to ex-employee to initiate transfer or withdrawal
Coverage of International workers and ex-pats would be as per legal requirements
Accounting
Maintenance of employee sub-ledgers
Accounting of transactions
Maintenance of standard voucher/receipt
Updating bank books daily.
Monthly BRS
Providing cash flow every month
Final accounts – trial balance, balance sheet, P&L, and schedules
Coordination with auditors for audits
Data to be provided for actuarial valuation as and when required
Recordkeeping
Maintaining back-up documents
Coordinating banking about trust accounts
Taxation
Deducting TDS as per statute and payment of the same as per due date
Generation of Form 16 and Form 24Q per statute for the applicable year as per due date
Regulatory Compliance
Advice to Client on the amount due to trust / RPFC every month
Preparation and submission of monthly challans with RPFC
Preparation and filing of statutory returns.
Preparation and filing of statutory returns with IT and follow-up for refund, if any
Documentation support for addition/deletion of trustees
Coordinating and recording minutes of the trustee meeting and closure of the open items recorded in the meeting.
Attending/coordinating statutory inspections/ notices for closure
Coverage of International workers and ex-pats would be as per legal requirement
Investments
Monthly advice to the trustees on the investment options available and recommend investment in specific security based on yield, exposure, reinvestment risk, etc.
Update investment register/special Deposit
Capture interest receipts, deliveries, receipts, etc.
Cash flow analysis once a month to work out the investible surplus
Monthly MIS
Query handling from senior managers/Trustees on the administration of Trust.
Investments – Back Office
Tracking of interest due on investments/redemptions and follow-up for the same in case of delays
Submit income tax recognition certificates to the issuers for the avoidance of tax on interest
Reconciliation of the portfolio with SGL / Demat / custodian statement on a periodical basis
Execution of investment deal after the trustees’ approval
Reports
Bank Reconciliation Statement monthly
Weekly report on the status of applications
Monthly MIS capturing details of settlements, interest receipts, investments – purchased & matured
Data archival and retrieval as per Client policy
Periodic SSAE 16 – Type II report (Inclusive of BCP and DR plans)