Provident Fund

This module caters to all the requirements and functions related to Employee Provident Fund.

This module is completely integrated with other modules of Harmony suite. Once it is integrated with Salary module it automatically deducts Employee and Employer contribution from Salary. These two amounts are then passed on to Provident Fund module in a seamless manner.

Module has the flexibility to cater for different employee and employer contributions. Grade wise variable Provident Fund calculation parameters can be defined to calculate contribution. The system requires a one-time setup to incorporate the existing Provident Fund Balances when you start using the module. After that only new employees are made member of the fund.

System has the capability to calculate and distribute annual profit on the Provident Fund investments.

Broad Functionality

• Complete integration with payroll for employee contribution deduction
  
• Varying employee and employer contribution percentage
  
• Flexibility to define payments that are used to calculate contribution
  
• Varying formula based on employee length of service
  
• Different methods of profit calculation
  
• Integration with Income Tax Calculation to include profit in taxable income
  
• Complete General Ledger of provident Fund
  
• Option to Income Tax Certificate to show Provident Fund contribution
  
• Complete PF History
  
• Employee PF Statement
  
• PF Register and PF Schedule