Brushing aside apprehensions, retirement fund manager EPFO on Wednesday said PF trusts set up by corporates can pay a higher interest rate of 9.5 per cent for 2010-11 as they may also have surplus in their accounts.
"The recognised provident funds (PF) would not find any difficulty in paying 9.5 per cent rate of return to its depositors as they follow the same cash accounting system followed by EPFO," Central Provident Fund Commissioner Samirendra Chatterjee said. "We found surplus of Rs 1,731.57 crore when we analysed the accounts on accrual-based system. Similarly, they (exempted funds) would also find surplus following the same accounting method," he added.
Earlier on September 15, EPFO's Trustees raised interest rate on provident fund deposits to 9.5 per cent for 2010-11 benefiting nearly 4.71 crore employees of both public and private sectors.
There are over 3,000 recognised provident fund trusts which manage a huge corpus of about Rs 2 lakh crore.
These trusts, which are set up by corporates to manage provident fund of their employees, are required to pay a rate of return that is not less than the rate paid by EPFO.
As the Central Board of Trustees (CBT), the highest policy making body of the EPFO, had decided to raise the interest rate by a percentage point to 9.5 per cent, the PF trusts will also be required to match the rate of return. AGENCIES
From India, Mumbai
24"The recognised provident funds (PF) would not find any difficulty in paying 9.5 per cent rate of return to its depositors as they follow the same cash accounting system followed by EPFO," Central Provident Fund Commissioner Samirendra Chatterjee said. "We found surplus of Rs 1,731.57 crore when we analysed the accounts on accrual-based system. Similarly, they (exempted funds) would also find surplus following the same accounting method," he added.
Earlier on September 15, EPFO's Trustees raised interest rate on provident fund deposits to 9.5 per cent for 2010-11 benefiting nearly 4.71 crore employees of both public and private sectors.
There are over 3,000 recognised provident fund trusts which manage a huge corpus of about Rs 2 lakh crore.
These trusts, which are set up by corporates to manage provident fund of their employees, are required to pay a rate of return that is not less than the rate paid by EPFO.
As the Central Board of Trustees (CBT), the highest policy making body of the EPFO, had decided to raise the interest rate by a percentage point to 9.5 per cent, the PF trusts will also be required to match the rate of return. AGENCIES
From India, Mumbai
Version Systems, developed a TRUSTe Employee Retirement Benefit Solution a cloud-based as well as intranet, released with single point complete solution that handles the complete spectrum of activities related to employee retirement benefit funds. Its a user defined web based solution made on latest technologies (.net/SQL or Oracle) available on (SAAS/Enterprise Models).
Software provides integrated trust accounting and Investment solution required to every PF trust of any organization. It supports for investment management like yield calculations, amortization, interest accrual, investment getting mature and interest due, loan history and auto calculation of eligible amount and track for the withdrawals amount. Feature for Automatic import facility for employees master, monthly contribution, transfer in/out, settlement, loan and investment from SAP, other ERP, Excel and other format like CSV and DBF.
At the heart of this web based software is its employee’s friendliness which enables employees online self service (ESS) web access for online balance check of employee’s PF Fund/Superannuation, nomination detail update, status of their withdrawal claim, online loan application and eligibility check, FAQ and various form downloading with necessary prefilled data. Transparent picture is made feasible.
Various features like automatic interest calculation on PF, Investment Management and Tracking, Loans and Permanent withdrawals with amortization, Settlements/Transfer Out, Book Keeping, Statutory Returns, Reports, Multiple Financial Year, One solution for Multiple Trusts, Data Security and Backup are included in this SAAS.
VERSION SYSTEMS PVT. LTD., RAJKOT, GUJARAT.
From India, Rajkot
Software provides integrated trust accounting and Investment solution required to every PF trust of any organization. It supports for investment management like yield calculations, amortization, interest accrual, investment getting mature and interest due, loan history and auto calculation of eligible amount and track for the withdrawals amount. Feature for Automatic import facility for employees master, monthly contribution, transfer in/out, settlement, loan and investment from SAP, other ERP, Excel and other format like CSV and DBF.
At the heart of this web based software is its employee’s friendliness which enables employees online self service (ESS) web access for online balance check of employee’s PF Fund/Superannuation, nomination detail update, status of their withdrawal claim, online loan application and eligibility check, FAQ and various form downloading with necessary prefilled data. Transparent picture is made feasible.
Various features like automatic interest calculation on PF, Investment Management and Tracking, Loans and Permanent withdrawals with amortization, Settlements/Transfer Out, Book Keeping, Statutory Returns, Reports, Multiple Financial Year, One solution for Multiple Trusts, Data Security and Backup are included in this SAAS.
VERSION SYSTEMS PVT. LTD., RAJKOT, GUJARAT.
From India, Rajkot
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.
Private PF Trusts.pdf