Provident Fund
Provident fund is another name for pension fund. Its purpose is to provide employees with lump sum payments at the time of exit from their place of employment. This differs from pension funds, which have elements of both lump sum as well as monthly pension payments. As far as differences between gratuity and provident funds are concerned, although both types involve lump sum payments at the end of employment, the former operates as a defined benefit plan, while the latter is a defined contribution plan.
Your Benefits
Provident fund services : provident fund members receive services and exclusive privileges offered by Ammbition.
- Employee registration in PF with nomination, filing of returns along with due payment
- Generating Monthly Challan
- Uploading employee’s KYC document on UAN portal, authorization through digital signature
- Support to employees for claim benefits & PF withdrawal
Main services
Advisory services - Consultation and advisory services to help companies establish a provident fund, complete with follow up services to get the provident fund registered according to law. Provident fund management services - Invest the provident fund to seek the best returns as governed by the Provident Fund Act and the risk tolerance levels specified for investments. Produce reports required of the provident fund - Relevant reports associated with the management of the provident fund are generated such as investment reports, monthly incoming payment contribution reports, and balance statements for members which are distributed monthly and annually. Printing of cheques and withholding taxes - Printing of cheques payable to members who exit from the fund as notified by the Provident Fund Committee. Witholding taxes are also processed and submitted to the Revenue Department. Providing Knowledge - Basic knnowledge about provident funds are provided to members. For Provident Fund Committee members, we also offer advice on investing, diversification, savings plans, investing through “Employee’s Choice”, etc.