1. Provident Fund

Provident Fund is a retirement scheme managed by the government. It is the compulsory saving scheme in which employees contribute a portion of their income in their pension fund, on a monthly basis. The savings get collected every month and thus can be retrieved as a lump sum amount at the end of the employment or at the time of the retirement. The benefits of the provident fund includes the free insurance Under the Employees Deposit Linked Insurance Scheme along with the pension benefits. ... Different types of provident fund are:  Statutory Provident Fund  Recognized Provident Fund  Unrecognized Provident Fund  Public Provident Fund the employees getting the monthly salary of less than Rs.15000/- needs to be the member of EPF compulsorily. The employee having income higher than 15000/- is eligible to become an EPF member and authorised by the Assistant Commissioner and the employer. Read more

2. Payroll

Payroll is the process in which salary is paid to the employees which starts with preparing the Employees list to be paid and ends up with expenses record. It is the action of employee compensation for their work and contribution. The wages of the employees are calculated and distributed by an employer in every pay period. It is the Employers responsibility to add the working hours and thus calculating the gross wages accurately. The functions in the payroll involves balancing and accommodating... the data of payroll and depositing and reporting taxes. The department takes the responsibility of the wage deductions verifying the pay data reliability and also the record keeping. The payroll is prepared by the Human Resource Department of an organization as they keeps the data regarding the attendance and also the overtime rendered by the workers or employees. The accounting department helps in preparing the payment of the employees subjected to the acceptance and agreement of the head of the Agency or other Authorised Representatives. Irrespective of the Organizations size, Payroll plays a vital role in the motivating the workers towards their work and also maintaining the morale of the employees to the financial stability of the organization. Shraddha Management Consultancy completely insource the process of payroll management which includes generating salary slips, maintaining wages registers, uploading challans of all type of deductions and making payment to various government departments. Read more

3. Professional Tax

The Professional Tax is a tax levied on the income from all the kinds of the professions, employment and trades. This tax is levied on the persons who serve as the freelancers, professionals who are subjected to earn the income higher than the monetary threshold. Professional tax is also known as the direct tax which is imposed on the persons who are earning by practicing the employment profession and trade. The professional tax is levied by the state government, unlike the income tax which is levied by the Central Government.... This tax is one of the sources of government and is used towards bettering the services for professionals in that state. Thus, it is essential for every employer to deduct professional tax from the salary. The professional tax in India varies from state to state. Read more

4. Employee State Insurance Corporation( ESIC)

Employee State Insurance Corporation is a organization run by the government which manages the Employee State Insurance Scheme which provides the Medical and Financial assistance to the employee of the organization and their family. The corporation appoints the members ...in order to carry out the business operations efficiently and effectively. ESIC aimed at providing the compensation to the workers and the their dependents for the employment injuries. It is Responsible to regulate the contribution of the employers , Compensation payment, ensuring Compliances etc. Read more

5. Maharashtra Labour Welfare Fund

The Labour welfare fund is the constitution of a Fund to finance the activities and programs which helps in promoting the labour welfare in the state of Maharashtra in order to conduct the activities which are in favour of the labour and for certain other purposes. The labour welfare fund is the constitution which is managed by the Individual State Authorities.... It aimed at providing the facilities to the labourers to improve their working conditions, in order to provide social security and aids in improving their standard of living. The main purpose of the welfare funds is to take care of the well being of the workers, to facilitate them with housing , medical and educational facilities which aids to the comfort and improvement of the workers Read more

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