factoHR’s retirement benefit software offers an all-in-one solution to manage all the trust activities, such as provident fund, superannuation, gratuity, pension management, and benevolent fund.

To know more about each module in-depth, check out:

Using factoHR’s retirement benefit software organizations can:

Have a single platform for all the retirement benefit trust activities including its accounting, investment and statutory compliances
Manage the complete investment portfolio in line with the government guidelines
Improve the employee experience as it brings transparency, where employees can access their data anytime through the mobile application
Integrate accounting and investment to make the process work smoothly
Grievance portal for employees to lodge grievances, check status, reply and get an email notification
Automatically calculate contributions and deductions

Unique features of factoHR:

Dashboards
Business intelligence investment report
Cashflow statement
E-TDS return
Three level workflow
Claim tracker
Transaction wise SMS-email facility
Dynamic letter generation

Features:

Accounting
Processing all accounting transactions, balance sheets and supporting schedules

Members
Manage membership of all members in a single place from employees joining to leaving

Investment
Complete tracking and investment portfolio of all the types of trust benefits

Statutory
Stay 100% compliant and get compliance reports related to all trust functions

Mobile app
Next-gen mobile app to give real-time data access to employees 24/7

Chatbot
In-built chatbot to solve the queries of the employees…(read more)

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Planning for retirement is an essential step in shaping one’s future. It is a phase of life where people stop working and rely on their savings or retirement benefits received from their employers. In India, there are several statutory benefits available to employees for retirement, such as Provident fund, Gratuity, Superannuation, and Pension Trust. However, managing all these benefits separately can be cumbersome and challenging for both employees and the employer. To simplify this process, an All-in-One Retirement Benefits Solution has been introduced for Provident fund, Gratuity, Superannuation, and Pension Trust.

This solution is a one-stop-shop for all benefits relating to retirement. It is a comprehensive solution that integrates all the retirement benefits under a single plan, which is manageable and easy to administer. The solution includes a seamless process from enrolment to disbursal. This solution benefits both employers and employees, and we’ll discuss them in detail.

Benefits to the Employer

Employers’ primary responsibility is to provide their employees with benefits that cater to their retirement needs. The All-in-One Retirement Benefits Solution simplifies this process, making it easy for employers to manage employee benefits. Allowing the employer to choose a single plan to manage all their retirement benefits can help them save time and resources. With a single plan, employers can also streamline their processes and reduce their administrative burden.

The solution ensures that the employer remains compliant with all statutory requirements under the existing laws relating to Provident fund, Gratuity, Superannuation, and Pension Trust. This plan also provides flexibility for employers to customize the coverage as per their needs.

Benefits to the Employee

Employees are the primary beneficiaries of this solution. It provides employees with access to all their retirement benefits with ease. With a single plan, employees can track their contributions, view their account balance, and access their retirement benefits. Additionally, it eliminates the need for employees to maintain different plans, reducing their administrative burden.

The solution also offers employees flexibility in choosing the contribution amount for their retirement benefits. This flexibility allows employees to set a contribution structure that suits their financial needs.

Another significant advantage for employees is the safety and security of their funds. The plan ensures that their funds are secure, with a rigorous governance framework in place.

Conclusion

The All-in-One Retirement Benefits Solution for Provident fund, Gratuity, Superannuation, and Pension Trust is a significant step towards simplifying the retirement benefits process for both employers and employees. This solution offers a range of benefits, including reducing administrative burdens, greater flexibility, and security for retirement funds, and rigorous governance. By implementing this solution, companies can ensure that their employees’ financial needs during retirement are taken care of efficiently. This solution could significantly impact employees’ lives, reducing the stress around retirement planning and making it a more seamless and straightforward process.