Provident fund is a monetary benefit through which a company provides employees with payments when they leave their place of employment. The primary purpose of Provident Fund (PF) is to help employees save a fraction of their salary every month so that he can use the same in an event that the employee is temporarily or no longer fit to work or at retirement. Employers and Employees both contribute of wages in contribution accounts.
The Gratuity amount depends upon the tenure of service and last drawn salary, traits with employer-provided pension funds. This is mainly paid to the employee as a token of appreciation for his/her services towards the company. In Bangladesh, the provision for Gratuity Fund is contained in the Bangladesh Labor Act 2006 (2006 Act) and is defined under section 2(10) as wages. Gratuity fund is not mandatory in Bangladesh.
Symphony Softtech introduces Shampan PF & GF Module for further stretching our Shampan HRM and Payroll Software. Shampan PF & GF is integrated software to keep track on the Provident Fund Investment. It has covered practically all the modules that a Company looks for in a Provident Fund Management Software. We maintain the statutory compliance of PF & GF for the convenience Private sector as well as Govt. sector. The Software keeps the records the current status of Pension/Provident Fund for each employee. It also keeps record of Investment with calculation of profit for each employee. Each Investment’s Profit distribution is recorded accurately. Employee Loan can be handles easily with proper schedule of return. Final settlement has been done promptly with a press of single point button. This Software also keeps record provision for Gratuity when he/she started his journey. There are lots of reports are available in the software which helps the management for faster settlement of the dues and payments. Customized report will created as per client needs.