Record Provident Fund Year - A summary of the activity

Through this activity, you can record the Provident Fund year details. The statutory interest rates, in percentage, for this period are recorded as well. At the end of this period, PF Interest is computed and it is credited to the PF closing balance for continuing members. If the employee separates from the organization in the middle of the PF Year the PF interest is computed on a pro-rata basis for final settlement.

You can specify the following details, to record a Provident Fund year:

•   A code to identify the Provident Fund year

•  A description of the Provident Fund year

•  The start date of the Provident Fund year

•  The end date of the Provident Fund year

•  The statutory rate of interest, in percentage

For example you can record the Provident Fund period as April - 2005 to March - 2006 and the statutory interest rates as 8.5% effective from  01 April 2005.

Upon save, the system refreshes the PF year details, which is effective from the date specified.

This activity allows you to maintain history records of statutory interest rates, by editing the interest rates and recording the new effective date.

Getting familiar with the pages inside

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Prerequisites

None

What you can do in this activity

Recording Provident Fund year