2012

Divine IT Limited
Mallik, M. A.

PROVIDENT FUND & GRATUITY

This document is the software requirement specifications for the Provident Fund & Gratuity Management System is a part of an Enterprise Resource Planning (ERP) System - PrismERP for full online Office and Business Management.

Table of Contents
1. 2. Introduction..................................................................................................................................... 3 Employee Provident Fund & Gratuity: .............................................................................................. 5 PF Configuration: ................................................................................................................................. 5 Eligibility .......................................................................................................................................... 5 Calculation Settings ......................................................................................................................... 5 Maintenance, Committee & Accounts.............................................................................................. 6 Employee Loan from P.F. Setup........................................................................................................ 6 Gratuity Configuration: ........................................................................................................................ 6 Eligibility .......................................................................................................................................... 6 Calculation Settings ......................................................................................................................... 6

Employee Provident Fund (EPF):

1. Introduction

Employee Provident Fund (EPF): The EPF is a scheme intended to help employees from both private and non-pensionable public sectors save a fraction of their salary every month in a saving scheme, to be used in an event that the employee is temporarily or no longer fit to work or at retirement. Gratuity: Gratuity is a sum of money tendered to certain service sector workers for a service
performed or anticipated. G ratuity means wages payable on termination of employment of a

worker which shall be equivalent to not less than thirty days wages for every completed year of service or for any part thereof in excess of six months; It shall be in addition to any payment of compensation or payment in lieu of notice due to termination of services of a worker on different grounds.

This document is the software requirement specifications for the product Employee Provident Fund (EPF or PF) is a part of an Enterprise Resource Planning (ERP) System - PrismERP for full online Office and Business Management. The document intends to describe the requirements for Provident Fund System as a Web Based System, which handles the Employees (Workers, Staffs etc,) Provident Fund Process. This software system will help to keeps all employees Provident Fund Management is the system. The application will be WEB-based information storage and retrieval system that will replace the long-outdated manual & semi manual system to help the task to keeping and using the employee provident fund process efficiently. Historical information helps the management to take any level decision of the employee Attendance. The Benefits would be: Easy to Know Employees Provident Fund Status Information Previous Provident Fund process Historical information can be maintained property

 User can view Reports: o Reports of Provident Fund Management System: Provident Fund Balance sheet Provident Fund Income & Expenditure Provident Fund Finally Settled Member Provident Fund Ex-members Fund Provident Fund Laps & Forfeiture A/C Provident Fund Statement of Members Provident Fund Finally Settle Members Provident Fund Employ Information Provident Fund Schedule of Members Provident Fund Schedule of Investment Register Provident Fund Schedule of Encashment Provident Fund Voucher Report Provident Fund Ledger Provident Fund Trail Balance o Reports of Gratuity Management System: Gratuity Balance sheet Gratuity Income & Expenditure Gratuity Finally Settled Member Gratuity Ex-members Fund Gratuity Laps & Forfeiture A/C Gratuity Statement of Members Gratuity Employee Information Gratuity Schedule of Members Gratuity Schedule of Investment Register Gratuity Schedule of Encashment Gratuity Voucher Report Gratuity Ledger Gratuity Trail Balance

2. Employee Provident Fund & Gratuity: PF Configuration Gratuity Configuration Provident Fund Contribution o For Employee Contribution o For Employer Contribution Provident Fund Withheld Provident Fund Loan o Loan Application o Loan Payment Schedule & Re-schedule o Loan Approval o Loan Repayment From Salary By Employee Provident Fund Encashment o Pre-Mature (before a certain period, i.e. say less than 5 years) o Mature (after certain period i.e. say 5 years and more)

PF Configuration: Setting Eligibility

Provident Fund Configuration:

Eligibility:
Employee Type: Service Period (Min): Service Period From Date of Joining Permanent Employee Year(s) Date of Permanent

Calculation Settings

Provident Fund Configuration:

Calculation:
Employee Contribution: Employer Contribution: Employer Contribution: To Get Full PF Min Service Period: % on Employee own Basic % on Employees Basic % on Employees Basic Years [According to Bangladesh Labor Law 2006; PF contribution 7%8% by Employee and actual amount by Employer]

Maintenance, Committee & Accounts

Provident Fund Configuration:
Maintenance, Committee & Accounts:
Fund Maintenance Cost on Employer Only Employee Only Both Employee Contribution: Employer Contribution: Appointed By Govt. Employer Employer Employer Employees Employees Employees % [If Both selected] % Name Address Mobile Account Signatory Yes Yes No No No No No

PF Reorganization PF Committee Duration Start Date PF Account Bank Name: PF Account Branch Name: PF Account No.: PF Account Operate By:

Recognized Years

PF Committee Member

Designation Chairperson Member Member Member Member Member Member

End Date

Double Signatures [If Double Selected, then highest two Signatory can be Yes in the table]

Employee Loan from P.F. Setup

Provident Fund Configuration:
PF Loan
Loan Eligible After: Loan Entitlement Membership Duration 1-2 yrs Year(s) of Membership Loan Interest Rate (Simple): Highest Loan Not more than 6 months salary Up to 12 months salary Up to 24 months salary ------% Repayment Duration 1 yr 1 yr 2 yrs ------Highest Intsallment 6 12 24 -----

Total Own Contribution Below 2,000 2,000 5,000 5,000 +

2-5 yrs

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Gratuity Configuration: Setting Eligibility

Gratuity Configuration:
Eligibility:
Employee Type: Service Period (Min): Service Period From Date of Joining Permanent Employee Year(s) Date of Permanent

Calculation Settings

Gratuity Configuration:
Calculation:
Month as per Full Service Year Month as per Full 6 Months Service Period Month as per Rest Service Months 1 15 0 Month Basic Days Basic Days Basic [Generally 0, but company given]