Employees can access an employer‑sponsored provident plan and have a legal responsibility to contribute to a public provident fund.
For more information on Types of retirement funds.
Adding provident fund
To create provident contributions for an employee, you'll first need to add the provident fund to the benefit funds on the maintenance tab.
Select Settings from the menu.
Select Retirement Funds.
Click Add retirement fund on the top right-hand side.
Select the Fund Type from the dropdown as a Provident fund.
Enter the Fund Name.
You can enter a clearance number, but this isn't mandatory.
Select a Contribution Type from the dropdown as specified by your fund.
Select the Calculation Based on the dropdown and select the appropriate option as specified by your fund.
📎NOTE: Your selected option determines which fields to complete. Fill in the remaining fields using the fund’s information.