Mandatory Deposit of Contribution through Internet Banking extended till December 31 for Small Employers

We would like to inform that mandatory deposit of EPF Contributions through internet Banking has been extended till  December 31, 2015 for small employers.

EPF department has earlier informed to all Employers that it is mandatory for all establishments contributing above Rupee one Lakh to make compulsory payment of EPF through online mode only with immediate effect. Further, establishments contributing less than one lakh in a month may deposit EPF contribution through offline mode till September,2015.

Now EPFO department has extended the mandatory EPF due date for small employer contributing less than one lakh in a month to 31.12.2015.

Note: From January 1, 2016 all establishments (without any minimum Limit) shall be required to deposit EPF contribution only through online banking. 

EPF department circular bearing No. Bkg.1(4)2010/Online Remittance/Vol. II/22138 dated 19^th August , 2015  in this regard and ministry of labour order bearing No. Bkg.1(4)2010/Online Remittance/Vol. II/22137 dated 19^th August , 2015 is attached  for your ready reference 

Discover Mynd's Human Resource Outsourcing Services..

Mynd's HRO Services Horizon

The most promising challenge in front of any organization today is to reduce its human resource costs and optimize utilization of its existing resources, in order to maximize outputs and profits. This makes bespoke HR service delivery as the most important success factor for any organization. 

It takes significant amount of time and resources to execute human resource operations in-house. This may hamper concentration on other core business activities that are more important, be it bringing business into the organization, delivering products, goods or services or driving effective customer/client communication.

If you are considering opting for Human Resource Outsourcing to decrease your costs and enhance your efficiency, trust Mynd Solutions. As your company evolves and changes with times, maintaining an effective human resources department that scales in relation to the size of your employee base can become a challenge. Outsource some or all of your Human Resource operation’srequirements to Mynd and spend more time and resources focusing on other important business processes.

Our qualified & experienced professionals, each of whom are dedicated to providing personal, responsive service to both the employer and employees help clients improve efficiencies and save HR costs.

In fact, by leveraging Mynd Solutions expertise and relying on our range of HR outsourcing solutions, many clients discover that they can save 30 percent or more over the cost of maintaining a full staff of people in an in-house human resources department!

COMPLIANCE NEWS: ESIC Introduces Internet Banking Facility for Employers

We are happy to inform that ESIC has recently introduced Internet Banking (INB) facility for employers. The employers will be able to remit contribution either through net banking or over the counter of SBI branches. 

Now employers can deposit ESI contribution online through 58 banks other than State Bank of India. Earlier, firms were allowed to deposit ESI contributions online through SBI only.

Note:  From 1st May, 2015 onwards, only electronic payment will be accepted in ESIC through online net banking of SBI and 58 major banks.


 You can also visit www.esic.nic.in for more details.

Managing Your Company Payroll_Outsource

Confidentiality of Payroll Data and Process

Inter-organizational confidentiality is maintained well if a third party takes care of the processing of payroll. Using an external agency eradicates the business risks of leaking of confidential salary data through internal employees processing payroll.

 Devote Management Time to Productive Activities

Manual payroll processing is a tedious and unfruitful process. Outsourcing your businesses’ payroll operations enables business leaders and management to focus their attention to beneficial activities like revenue creation & growth along with strategic planning, instead of unproductive administrative tasks like pay calculation or accounting.

 Control Expenditure

The direct expenses incurred towards the process of payroll management are capable of being substantially decreased by taking the support of a payroll vendor.

 Avoiding errors and Tax penalties

Opting for outsourcing services enables preventing errors as well as incorrect or late payments and filings. Majority of the vendors comply by specific KPI’s and thereby are bounded by penalties, hence the entire responsibility for accurate payroll calculation and timely deposition of statutory payments rests with the service provider.

 Ease of Processing

Processing payroll manually is an arduous and wasteful task, which takes up a considerable time both for HR team and the approving management, especially in the case of small and medium enterprises wherein the primary focus should be revenue enhancement rather than backend jobs.

Stay updated with Technology and Statutory Changes

A persistent question that companies processing payroll in-house is often face is that are their systems updated in line with the latest tax changes and if they have a latest version of payroll software. Payroll outsourcing allows companies to breathe a sigh of relief and eases troubles associated with updation. This saves both time and effort for business owners.

The Varied Needs of Modern Business ....

In today’s economy, it does make sense to have an effective and efficient finance organization. Therefore to achieve high performance in challenging global market, companies are looking for finance and accounts outsourcing to drive their business. On a global scale there should be a deep understanding on how to leverage technology and commitment to drive operational excellence.

There are outsourcing companies with internal teams which focus on core business issues. They work on standardizing the financing and accounting process which transform the finance costs and lower the costs. Most organizations across the world are keen on improving the financial transparency and managing the costs on core business areas.

Since India has a rich pool of talent and substantial cost advantage, it remains one of the most preferred outsourcing destinations. In today’s fast evolving business process, the organizations are increasing to speed up their operations and free up their resources for core business activities. Therefore they need to outsource their non core functions for fixed assets management.

Nowadays the definition of BPO is changing as it is changing their scope as companies are also going for human resource outsourcing. This has accelerated over the years and will continue to do so. Therefore companies entrust all their outsourcing solutions to a single firm so that they concentrate on their core business issues. The work of Human Resource is to develop, retain and train the best people. They are also responsible for compensation, benefits, employee and labor relations, data collection, business partners and other legal issues.

Speaking about employee expense reimbursement, it is the act of compensating someone for the expenses made. Usually a person is reimbursed for out-of-pocket expenses when the expenses are made through an employment while carrying out the duties for third party. Some common examples are firms when they compensate for individuals that buy supplies for the company or compensate the employee that go for out-of-town assignments.

The many benefits of Human Resource Outsourcing..!!

The Human Resources department of any organization is definitely an indispensable part of its smooth functioning, and is responsible for executing several critical functions including hiring, payroll processing, compensation & benefits administration and HR related country-specific compliance. For both small and large firms outsourcing a strategically vita

l business function like HR could be a difficult choice to make, keeping in mind the probabilities of losing complete control over their valued assets- the human resource as well as the possibility of a decline in the quality of task execution by the prospective vendor. However, actually the contrary is mostly true for majority of organizations whether SME or large. The simple reason for the same which most enterprise owners and managements do not realize, is that the HR is a non-profitable cost center and thereby it is indeed the most suitable among all business functions to be outsourced!

Trends indicate most organizations with employee headcounts ranging between 1000-10000+ are adopting HR outsourcing in order to reduce their costs.  Many MNC’s including Fortune 500 corporate are outsourcing their non-strategic/ administrative HR functions for instance, Payroll processing, Employee Self Service activities and Benefits administration etc to offshore. HRO is slowly emerging as one of the most rapidly growing segments in the outsourcing market

Some questions to be pondered on before considering the decision of outsourcing Human resource activity

1.     Does your prospective HRO Service provider hold a strong market reputation and credibility?

2.     Do the services offered by the provider seem economical keeping your company budgets in mind?

3.     How strong are the financial and technical expertise levels of our prospective vendor?

4.     Are your HR department employees over burdened leading to a lower productivity rate?

5.     Are your cumbersome/unproductive HR administrative activities taking up a major share of your HR management’s time and creating hindrances in taking strategic HR decisions/policy implementation/framework designing etc.?

If most of the answers seem to be going in favor of adopting outsourcing, then it’s high time your organization does indeed go in for HR outsourcing!

Benefits of outsourcing your HR function to a reliable service provider

1.     Cost Saving- The most common reason for outsourcing any function in an organization remains cost savings. HR outsourcing enables companies to save substantial amounts of money as hiring of new employees in the HR team is not required, as and when the company is witnessing growth and increase in size

2.     Efficiency Improvements- If your outsourcing provider is innovating itself using technology as an enabler, the efficiency of the entire outsourcing process is improved comprehensively, as compared to vendors that stick to standard and traditional platforms.

3.     Smooth Functioning of HR Processes- Outsourcing your HR department ensures that additional information overload or any sudden requirement coming up in the organization can be addressed smoothly with the third party vendor taking care of time consuming administrative tasks. Hence, the normal business operations are not adversely affected

4.     Preventing HR Processes from Adverse Turnover Effects – HR outsourcing would mean that any employee’s leaving the organization would not hamper the core HR processes in any which way. HRO allows companies to manage their turnover issues in a hassle free manner.

5.     Reduce Overheads – HRO also facilitates the reduction in high overhead costs also by decreasing sudden, unplanned additional expenses. These expenses can be managed by the HRO provider at a relatively lower cost.

6.     Training Existing Employees on new functions – When new technologies/functions/tasks are added in an organization, the HRO partner can also train and develop the existing employees till the level of the new technologies and place trained professionals in their place in the meantime. Thus, HR outsourcing can help in driving the holistic growth of your company.