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.

Compliance Adminstration Services

Statutory compliance administration is very crucial today, because the tax and finance world is changing at a rapid pace. Government is continually changing the laws and creating new rules very frequently. Hence, staying updated on constantly changing tax laws and regulations, meeting strict government deadlines, and avoiding costly fines and penalties can be an administrative burden for a company of any size. 

Statutory Compliance Management by Mynd Solutions

Mynd has a strong partner network to ensure that global statutory compliance services are provided in line with the local rules and regulations. We specialize in statutory compliance management and help our clients in complying with the local laws and procedures and maintain regular compliance to prevent any non-compliance issues thereby streamlining business processes that adds up tangible and intangible financial benefits for our clients. Mynd provided a single point of contact for India compliances and also for global compliances.

To ensure that the local requirements are fully compliant, Mynd provides the following:

Mynd Prepares and submits monthly/quarterly/yearly payroll related documents to various government authorities under the required name as per local laws. Wherever applicable, Mynd handles monthly / quarterly / yearly tax computations and prepares relevant statutory reports. Wherever it's applicable, an ESS (Employee Self Service) panel is provided for employee’s tax declaration purpose. Mynd Prepares and communicates year end submission guidelines document after confirmation with Client.

Mynd’s retirement benefits platform provides a one stop solution to our clients, whether they are with the Government run RPFC or they have their own trust. The entire process runs on a PF platform which brings transparency and accountability to the entire process. Mynd helps companies address the need to mitigate pension expense volatility and enhance investment performance by utilizing sophisticated asset allocation, hedging, risk management strategies and every other compliance management aspects. We utilize a strategic approach to help clients manage all aspects of their employee’s retrials benefits.

The spectrum of Compliance Management Services we offer includes:

• Provision of tangible and in-tangible benefits by setting up an in-house Fund to Client’s organization and its employees
• Drafting of trust deed and rules including all legal activities in this regard
• Handling complex activities related to obtaining approvals from Income Tax Department, Provident Fund Office and any other department
• Day to day administration services for Fund including accounting, legal and transaction
• Processing Services with latest automation techniques
• Transparent and IT enabled Help Desk Services for Members

HR Process Outsourcing and Your Organization..

Business Process Outsourcing

HR Outsourcing

HR is a strategic business function in most organizations and hence outsourcing the processes related to it is a task that requires ample thought and decision. There are several concerns that most HR decision-makers normally have with regards to confidentiality of employee information, loss of control over their internal resources and knowledge also the quality of work delivered remains a major concern.

Several organizations in the employee range of 1,000-5000 are outsourcing their Human Resource processes as a cost-control strategy. HR is primarily a non-profitable cost centre in the organization, and hence qualifies itself as the best area to be outsourced to a third party. More and more companies are now subcontracting the backend HR functions including compensation and benefits administration, recruitments, expense management, payroll and statutory compliances.

As per market statistics, HR is one of the most aggressively growing segments in the Business Process Outsourcing (BPO) market. The primary driving factors behind the increasing adoption of HRO (for not just the redundant backend tasks but even for performance management, talent management, training etc.)-

Efficiency Enhancement: Efficiency is undoubtedly a primary driver in the outsourcing business. Mostly, efficiency depends upon the outsourcing service provider’s capability to enable technology additions to the usual HR platforms and processes.

Cost Benefits: Majority of the outsourcing decisions are intended at direct cost benefits to the company. However, one needs to know that solely basing an outsourcing decision on price benefits does not guarantee success.

HRO Driving Enhanced Business Outcomes…

                     HRO Driving Enhanced Business Outcomes…

With growing intricacies in HR management and shift in management trends, companies are now looking at outsourcing majority of the business function in HR. Contemporary backend processes in HR outsourcing including benefits and compensation administration are now leading the way for much larger assignments wherein the entire HR function may be outsourced to a third party.

Most HR leaders and the senior management teams of organizations have adopted the concept of HR outsourcing. Moreover, every size and kind of company have accepted and realized the credibility and requirement of Human Resources Outsourcing. This service, which was earlier used primarily by large corporate is now of equal significance for small and midsize companies as well.

HR Outsourcing Services

It is an evident fact that HR Outsourcing has gained its share of loyalists not being merely restricted to adopters from large enterprises.

• ·         Better and proactive solutions and resolutions
• ·         Relativelylesser hurdles of administrative tasks
• ·         Strategic counselling and advise to senior leadership
• ·         Improved workforce management