Shampan Provident Fund & Gratuity Fund

Provident Fund (PF) is a monetary benefit provided by an employer to support employees financially upon leaving the organization. The primary purpose of the provident fund is to encourage employees to save a portion of their salary regularly, creating a financial safety net for times when they are temporarily or permanently unfit to work, or upon retirement.
Both the employer and the employee contribute a fixed percentage of the employee’s wages to the provident fund, which is maintained in a contribution account.

The Gratuity amount depends on the employee’s tenure of service and their last drawn salary. It serves as a token of appreciation from the employer for the employee’s contribution to the company. In some cases, Gratuity may be linked to employer-provided pension funds. In Bangladesh, the provision for a Gratuity fund is outlined in the Bangladesh Labor Act, 2006 where it is defined under Section 2(10) as part of wages. However, establishing a Gratuity fund is not mandatory under Bangladeshi labor law.

Symphony Softtech introduces the Shampan PF & GF Module to further enhance our Shampan HRM and Payroll Software. Shampan PF & GF is an integrated software solution designed to manage Provident Fund investments effectively. It covers virtually all the features a company requires in a Provident Fund Management System. We ensure statutory compliance for both PF and GF, serving the needs of both private and government sector organizations. The software maintains up-to-date records of each employee’s Pension/Provident Fund status. It also keeps detailed records of investments and calculates individual profits accurately. Profit distribution for each investment is recorded precisely. Employee loans are handled efficiently, with proper repayment schedules. Final settlements can be completed promptly with a single click. The software also maintains gratuity provisions from the beginning of an employee’s service. A wide range of reports is available within the software, assisting management with quick settlement of dues and payments. Customized reports can also be created based on client needs.