Administration Manual - B.E.S.T. Undertaking.

4.1.2.1.3 Provident Fund System -
423
This system was designed and developed in the year
1976 to be processed on the IBM 1401 system. Later on
this system was redesigned in COBOL for processing on
the Inhouse Computer System installed in September
1981 at E.D.P. Department, Backbay.
This system involves the following jobs:
(i) Creation of Provident Fund Master File in the year
1981.
(ii) Updating the Provident Fund. Master File with
various transactions as follows:
(a) Monthly deduction of Provident Fund
subscription through Payroll Master File.
Posting of Employees’ subscription, calculation
of Undertaking’s contribution and Employees
Pension amount and posting of Undertaking’s
contribution, contribution to the Employees
Pension Scheme and Employees Non-Refundable
Provident Fund (NCPF) A/c.,
(b) Posting of P.F. Loan instalments recovered
through payroll. The transaction files of P.F.
Loan interest to be recovered through payroll,
on recovery of final instalment of the loan, is
created.
(c) Posting of P.F. Loan Interest recoveries.
(d) Transactions advised by Provident Fund
Department namely Non-Refundable
withdrawals, Retentions, Adjustments,
transferred balances, Final refunds,
cancellation of final refund etc.
(e) Allocation of Employee’s Pension A/c. No. to
new members of the Employee’s Pension Scheme.
(iii) Weekly Processing of Provident Fund Refundable
Loans applications.
The lists of P.F. Loan amounts to be paid in Cash,
to be paid in cheque, P.F. Loan Slips to be pasted
on the loan applications and summaries are printed.
The transaction files for recovery through payroll
and for updating the P.F. Master File are
generated.
(iv) The P.F. Loan repaid in Cash are processed twice
as follows:-