factoHR’s pension management software streamlines pension processes and digitalizes employee records, enhancing efficiency, accuracy, and transparency in pension management. It provides secure and sustainable digital solutions tailored for both employees and pensioners, ensuring a modern and reliable approach to managing pension information and processes.
The organized environment of factoHR’s pension management allows employers and members to save enough time to focus on productive tasks.
Seamless data integration with existing HRMS platforms automates data transfer, including employee master data, nominee master data, and salary master data.
The platform is designed to be future-proof and scalable, incorporating audit trails, and the capacity to scale and meet future.
factoHR provides the Employee Self-Service (ESS) portal which empowers employees and legal heirs to manage their pension needs online. Users can submit pension applications, upload and manage life certificates annually, access pension slips, and update nominee details, all within a secure environment. The portal also features pre-filled forms and document upload options for seamless and efficient submissions.
The platform incorporates a chatbot to improve customer service by resolving basic employee queries and providing initial support. This allows for quick and easy access to information and assistance, reducing wait times and improving overall user experience.
A dedicated Helpdesk Portal with SLA support provides efficient support to employees, allowing them to raise and resolve queries effectively. Service Level Agreements (SLAs) ensure timely resolution of employee issues, guaranteeing prompt and efficient assistance.
Workflow based approvals enhance control and security by allowing the configuration of multi-level maker-checker workflows for all transaction approvals. This ensures that transactions are reviewed and approved by multiple authorized personnel before finalization.
Life Certificate Management features automated tracking, allowing the system to monitor life certificate expiry dates. It also automatically suspends pension payments if certificates are not received on time, ensuring compliance and preventing overpayments.
Pension Payment Management simplifies and automates pension disbursements. It efficiently processes one-time payments such as commuted pension. For monthly payments, the system automatically adjusts for changes in circumstances like death, non-submission of life certificates,salary revisions or Dearness Allowance (DA) rate revisions. Furthermore, it automatically calculates revised pension amounts and processes arrear pension payments.
The factoHR platform offers automated pension calculation, allowing for the configuration of multiple pension policies and commutation factors. This includes built-in formulas for calculating basic service pension, family pension, commuted pension, widow pension, and orphan pension, ensuring accurate and efficient pension processing.
Streamline your complicated accounting with factoHR using real-time accounting, maker-checker approval, auto voucher posting, and reporting.
factoHR’s automated environment allows users to process distinct bank receipts and payment transactions quickly, reducing your manual input.
Cross-check all the entries during bookkeeping on a daily basis to identify any errors using factoHR’s bank reconciliation and generate reports anytime.
factoHR’s contra entry feature gives you the option to process multiple interest bank transfer inputs easily.
Users can handle journal inputs, get details of auto-inputs created for accrued interest, monthly contribution, amortization, etc.
factoHR’s platform helps you generate voucher and ledger reports separately or simultaneously in a formatted way useful for your company.
Regular alerts of revenue statements are generated to provide users the details of profit or loss in real-time.
factoHR lets users generate real-time trust balance sheets from the system in a legible format.
Our investment management feature enables you to monitor returns on your trust’s investments by performing mark to market valuation, managing all types of security, investment evaluation, etc.
Track investment patterns and check investment performance.
View market valuation reports for bonds & mutual funds.
Ensure compliance by following the investment pattern as per guidelines.
factoHR’s simplified and interactive pension management solution allows organizations to handle all the members’ investments online.
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