factoHR’s pension management allows employers to handle multiple pension schemes for all their employee members and complete all the transactions instantly at a single location.
Ensure complete pension calculation of all your employee members using accurate formulas, control the disbursement amount, and generate final calculation statements within the software in an understandable format, which can be stored directly onto the system.
factoHR enables you to process the pension settlement transactions with different types of annuity as opted by the users that include ⅓, ⅔ commutation, full pension, and full refund options.
The system will store the index number given by the insurance company in case of mediclaim and capture all the applications member-wise. On receiving the amount, bank receipt entry is passed and can be tracked against the application.
On the other side, in the case of a death claim, the user can create an application and track receipts from third-party agencies like LIC and the payment received by nominees.
Transform your accounting process from complex to simple and finish all the audit processes swiftly by generating all the needed reports at your hands.
Manage your employees’ investment details for various schemes with factoHR’s pension management.