Advantages:-
Employees of privately owned companies, NGO’s, Embassies and some International organizations are not covered by the pension scheme of the government. As such, these organizations enter into agreement with their employees to establish a provident fund scheme through mutual contributions both from the employer and the employees.
Thus, it could be said that provident fund is the sum of money raised by the contributions of the employer and the employee on monthly basis and set aside until the termination of the employer � employee relationship. Such funds are usually administered by Trustee companies such as Commercial Nominees.
Commercial Nominees handles provident fund accounts of different organizations whose employees and employer contributions are monthly collected.� Records of contribution made for employees are maintained in a computerized environment.
Your organization will be provided with monthly statement of accounts detailing the name of the organization, the names of employees, employee contribution, employer contribution, and the respective balances as at a given date.
Some organizations have the practice of granting loans from the deposit retained by way of provident fund contribution. Since the balance of each employee’s account is readily available, an employee could be granted a loan by producing an instruction letter from the Provident Fund Management body (3) specifying the amount granted.
With more than 45 years of experience behind us, we are pioneers in the field. In addition, with highly qualified staff, Commercial Nominees is the only company that offers similar service efficiently and to the entire satisfaction of the customer.