What's new on greytHR

We, at greytHR, strive to provide a hassle-free experience for all the HR and Payroll functions including Voluntary Provident Fund (VPF) management. The manual tasks for VPF collection and management pose many challenges for you as an admin.

We are happy to introduce Automated VPF Declaration. The release enables you to collect VPF declarations online and consider them for payroll. The new feature helps you to:

Features:

• Declare VPF in Flexible Benefit Plan (FBP) as a separate item.
• Exclude a particular FBP component from special allowance computation. The exclusion helps in collecting declarations of non-CTC items without disturbing existing declarations.
• Restrict the re-submission of a lower value in the same VPF year. However, the same can be allowed in the next VPF year (February to March).

Advantages:

• Enable employees to submit their VPF declaration online.
• Ensure consideration of the deducted VPF amount for payroll with tax exemption under 80C.
• Collect any payroll information which is not a part of CTC. For example, VPF, LTA exemption declaration.
• Restrict employees from withdrawing their VPF declarations in between the financial year as per compliance.

Benefits:

• Automate and simplify collection of VPF declarations and consideration for payroll computation.
• Enjoy better control in VPF management according to compliance policies.

To avail of the above benefits of the new Automated VPF feature, kindly raise a ticket from your admin account. Our integrated support team will do the needful.

Resources:

Got a query? Find the answer in our FAQs for employees & admin. For all queries related to greytHR, visit greytHR Help.