Social Security Regime

    In the recent past, the Indian social security regime, which includes the Provident Fund (‘PF’) scheme and pension scheme has undergone a significant change
    Young successful mature businessman inside the office using the phone, man holding a smartphone online application user, smiling browsing the internet and dialing a call.

    The Indian social security regime, which includes the Provident Fund (‘PF’) scheme and pension scheme has undergone a significant change, thereby impacting both domestic employees and international workers (i.e. foreign passport holders working in India and Indian employees going overseas with which India has signed a Social Security Agreement). Focussed approach towards e-governance has been framed and is being implemented by the concerned authorities leading to administrative convenience for the employers. This can be evidenced by the introduction of a Universal Account Number to link the multiple IDs allotted to an individual, e-passbook to check the account balance, e-challan, enforcement through Aadhaar, etc.

    Key service offerings


    • Assist the Company from a tax perspective in formulating policy relating to social security
    • Advise on various tax compliances under the social security regime and gap analysis
    • Advise on the withdrawal mechanism and related tax implications upon completion of assignment/retirement
    • Advise and assist in obtaining registration with Social Security Authorities in India
    Services

    Services
    • Advise and assist in obtaining a certificate of coverage from Social Security Authorities in India
    • Assistance in setting-up of PF Trust/ transition of PF trust to RPFC and related compliances
    • Assistance in registration of a company under National Pension System and its implementation

    Key Contact

    Parizad Sirwalla

    Partner and National Head – Tax, Global Mobility Services

    KPMG in India

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