Front Line Officer - Provident Fund Trust Management and Operations

Overview

This position entails comprehensive management of the Provident Fund (PF) Trust, ensuring full statutory compliance, efficient fund administration, punctual reporting, and sound governance of all trust-related activities. The role requires acting as an intermediary among employees, trustees, regulatory bodies, and internal company teams.

Context and Challenges

The PF Trust for Jayashree Textiles (JST) and the Insulators business is jointly overseen by one resource. Given JST's large member base, a deep understanding of relevant laws, operational procedures, and flawless execution is necessary to deliver an excellent employee experience. Major challenges include handling a high volume of transactions, managing an offline trust setup, and continuously adapting to an evolving legal framework.

Key Responsibilities

• Ensure strict compliance with PF Trust Rules, Trust Deed, bylaws, and provisions under the Employees’ Provident Funds & Miscellaneous Provisions Act, 1952, including EPF and EPS schemes.
• Oversee statutory requirements related to exempted PF trusts and ensure timely filing of returns, statutory submissions, and disclosures.
• Coordinate with the Employees' Provident Fund Organization (EPFO), auditors, and other stakeholders during regulatory inspections and approval processes.
• Manage member accounts accurately by posting contributions, calculating interest, and facilitating withdrawals, transfers, and pension claims with prompt settlement.
• Reconcile member balances with trust accounts regularly to ensure accuracy.
• Handle fund management by ensuring investment actions align with EPFO guidelines and coordinating with fund managers, banks, and Grasim CFD team for investment decisions.
• Monitor portfolio performance, interest rates, returns, and prepare investment reporting consistent with approved asset allocation norms.
• Maintain the PF Trust's accounting books in compliance with relevant standards and prepare financial statements including Balance Sheet and Profit & Loss accounts.
• Coordinate and support internal and statutory audits, ensuring timely closure of audit observations.
• Manage loan activities by reviewing and approving PF advances, monitoring recoveries, and implementing tracking mechanisms.
• Handle banking operations including transactions, reconciliations, and liquidity maintenance for settlements and investments.
• Serve as the main point of contact for employees, trustees, auditors, regulatory authorities, and internal departments, facilitating meetings and managing queries or escalations.
• Prepare and ensure readiness for internal, statutory, and EPFO audits including documentation and record keeping.
• Identify and mitigate compliance and financial risks within PF Trust operations, enforcing strong internal controls and data integrity.
• Drive systems and process improvements by implementing best practices, stabilizing PF software systems, automating accounting and reporting, and standardizing procedures.

Qualifications and Skills

Preferred qualifications include MBA in HR or Finance, Chartered Accountant (CA), Cost Accountant (CMA), or Commerce graduate. The ideal candidate possesses analytical and financial management capabilities, keen attention to detail, excellent governance mindset, and strong stakeholder communication skills. Extensive knowledge of PF laws, EPFO guidelines, trust regulations, PF accounting, investments, and relevant software such as Excel, HRMS, and PF Trust management systems is essential.

Performance Indicators

• Achieve 100% statutory compliance with no penalties.
• Ensure timely settlement of PF claims.
• Maintain accurate accounting records and audit closures.
• Secure optimal investment returns within regulatory frameworks.
• Maintain high levels of employee satisfaction regarding PF related services.

Preferred Experience Areas

• PF Trust Management
• PF Accounting
• PF Software System Management