TeamLease to set up independent PF Trust

Bangalore, Aug 1: TeamLease Services Private Limited, India's largest staffing Solutions Company, today announced that the Department of Labour and Employment, Ministry of Labour, has granted permission to set up an independent Provident Fund Trust for it's employees. While the corpus of the PF fund will be between Rs 80 Crore to Rs 100 Crore.

About 1.5 lakhs employee records in the Regional Provident Fund Commissioner's office, Bangalore would be transfered.

Mr N Venkataraman, CFO, TeamLease Services Pvt Ltd, said that " the Ministry, Central Provident Fund Commissioner and the office of the Regional Provident Fund Commissioner, Bangalore after thorough due diligence on TeamLease and it's capabilities to maintain and monitor a Trust of this magnitude gave us the permission. Transparency of the Fund's operation will be apparent.

Subscribers to the Fund will access to their account over the internet and through our toll free dial in facilities to our call center." He said that fund management would be done by India-Life Capital in line with the Government and Tax regulations in this regard.

The Trust would invest only in high quality bonds and debentures.

TeamLease expects to do close to 20,000 settlements in a year, which would again be one of the largest in the private sector. TeamLease currently has about 72,000 employees on its rolls and has plans to add another 30,000 employees by end of this fiscal year.

UNI