TeamLease gets nods for independent PF Trust

Bangalore, Aug 1 (UNI) TeamLease Services Private Limited, one of India's largest staffing solutions company, today announced it had secured permission from the Union Government's Department of Labour and Employment to set up an independent Provident Fund Trust for its employees.

About 1.5 lakh employee records in the Regional Provident Fund Commissioner's Office here would be transfered. The PF Fund corpus would be between Rs 80 crore and Rs 100 crore.

TeamLease CFO N Venkataraman said ''the Ministry, CentralProvident 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 their account over the internet and through our toll free dial in facilities to our call centre.'' He said the fund management would be done by India-Life Capital in line with government and tax regulations in this regard. The trust will 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, the company claimed.

TeamLease currently had about 72,000 employees on its rolls and planned to add another 30,000 by end of this fiscal year.

UNI