Retirals & Statutory Practitioner

Introduction

At IBM, work is more than a job - it's a calling: To build. To design. To code. To consult. To think along with clients and sell. To make markets. To invent. To collaborate. Not just to do something better, but to attempt things you've never thought possible. Are you ready to lead in this new era of technology and solve some of the world's most challenging problems? If so, lets talk.

Your role and responsibilities

A Retirals Professional is responsible for calculating and disbursing various retirement benefits, including Gratuity, Superannuation, and the Provident Fund (PF) & Income Tax . Their duties include ensuring the timely payment of these benefits in accordance with company policies and legal requirements.

• Processing of SAF & PF applications with all necessary documentation and ensuring that its completed on time
• Handling the PF transfer and withdrawal activities along with employee query management
• Managing the PF e-nomination online process for PF related activities.
• Understanding of different tax regimes (current and any new ones)
• Expertise in Tax Deducted at Source (TDS) on salary, including rates, applicability, and filing requirements (e.g., Form 24Q)
• Knowledge of various allowances, perquisites, and their taxability
• Preparing and submitting monthly and annual returns to regulatory bodies
• Managing the audit data requirements for all Internal and External audits
• Interlocking with employees regarding retirement policies and process.
• Attending the meetings with employees to explain retirals activities
• Addressing employee queries and resolving issues related to retirals process
• Maintain accurate and up-to-date records of all retirals activities regarding the executed transactions and employee data
• Proper documentation is maintained to ensure that all the retirals activities are complaint and audit ready.

• Strong Knowledge of various retirals benefits, including Gratuity, Superannuation, Provident Fund (PF), and Pension (including the Employee Pension Scheme, or EPS).
• Knowledge of relevant labor laws and regulations in India, such as the Employees' Provident Funds Act and the Payment of Gratuity Act, along with various pension schemes.
• Familiarity with Income Tax rules applicable to retiral benefits.
• Strong verbal and written communication skills, as well as interpersonal skills, to effectively interact with employees, address their queries, and explain complex information in a clear manner.
• Empathy and patience to handle sensitive situations and provide support to employees during their transition.
• Strong skills in Microsoft Excel for data management, calculations, and reporting.
• Basic knowledge of MS word for documentation and PowerPoint for presentations, when required.
• Excellent organizational skills to manage documentation, track processes, and ensure timely completion of tasks.
• Strong time management and prioritization skills to effectively handle multiple cases and deadlines.
• Proficiency in record-keeping and maintaining accurate employee data.
• Thorough knowledge of the Income Tax Act, relevant sections, rules, and notifications applicable to salary and perquisites.
• Understanding of tax exemptions and deductions available to employees
• Familiarity with state-specific professional tax regulations.
• Solid understanding of the end-to-end payroll cycle. Knowledge of different components of salary structure.
• Up-to-date knowledge of changes in income tax laws and payroll regulations.
• Understanding of filing deadlines and procedures for various tax-related forms.
• Ability to analyze complex payroll and tax-related issues.
• Skill in identifying discrepancies and errors in tax calculations and claim submissions.
• Ability to manage workload effectively and meet deadlines, especially during peak periods like tax declaration and proof submission

• Hands-on experience with relevant payroll processing software and systems (e.g., SAP Payroll, SF).
• Ability to navigate the system, extract data, generate reports, and perform necessary configurations related to tax
• Experience with payroll systems for processing retirement benefits.
• Proficiency in navigating and utilizing online portals of regulatory bodies, such as the EPFO, for tasks including online claims processing and return filing.
• Knowledge of digital signatures and online authentication process.
• Skill in identifying and resolving issues related to retiral benefits process.