NewsVoirNew Delhi [India], June 23: India’s first social safety app, “TankhaPay,” developed by Akal Information Systems Ltd., has acquired 2.7 million USD in funding from outstanding Japanese buyers. This app helps employers cowl their casual, gig, and short-term employees beneath authorities schemes of PF and ESI, making certain the monetary and social safety of employees by formalizing their payroll and overlaying them beneath social safety advantages. The firm goals to advertise the usage of TankhaPay in a wider market phase. The TankhaPay app covers all employees of the casual sector beneath authorities social safety profit schemes.
Social safety for gig and casual employees is the necessity of the day. However, corporations are struggling to supply social safety to their casual and gig employees as a result of they aren’t common staff. These employees don’t work full-time however work for a number of corporations concurrently and earn on a gig foundation. TankhaPay fills within the hole by changing these gig compensations from a number of corporations right into a formalized wage to supply PF and ESI to the employees. Additionally, startups and small companies that do not need the means to supply social safety and are on the lookout for simpler methods to handle payrolls of their employees can use the app.
When requested concerning the firm founders, “AKAL Information Systems Ltd. was founded by Sarabjit Singh and Sukhneet Kaur. Sarabjit Singh is an Engineering Graduate and has an executive MBA from IIM (Kozhikode). He is an incisive and strategic leader with 25 years of experience. Sukhneet Kaur has a Masters Degree in Physics (Hons) from the University of Delhi with a penchant to train and manage Human Capital.”AKAL means past time, and it displays the corporate’s processes to ship timeless service. TankhaPay is AKAL’s initiative to make use of cutting-edge expertise to rework the best way employees are employed, paid, and taken care of.
“Launched in April 2023, TankhaPay is India’s first app that streamlines social security benefits for informal, gig, and temporary workers. Employers, including MSMEs, startups, and large platforms, can provide benefits like EPF (employee provident fund) and ESI (employee state insurance) to informal staff by using the app,” stated the mission chief from AKAL. She added additional, “It is hassle-free to use, cost-effective, and a time-saving tool.”She highlighted their newest achievement and stated, “AKAL received 2.7 million USD in funding from four Japanese investors, including ALES Global Investment Partnership and ELAN Corporation. The investors want to expand TankhaPay’s scope and take it to the MSME and e-commerce platforms that employ large groups of informal workers in India. This will help millions of informal, GIG, and temporary workers become eligible to receive government benefits of EPF and ESIC. This is a great way for employers to showcase their social spirit and assist their informal workers tolead secure lives.”Sarabjit Singh spoke concerning the TankhaPay app and the way he’s delighted to work with buyers in selling social accountability amongst MSMEs, giant e-commerce platforms, and different sectors using casual employees. He stated, “During the COVID-19 pandemic, informal workers were the largest group impacted and migrated back to their hometowns and businesses suffered losses due to a lack of manpower.”He added, “This situation made us wonder and forced us to think, what if all these workers had social security benefits? Not only workers but also their families should have the access to resources to survive the pandemic so that they don’t figure out ways to migrate in the middle of a crisis. TankhaPay was born with the vision to help informal workers lead a secure life and help businesses have a better experience retaining manpower.”Development of the TankhaPay AppA whopping 93% of the 5 hundred million Indian workforce belongs to the unorganized sector. Almost all these employees do not have entry to social safety advantages that the federal government offers to staff within the organized sector. With low wages, unsure jobs, and nil advantages, many casual employees wrestle to reside a cheerful and safe life. Many of them do not even have entry to dependable healthcare. But what if the employer might assist employees avail authorities social safety advantages? Wouldn’t it assist to guide higher lives and save for the longer term?Benefits of TankhaPayProviding social safety advantages to casual employees helps them lead higher lives with dignity and strengthens relationships with their employers. It additionally makes them loyal and will increase productiveness. Providing employees with social safety helps organizations improve recruitment by 57% and retention by 51%. This software will cater to the workforce to be extra loyal to the employers by 60% and cut back the absenteeism charge by 43%.
You can use the app to pay salaries and advantages for any variety of employees as it’s appropriate for people, households, start-ups, MSMEs, authorities companies, and rather more. Through this software, customers can streamline attendance and funds as it’s a user-friendly app with a clear interface and no advanced options.
When an employer takes care of the employees, they develop robust bonds which have a optimistic affect on productiveness and efficiency.
Most folks desire to work with employers who deal with them nicely and defend their wants. TankhaPay makes this doable within the easiest method. No want for sophisticated paperwork or PF, ESI registrations. Just go to Google Play Store or Apple App Store and obtain the app.
AKAL Information System Ltd. has over 20 years of expertise within the expertise and staffing business. It works with organizations and professionals to vary how employees are employed, paid, and taken care of. The firm affords 360-degree options to streamline the Indian workforce throughout varied industries. AKAL is CMMi stage 3 licensed.
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