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India Life to manage Bank Muscat's payrolls

Fakir Chand in Bangalore

India Life Pension Services Ltd, the country's largest pension and payroll management company, has entered into a strategic alliance with Bank Muscat to manage its entire payroll processing.

India Life will review and upload the entire payroll within six weeks; update databases and administers it through its self-service suite.

Bank Muscat, a premiere commercial banking institution, has identified efficient payroll management and instantaneous access to records to be critical in building healthy employee relations. The self-service suite will provide employees with easy and direct access to payroll information.

The suite will provide the bank's employees direct access to payroll data via the Web, email, through an interactive voice response system or call centers. It is a web-based solution for employee self-service and on-line information 24 hours a day, 365 days a year.

According to India Life director Ashok Reddy, the outsourcing of payroll processing is fast gaining acceptance across the entire corporate segment. India Life's strength lies in the convenience of its offerings, strong and secure infrastructure to manage the processing and payroll management.

On the benefits of outsourcing its payroll processing, Bank Muscat's India CEO Samit Ghosh said on Thursday the bank tied up with India Life because of its ability to provide real time access to the staff on their personal records and enquiries.

Pioneering the concept of outsourcing a company's requirements of pension and payroll administration, India Life is the only ISO 9002 pension and payroll administrator in the country. With about 190 clients, the company manages assets over $200 million for around 180,000 employees.

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