KARACHI: Pakistan Petroleum Limited (PPL) and ITMinds Limited (ITMinds), a wholly owned subsidiary of Central Depository Company of Pakistan Limited (CDCPL), have signed an agreement enabling ITMinds to provide back office accounting services for PPL's retirement funds. This is a continuation of an earlier arrangement between ITMinds and PPL through which ITMinds had been successfully providing these BPO services to PPL.
Through this arrangement, ITMinds will facilitate PPL for the accounting and administration of PPL's Retirement Funds, including Pension, Provident and Gratuity funds, allowing PPL to focus on its investment decisions by leveraging ITMinds' state of the art back office system and IT infrastructure while reaping the benefits of economies of scale.
Commenting on the occasion, Syed Rahat Hussain Naqvi, -PPL, emphasized the importance of automation of back-office services for retirement funds for both process improvement as well as cost optimisation.
Copyright Business Recorder, 2021