Dear All,
We are going to provide group insurance to our employees, but management wants to deduct it from employees on a monthly basis. Is it possible in terms of statutory regulations? If yes, how can we show it in the Cost to Company (CTC) structure? Kindly guide me on the same.
Thank you.
From India, Bengaluru
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3We are going to provide group insurance to our employees, but management wants to deduct it from employees on a monthly basis. Is it possible in terms of statutory regulations? If yes, how can we show it in the Cost to Company (CTC) structure? Kindly guide me on the same.
Thank you.
From India, Bengaluru
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Hi,
Insurance is considered as employee welfare, but deducting it from employees' salary is not worth giving. Are your employees okay with it? I would suggest checking with employees as well; they may refuse to opt for it from the company as they may have their personal insurance.
From India, Pune
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Insurance is considered as employee welfare, but deducting it from employees' salary is not worth giving. Are your employees okay with it? I would suggest checking with employees as well; they may refuse to opt for it from the company as they may have their personal insurance.
From India, Pune
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While, if a company is arranging insurance for its employees, it has more worthiness because of the scope of negotiating insurance premiums with employees. This should be considered a welfare measure of the company towards its employees. Employees shall consider this as a gesture. Hence, if the premium amount is deducted from employees' salaries - which will not give any dividend to management - this could be done in 3-4 installments instead of one stretch. The insurance premium amount - in that case - can be considered as an element of CTC (annual premium amount).
From India, Aizawl
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From India, Aizawl
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