One of our client wanted to know what benefits (in kind) can be given to the employees apart from salary for higher employee retention and also should not be taxable.. Pls guide us on the same.
From India, Vadodara
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5From India, Vadodara
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This is in reference to discussions regarding designing a Welfare Policy for employees in order to promote loyalty and a sense of belonging as well as an effective tool towards Employee retention. Welfare of employees is a very vast subject, and its significance to a big or small enterprise assumes a vital role, keeping in view the high attrition. This has to strike a fine balance between available resources and the perceived notion of effective welfare measures. It has been observed through experience that any welfare measure loses its charm among the employees shortly after implementation. In my opinion, the thrust should be given to building an employee-friendly work culture and office environment. In the HR world, it is said that people do not leave jobs; they leave bosses. Therefore, along with the implementation of welfare measures, we need to also address the issue with seniors for effective mentoring, job rotation, and delegation. This is one aspect that needs to be addressed. Here are a few welfare measures suggested for your consideration which can be introduced progressively: -
a) Personal accident Insurance.
b) Transportation to and fro the office.
c) Interest-free loans to junior employees.
d) Periodic get-together with employees and families.
e) Casual dress on Mondays or Fridays.
f) Medi claim.
g) Routine health check at the company's expense.
h) Best attendance Award.
i) Introducing an Employee referral system.
Best Regards,
BS Rana
From India, Hyderabad
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a) Personal accident Insurance.
b) Transportation to and fro the office.
c) Interest-free loans to junior employees.
d) Periodic get-together with employees and families.
e) Casual dress on Mondays or Fridays.
f) Medi claim.
g) Routine health check at the company's expense.
h) Best attendance Award.
i) Introducing an Employee referral system.
Best Regards,
BS Rana
From India, Hyderabad
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Thanks Ranasir for the prompt reply. My client is planning to give some discount coupons to the employees; can that be included, and will it be taxable? Also, can you guide us on some such corporate coupon vendors, please? Thanks again.
From India, Vadodara
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From India, Vadodara
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Meal coupons up to 2600 per month are not taxable. Gift coupons up to a maximum of Rs. 5000 per annum are also not taxable. Additionally, you can include a subsidy on higher education, creating a win-win situation where both parties benefit from it.
The management can establish a service agreement and retain the employee for a minimum of 2-3 years after completing higher education, which equates to at least 1-2 years during the education term and an additional 2-3 years after.
The superannuation scheme is also a tax-free component.
Regards,
Kamesh
From India, Hyderabad
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The management can establish a service agreement and retain the employee for a minimum of 2-3 years after completing higher education, which equates to at least 1-2 years during the education term and an additional 2-3 years after.
The superannuation scheme is also a tax-free component.
Regards,
Kamesh
From India, Hyderabad
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Dear Mr. Kamesh, thanks for your valuable inputs, can you pls guide us with some names who provide such discount / gift coupons plsss so that we can contact them... Thanks again
From India, Vadodara
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From India, Vadodara
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Meal coupons are from Sodexo, ticket restaurants, etc. Many competitors are present in the market. Gift coupons are provided by big malls like Tanishq, Lifestyle, and also can be obtained through gift cheques from banks. For superannuation, you can contact LIC.
Regards,
Kamesh
From India, Hyderabad
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Regards,
Kamesh
From India, Hyderabad
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Dear All,
A very good afternoon. Mr. Kamlesh's input is really valuable. However, one should check the utility of "Meal Vouchers / Gift Coupons" at different outlets. Few big retail chains have stopped accepting such meal vouchers / gift coupons at certain places. This is just for your information. Think before you leap.
Cheers!!! Abhishek
From India, Vadodara
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A very good afternoon. Mr. Kamlesh's input is really valuable. However, one should check the utility of "Meal Vouchers / Gift Coupons" at different outlets. Few big retail chains have stopped accepting such meal vouchers / gift coupons at certain places. This is just for your information. Think before you leap.
Cheers!!! Abhishek
From India, Vadodara
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