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
5From India, Vadodara
This is in reference to discussions regarding designing a Welfare Policy for employees in order to promote loyalty and sense of belonging as well as an effective tool towards Employee retention. Welfare of employee 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 perceived notion of effective welfare measures. It has been observed by experience that any welfare measure loses its charm among the employees shortly after implementation. In my opinion thrust should be given to building a employee friendly work culture and office environment. In HR world, it is said that people do not leave jobs, they leave bosses. Therefore, along with 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 need to be addressed. Here are few welfare measures suggested for your consideration which can be introduced progressively :-
a) Personal accident Insurance.
b) Transportation to and fro office.
c) Interest free loans to junior employees.
d) Periodic get gather with employees with families.
e) Casual dress on Mondays or Fridays.
f) Medi claim.
g) Routine health check at company expense.
h) Best attendance Award.
i) Introducing Employee referral system.
Best Regards,
BS Rana
From India, Hyderabad
a) Personal accident Insurance.
b) Transportation to and fro office.
c) Interest free loans to junior employees.
d) Periodic get gather with employees with families.
e) Casual dress on Mondays or Fridays.
f) Medi claim.
g) Routine health check at company expense.
h) Best attendance Award.
i) Introducing Employee referral system.
Best Regards,
BS Rana
From India, Hyderabad
Meal coupon up to 2600 pm is not taxable. Gift coupon to a maximum of Rs.5000/- per annum is also not taxable & you can also include subsidy on higher education, this is a win win situation & both are getting benefit out of it. The management can obtain a service agreement and can retain for a minimum of 2-3yrs after completion of higher education that means a minimum of 1-2yrs in his education term and as well as another 2-3 yrs.
Superannuation scheme is also a tax free component.
Regards - kamesh
From India, Hyderabad
Superannuation scheme is also a tax free component.
Regards - kamesh
From India, Hyderabad
Meal coupon is fro Sodexo, tocket restaurant etc so many competitors are there in the market. Gift coupons part the big malls like Tanishq, life style are issuing the gift coupons or else you can obtain gift cheques from the banks and issue. For superannuation part you can contact LIC.
Regards - kamesh
From India, Hyderabad
Regards - kamesh
From India, Hyderabad
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
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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Employee Benefits.doc
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