![]() The income tax department considers meals and non-alcoholic beverages offered by the company during office time as a benefit for the employee. ![]() Components of FBP Food and Beverage costs ![]() The modifications are, however, protected by checks and balances to prevent its misuse. Although the organisation/HR generally allocates salary components, companies should also consult employees when allocating FBP in salaries. What is FBP in salary?Ī Flexible Benefit Plan is termed ‘flexible’ because the company can fix or regulate packages as per Govt compliances, company norms, and the employee’s position. With a growing focus on employee experience, companies these days are mindful of the efforts and expenses incurred by employees and use flexible benefits for personalising the salary structure and maintaining an employee-friendly culture.īefore we dig deeper into the hows and whys of the FBP component in salary, let’s cover the basics. These help employees reduce their tax liabilities significantly. Introducing RazorpayX Payroll + Zaggle–A fully Automated Flexi Benefits ExperienceĪ Flexible Benefits Plan (FBP) is part of an employee’s salary that gives them more control of which CTC components they want to opt-in for and how much under each component.Challenges in implementing Flexible Benefit Plan in startups.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |