Flexi Benefit Pay
In India, Flexible Benefits Plan (FBP) in salary structure is a facility for employees in which they can modify components of CTC (Cost to Company) such as medical expenses and conveyance. CTC contains all the elements of salary; HRA (House Rent Allowance), Medical Expenses, Basic Salary, DA (Dearness Allowance), etc. The major objective of the Flexi Benefit Plan is to provide freedom to choose. A Flexi or Flexible Benefits plan is introduced to save tax and it includes the following components;
- HRA
- LTA
- Medical Expenses
- FoodConveyance
- Telephone Bills
Benefits of Flexi Benefit Pay/Plan
- Tax Saving practice
- Employee Satisfaction which means more productivity
- Transparency in organization
- Effective Recruitment
