Tailored Employee Benefits

Offer your employees a range of flexible benefits that suit their needs. Our platform allows for easy customization and management of benefits packages, enhancing employee satisfaction and retention.

Wisemonk is a leader in Employer of Record (EOR) on G2
Wisemonk is a leader in Employer of Record (EOR) on G2
Wisemonk is a leader in Asia Employer of Record (EOR) on G2
Wisemonk is a leader in Employer of Record (EOR) on G2
Wisemonk is a leader in Employer of Record (EOR) on G2

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End to End platform. On-ground HR team. 100% compliance!

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Flexible Benefits Administration

Offer your employees a range of flexible benefits tailored to their needs, including health insurance, tax free salary components, and wellness programs.

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Employee App

Streamline communication and enhance productivity with our Employee & Manager App. This all-in-one platform offers real-time updates, leaves and reimbursement management.

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Compliance Calculation

Our platform automates the calculation of statutory contributions such as Provident Fund (PF), Employee State Insurance (ESI), Professional Tax, and Tax Deducted at Source (TDS).

Flexible Benefits Plan

At Wisemonk, we are committed to optimizing employee taxes and enhancing their financial well-being through our Flexible Benefits Plan (FBP). This plan allows employees to customize their salary components according to their personal needs, resulting in significant tax savings. Here’s a detailed look at the flexible benefits we offer.

What is a Flexible Benefits Plan?

A Flexible Benefits Plan (FBP) is a compensation structure that allows employees to modify components of their Cost to Company (CTC) as per government compliances, company norms, and their position. These benefits, when added up, lower the taxable income of employees, thereby increasing their take-home salary.

Key Components of Our Flexible Benefits Plan

Flexible Benefits Plan for EOR Employees in India

Benefits of Implementing a Flexible Benefits Plan

  1. Tax Savings
    • Employees can save up to ₹40,000 in taxes annually by opting for various components of the FBP.
  2. Increased Employee Satisfaction
    • By allowing employees to choose benefits that align with their personal needs, we foster a sense of empowerment and job satisfaction.
  3. Attracting and Retaining Talent
    • Offering a flexible benefits plan can be a key differentiator in a competitive job market, helping us attract and retain top talent.
  4. Cost Control
    • Employers can allocate a fixed budget for employee benefits, ensuring better control over benefit costs.
  5. Customization
    • Employees can tailor their benefits to suit their individual requirements, enhancing their overall perception of the organization.

How to Declare FBP Components

  1. Choose Benefits: Employees select the benefits they want to include under FBP, such as HRA, LTA, medical reimbursement, etc.
  2. Calculate Amounts: Determine the amounts to allocate to each benefit component based on preferences and tax-saving goals.
  3. Provide Details: Inform the employer about the chosen FBP components and their respective amounts.
  4. Submit Documents: Submit necessary documents and proofs to support the chosen benefits, such as medical bills or rent receipts.
  5. Update Payroll: The employer incorporates the chosen FBP components into the salary structure and payroll.

Streamlined Process

The integration of our payroll system simplifies the management of flexible benefits:Before Implementation:

  1. Run Payroll
  2. Create another file for flexible benefits
  3. Upload it on your system or send it to a vendor
  4. Funds get transferred to the employee
  5. Manually verify employees’ claims

After Implementation:

  1. Sign up for Flexible Benefits
  2. Grant Benefits Seamlessly
  3. Employees Avail Benefits

For Employees:

  • All benefits and spending on a preloaded card and app platform
  • Tax savings up to ₹40,000
  • No need to submit any bill for flexible benefits claims
  • Wide acceptance online and at physical stores

For Employers:

  • Increase take-home salary for employees without a CTC increase
  • Easy to roll out more tax benefits with the flexible benefits card
  • Boost retention with friendly compensation policies
  • 100% compliant as per IT & RBI guidelines

Conclusion

At Wisemonk, our Flexible Benefits Plan is designed to optimize employee taxes and enhance their financial well-being. By offering a range of customizable benefits, we empower our employees to make informed financial decisions, resulting in significant tax savings and increased job satisfaction. Join us and experience the benefits of a truly flexible and employee-centric compensation structure.

Wisemonk