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EMPLOYEE BENEFIT PLANNING
With increasing awareness in the
HR market and growing competition among employers for competent
employees, employee benefit schemes as part of the total compensation
package have assumed a highly significant consideration. The need
for such schemes is accentuated by cultural and moral factors and
also the vagaries of modern day living shrouded in a variety of
uncertainties of personal losses and distress. No less important
is the manner in which such schemes are articulated with optimized
tax effectiveness, both, to the employer and employee and the way
these are communicated to the employees at large.
The monetary, tax and relevant legal issues of compensation and
retirement benefits involve decisions of immediate and far reaching
consequence from the standpoint of industry competitiveness and
bottom-line management that no business enterprise can afford to
be passive or indifferent in availing consistently high quality
professional expertise and experience relevant to the subject.
A well defined Employee Benefit plan analyzes employee exposure
in various areas such as retirement, death, disability, medical
expenses and other possible risk areas. A complete solution for
this requires an integrated approach in benefits planning considering
all other aspects of compensation structures as well. Actuarial
and insurance management services combined with other expertise
provide the following services relating to employee benefit plans:
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Pension, Gratuity, Provident Fund and Benevolent
Fund Schemes
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Designing
of a comprehensive and tax efficient Retirement Benefits plan |
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Actuarial
Valuation of Retirement Benefit Schemes to work out funding
requirements |
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Drafting
of Trust Deeds and Rules and setting up of a Trust Fund |
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Approval
from Income Tax authorities to maximise the tax advantages |
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Assets
valuation and Investment advice to maximise yield on funds |
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Benefits
communication booklets for better appreciation and understanding
of each benefit |
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Medical Benefits
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Designing
of Benefit Structure to cover the employee’s financial
risk exposure and optimise the return of the employer spending
on this key employee benefit |
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Cost
Containment Strategies for Medical Plans to control costs and
abuses |
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Claims
Administration Services and Systems for self-managed schemes |
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Evaluation
of Medical Insurance Proposals of different Insurance Companies
and negotiations to obtain the best terms |
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Evaluation
of Self insurance as an alternative |
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Benefits communication
booklets |
Group Life and Disability Benefits
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Designing
of Benefit Structure to cover financial risk from death or disability
of an employee |
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Evaluation
of Group Insurance proposals of different Insurance Companies
and negotiations to obtain the best terms |
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Evaluation of self
insurance as an alternative |
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Benefits communication
booklets |
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