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employee benefits employee benefits Presentation Transcript

  • EMPLOYEE BENEFITS IN INDIA - the emerging trends
  • Population in excess of 1 Billion 35 States and Union Territories 24 Languages 7 Religions 3000 communities
  • INDIA
    • Diversity in language, culture and religion
    • Does this diversity extend to employee benefits?
    • Yes & No
  •  
  •  
  •  
  • Overview of Employee Benefit Scenario In India Employee Compensation Salary Allowances & Bonus Employee Benefits
  • Overview of Employee Benefit Scenario In India Employee Benefits Provident Fund Gratuity Personal Accident Mediclaim Leave Encashment Life Insurance Super-annuation Mandatory Voluntary
  • Employee Benefits – Insurance Co’s viewpoint Employee Benefits Insurance Retirement Defined Contribution Defined Benefit Life Accident Mediclaim Leave Encashment Gratuity Superannuation
  • Mediclaim Insurance
    • Reimbursement of medical expenses following hospitalization
    • Cash less hospitalization facility available under certain plans
    • Tax deduction available for the business
    Accident Insurance
    • Can offer compensation for any/all of the following:
      • Accidental death, disability
      • Medical expenses for treatment post accident
    • List of exclusions
    • BOTH BENEFITS ARE OFFERED BY NON-LIFE INSURANCE COMPANIES
  • Life Insurance
    • Benefit payable on accidental/natural death (limited exclusions)
    • Convenient eligibility conditions
    • Additional Optional riders
    • PROVIDED BY LIFE INSURANCE COMPANIES
    Life Insurance – Trends
    • Monopoly of one single company so far
    • Increasing popularity amongst employers/ employees
    • General cover is about 3 to 5 times the gross annual salary
    • Companies with huge staff strength opt for profit-sharing
  • Leave Encashment –Defined benefit
    • For whom?
      • If company offers encashment of leave, all employees
    • What benefit?
      • Will be based on the company policy.
      • Normally x days salary for each accumulated day of leave
    • How Funded?
      • Institute of Chartered Accountants of India require that a provision be made for the liability.
      • No special tax benefits for self-funding through a trust
      • Insurance plans available to manage the funds
  • Gratuity – Defined Benefit
    • For whom?
      • Engaged in Factories, Mines, Plantations, Railways, Shops and establishments notified by Government
      • In service for 5 successive years
    • What benefit?
      • 15 days wages for each year of service
      • Maximum limit Rs 3,50,000/
      • 7 days wages per season for seasonal occupation
    • How Funded?
      • Can be funded our unfunded.
      • Special tax concessions if funded through a trust or insurance company
  • Superannuation – Defined Contribution/ benefit
    • For whom?
      • Non-mandatory, defined by company policy
    • What benefit?
      • Can be defined benefit(certain formula of last drawn salary) /defined contribution(certain %age of salary every month contributed to a fund)
      • Can be different for different grades
    • How Funded?
      • Can be funded our unfunded.
      • Special tax concessions if funded through a trust or insurance company
  • Retirement Benefits - Trends
    • Only one life insurance company in the market till 2000
    • Offered a cash-accumulation conventional scheme
    • More and more companies now funding through Insurance
    • Unit-linked – a preferred platform
    • Pensions benefits - from Defined Benefit to defined contribution
  • HDFC STANDARD LIFE INSURANCE HDFC SL is Insurope’s network partner in India
  • Employee Benefits – Insurance Co’s viewpoint Employee Benefits Insurance Retirement Defined Contribution Defined Benefit Life Accident Mediclaim Leave Encashment Gratuity Superannuation
  • Employee Benefits – Insurance Co’s viewpoint Employee Benefits Insurance Retirement Defined Contribution Defined Benefit Life Accident Mediclaim Leave Encashment Gratuity Superannuation
  • Contact Details
    • Sanjeev Kapur
    • Head - Group Sales
        • (+91) 98203 48755
        • [email_address]
      • Vijay Vaidyanathan
      • Manager – Group Sales
          • (+91) 98206 11998
          • vijayv @hdfcinsurance.com