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Employee benefits are any perks or advantages that an employee receives as part of their job. They can be financial, like a 401k plan or health insurance, or they can be non-financial, like paid vacation days or flexible working hours. Employee benefits are often used as a way to attract and retain talent, since they make the job more attractive.
Why companies in India offer employee benefits?
There are many reasons why companies in India offer employee benefits. In a highly competitive labor market, employee benefits can be a key differentiator for companies. By offering employee benefits, companies can show that they value their employees and are committed to providing them with a good work-life balance. Reasons why companies in India offer employee benefits include:
– To attract and retain talent: In a highly competitive labor market, employee benefits can be a key differentiator for companies. By offering employee benefits, companies can show that they value their employees and are committed to providing them with a good work-life balance.
– To improve employee morale and motivation: Employee benefits can help to improve employee morale and motivation by demonstrating that the company cares about its employees’ well-being.
– To reduce employee turnover: Employee benefits can also help to reduce employee turnover by making employees feel more valued and appreciated.
– To comply with laws and regulations: In India, there are a number of laws and regulations that require companies to provide employee benefits, such as the Employees’ Provident Fund Act and the Employees’ State Insurance Act.
– To stay competitive: Many companies in India offer employee benefits in order to stay competitive with other companies. By offering employee benefits, companies can show that they are committed to providing their employees with a good work-life balance.
What are the top employee benefits offered in India?
There are a number of top employee benefits that are offered in India. Some of the most popular ones include:
– Health insurance: This is one of the most important benefits that employers can offer their employees in India. It helps employees to stay healthy and protect themselves from financial burdens in case of any medical emergencies.
– Provident fund: Also known as PF, this is a retirement savings scheme that is offered by many employers in India. Under this scheme, both the employer and employee contribute a certain percentage of the employee’s salary towards the fund, which can be used by the employee during retirement.
– Gratuity: This is a lump sum payment that is made by the employer to the employee at the time of retirement, or in case of death or disability. It is a way of showing appreciation for the employee’s years of service.
– Leave encashment: This benefit allows employees to encash their accumulated leave balance, either at the time of retirement or during periods of prolonged absence due to illness.
-Wellness programs: In recent years, there has been a growing trend of employers offering wellness programs to their employees. These programs can include things like gym memberships, yoga classes, and health check-ups. They are designed to help employees lead healthier lifestyles.
– Childcare assistance: This is a benefit that is becoming increasingly popular in India, as more and more women are joining the workforce. Childcare assistance can take the form of on-site daycare facilities, subsidies for employee-sponsored daycares, or flexible work arrangements that allow employees to better balance their work and family responsibilities.
Top employee benefits providers in India
Aon Hewitt is one of the largest employee benefits providers in India. They offer a wide range of services, including health insurance, life insurance, and retirement planning.
Willis Towers Watson is a global risk management, insurance brokerage, and employee benefits firm. In India, they offer a range of employee benefits services, including health insurance, life insurance, and retirement planning.
Cost of Employee benefits program in India
The cost of an Employee benefits will vary depending on the provider, the size of the company, and the services offered.
Employee benefits programs can be very costly. In India, the cost of these programs can be upwards of $1,000 per employee per year. This cost can add up quickly for companies with large numbers of employees. While these programs can be beneficial for employees, they can also be a large financial burden for companies.
MantraCare is one of the most cost-effective employee benefits provider with plans starting at $3 per employee.