This is regarding Salary Packaging or Flexible Benifit Package which belongs to the family of Compensation Management module.
Salary Packaging?
(i) Salary packaging allows you to accurately forecast the impact that various salary components have on an employee's gross and net income.
(ii) By accurately projecting an employee's total package, employers can streamline remuneration to an employee's individual requirements.
(iii) Salary Packaging OR Flexible benefit Package refers to the practice of bundling salary components and other benefits to arrive at a Package often referred to as ‘Total Remuneration Package’.
(iv)Thus ‘Total Remuneration Package’ or ‘Total Package’ can be considered as a basket of Entitlements given to the Employees.
Why Salary Packaging ?
(i) This will be an on-line Flex comp declaration tool. No more filing/ submitting of a hard copy to Payroll
(ii) You can just do this at your desk with a few clicks
(iii) No hassles of getting to know the limits for each component.
(iv) System will automatically prompt you for any error.
Salary Packaging Components :
(i) Mandatory Salary Packaging
(ii) Customization of Salary Components
(iv) Process of Salary Packaging
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ReplyDeleteGreat post! Most of the organisations offer flexible benefit schemes to their employees as part of their reward strategy.
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