#employeebenefits

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Discover and Analyze the Best HR Solutions with Strat-Board

Strat-Board is a consultative HR Marketplace helping discovery and adoption of new age and contemporary HR services across the employee life cycle.

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[benecurv]

The Transparency of Rebates among Pharmacy Benefit Managers

Explore the complexities surrounding rebate transparency among Pharmacy Benefit Managers (PBMs) in the healthcare industry. Understand the challenges, including confidentiality agreements, complex structures, and regulatory pressures, hindering complete disclosure. Learn how evolving industry dynamics may drive PBMs towards greater transparency in rebate negotiations.

[leochbatteryglobal]

Leoch always cares about the growth and family happiness of employees Caring for every employee 🤗

We congratulate the children of our employees who have been admitted to prestigious university and thank them for their hard work and contributions ❤

[blueweave]

 Asia Pacific Corporate Wellness Market size by value at USD 6.51 billion in 2023.During the forecast period between 2024 and 2030, BlueWeave expects Asia Pacific Corporate Wellness Market size to expand at a CAGR of 8.55% reaching a value of USD 11.56 billionby 2030. Asia Pacific Corporate Wellness Market is driven by rising awareness of employee health benefits, increasing workplace productivity goals, and the need to manage healthcare costs. Rapid urbanization and growing instances of lifestyle-related diseases, such as obesity and diabetes, are boosting demand for wellness programs. Government initiatives promoting healthier lifestyles and a competitive corporate culture emphasizing employee retention and satisfaction further propel the market. Additionally, the popularity of remote work has led to a surge in virtual wellness solutions across the region.

Sample Request @ https://www.blueweaveconsulting.com/report/asia-pacific-corporate-wellness-market/report-sample

Opportunity – Increasing Investments in Employee Health and Wellness

As companies in Asia Pacific region recognize the importance of employee well-being on productivity, there has been a surge in corporate investments in wellness programs. Rising healthcare costs and the growing awareness of mental and physical health benefits have prompted businesses to implement comprehensive wellness initiatives. Programs focusing on fitness, mental health support, and lifestyle management are becoming integral to corporate strategies, aiming to reduce absenteeism and enhance employee engagement. Additionally, the shift towards hybrid work environments has driven the demand for digital wellness solutions, further contributing to the growth of Asia Pacific Corporate Wellness Market.

[sankhlaco]

Diwali Bonus Act: Understanding the Festive Bonus Tradition in India

Introduction

Overview of Diwali: Brief introduction to Diwali, the festival of lights, and its cultural significance.

What is the Diwali Bonus?: Explanation of the Diwali bonus tradition in India, where employers offer bonuses to employees during the festive season as a token of appreciation.

History of the Diwali Bonus

The Origin: How the Diwali bonus originated as a tradition, particularly in labor-intensive industries like textiles and manufacturing.

Significance of Festive Bonuses: Explain the cultural and emotional importance of the Diwali bonus, considering it a way to support employees in celebrating the festival with joy.

Legal Framework: Payment of Bonus Act, 1965

Introduction to the Act: Overview of the Payment of Bonus Act, 1965, which mandates bonuses for eligible employees in India.

Eligibility and Coverage: Discuss who is covered under the act (employees earning below a specified wage limit).

Minimum and Maximum Bonus: Outline the minimum and maximum bonus percentages (8.33% to 20%) as per the law.

Bonus Calculation: Explain how the bonus is calculated, typically based on company profits and employee salary.

How Diwali Bonus Differs from Annual Bonus

Nature of Bonus: The Diwali bonus is often a goodwill gesture rather than a legal requirement unless specified in contracts.

Link to Profits: While annual bonuses are often tied to performance, Diwali bonuses may be granted even in the absence of high profits as a festive gesture.

Key Points for Employers and Employees

For Employers: Tips on how to determine and distribute Diwali bonuses while maintaining legal compliance and employee satisfaction.

For Employees: Understanding entitlements, how to calculate expected bonuses, and recognizing the difference between the Diwali and other bonuses.

Recent Changes and Trends

Modern Trends in Festive Bonuses: How companies are adopting more flexible or innovative approaches, like gift cards, vouchers, and experiences.

Impact of Economic Factors: Discussion on how economic changes impact bonus distribution.

Conclusion:

Festive Spirit and Employee Relations: Conclude with thoughts on the importance of the Diwali bonus as a symbol of goodwill, respect, and motivation.

Encouraging Festive Spirit in Workplaces: The role of Diwali bonuses in building positive employer-employee relationships.

[insurance-brokers-india]

How Can Benefits Management Software Simplify Healthcare for Your Employees?

Are you finding it challenging to manage employee healthcare benefits?

In today’s fast-paced environment, HR teams face the tough task of juggling numerous employee benefits while ensuring accuracy and compliance. That's where a robust Healthcare Benefits Management Software can make a difference. But what exactly is this tool, and how does it streamline your processes?

Healthcare Benefits Management Software offers HR teams a simplified way to manage and automate healthcare benefits. With features like centralized health insurance management, real-time data tracking, and employee self-service portals, it ensures employees receive the care they need while reducing manual workloads for HR.

Imagine a system that helps you:

Automate benefits enrollment and updates

Centralize all benefits data for quick access

Track compliance and generate reports with ease

Provide employees with a user-friendly portal for viewing and managing their benefits

Explore our powerful Healthcare Benefits Software solution designed for HR teams who want an intuitive, reliable, and cost-effective way to support their employees’ health.

[exelahrsolutions]

Total Rewards | Employee Benefits & Compensation Packages

At Exela, we are dedicated to providing top-notch employee benefits and comprehensive HR solutions through our cutting-edge compensation and benefit management services.

[advmannucompliance]

Diwali bonus as per payment of bonus act

Under the Indian Factories Act, 1948, there are specific provisions related to bonuses, although the act itself does not mandate Diwali bonuses specifically. However, the concept of bonuses in industrial and factory settings is often guided by various labour laws and regulations.

Here are some key points regarding Diwali bonuses in the context of the Factories Act:

1. Bonus Payments

The Payment of Bonus Act, 1965, governs the payment of bonuses to employees in factories and other establishments. This act provides the framework for calculating and distributing bonuses based on profits and the number of employees.

The bonus is typically calculated as a percentage of the employee's salary based on the profits made by the company in the previous accounting year.

2. Eligibility

Employees who have worked for a minimum of 30 days in a financial year are generally eligible for bonuses under the Payment of Bonus Act.

3. Minimum and Maximum Bonus

The act stipulates a minimum bonus of 8.33% of the salary (or ₹100, whichever is higher) and a maximum bonus of 20% of the salary.

Employers may also provide additional bonuses, including Diwali bonuses, at their discretion.

4. Discretionary Bonuses

While the Payment of Bonus Act sets certain guidelines, companies can also offer discretionary bonuses, such as a Diwali bonus, as part of their employee welfare programs or to enhance employee morale.

5. Timing of Payment

Although not specified in the Factories Act, many companies choose to disburse Diwali bonuses before the festival to help employees with their celebrations.

6. Tax Implications

Bonuses paid to employees are subject to income tax under the Income Tax Act. Companies are required to deduct tax at source (TDS) on the bonus amounts paid.

Conclusion

While the Factories Act does not specifically address Diwali bonuses, it lays the groundwork for bonus payments in general through the Payment of Bonus Act. Companies are encouraged to establish fair and transparent bonus policies that recognize employees’ contributions and align with their profitability.

If you need more specific information or have questions about how these regulations might apply to a particular scenario, feel free to ask!

[beemawala]

Family Health insurance is a financial arrangement that provides coverage for medical expenses and healthcare-related costs. It offers individuals and families a way to manage the financial burden that can arise from unexpected medical treatments, hospitalizations, surgeries, prescription medications, and other healthcare services. Health insurance plans can vary widely in terms of coverage, benefits, and costs. Generally, policyholders pay regular premiums to the insurance provider, and in return, the insurer covers or reimburses the insured for eligible medical expenses as per the terms of the policy. Health insurance helps individuals access timely medical care without worrying about the full financial impact of healthcare services.

[codingbit-001]

Unlock the Power of Benefits & Rewards with Strat-Board

At Strat-Board, we understand that employee satisfaction goes beyond just paychecks. That's why our Benefits & Rewards service is designed to provide tailored solutions that motivate and retain your team. We offer comprehensive rewards programs that align with your business goals while making employees feel valued.

Whether you're a growing organization or an established firm, we create programs that fit your unique culture, enhancing engagement and performance. By focusing on recognition, employee well-being, and development opportunities, we help businesses build stronger, more committed teams.

Explore how we can help you boost morale, reduce turnover, and improve productivity through our customized benefits packages. Contahttps://www.strat-board.com/contact-usct us today to see how Strat-Board can be your trusted HR partner in creating a happier and more motivated workforce!

https://www.strat-board.com/

[digitalraj003]

Demystifying the role of fixed-salaried jobs vs. freelancing

Rajveer Hagjer

6 min read

I started a position as a Recruitment Consultant for an Insurance firm in India & as someone who has experienced the pressure to appear for examinations for a government position whilst witnessing how financially lucrative it can be in the corporate world, I must say, there is a great divide between our cultural understanding of how the two career paths differ and work for different individuals. After making a few thousand phone calls, exchanging a plethora of messages on multiple job portals, I want to share my experience in this industry.

Stigmas around freelance positions

Let me start off by addressing the pink elephant in the room, remote freelance position that I am advocating has been met with stigmatization, largely rooted in societal norms that equate job security with traditional, fixed salaried roles. I accepted this role because a salaried position is like limiting one’s earning potential and you don’t exercise control over your own time and you’re helping your employers make profits while they pay you peanuts. Familiar with this situation? Tap into the insurance sector and change your earning capacity.

Did you know professionals like Doctors, Chartered Accountants and Consultants frequently operate in a freelance capacity

They are earning more than their salaried counterparts while enjoying greater autonomy and flexibility.

A non-biased look at Job Security \

The job security of a fixed salary role can significantly limit one’s financial growth potential. 2. A fixed job often offers little space for significant income jumps whereas freelancing and independent advisory roles provide scalable income prospects based on performance and client volume.

3. This is an opportunity to earn exponentially more by serving more clients or selling higher-value policies is a lucrative opportunity. What does a fixed-salaried job signify?

Over generations we are seeing that a fixed-salaried job advocates a tradition of stability and predictability. While it has become the gold standard for acquiring a steady source of income, job security & benefits like health insurance, paid leaves, retirement plans; according to the Ministry of Labour & Employment, the average annual salary for full-time employees in 2020 was approximately ₹4,20,000. Salaried roles often come with structured career paths that include promotions and annual raises ranging from 2–5%.

Tapping into the potential for higher income with freelancing

Freelancing as a career choice is gaining a lot of attention due to its flexibility and potential for higher earnings. According to the “Freelancing in India” report by Payoneer, the average hourly rate for Indian freelancers was around ₹1,650 in 2020. The report also stated that 50% of freelancers earned more than their previous salaried roles. Not only that but freelancers have the freedom to choose projects and set their own schedules, that ends up improving one’s work-life balance. On the downside they must manage their own benefits such as health insurance, additional costs like marketing and self-employment taxes/expenses.

Making your mark in an ever-changing job environment

Choosing a career path between the two depends on individual goals and circumstances. While salaried jobs offer predictability and job security, freelancing offers potential to earn a higher income and to be the master of your own time. In addition, salaried positions often come with a hierarchical structure and has defined career path, that may take decades to realise. The Labour Bureau under the Ministry of Labour and Employment informs that annual salary increases for full-time employees’ range between 2–5% with more increments seen in sectors of technology, banking and healthcare. This article is to demystify the stigma around a freelance role and examining the data-driven insights and understanding various aspects of job security, income potential, work-life balance, and most importantly, personal growth.

According to the Ministry of Labour and Employment, the average annual salary for full-time ranges from ₹3,00,000 to ₹8,00,000. that being said, let me share a golden opportunity with you, the Indian Insurance Premium volume stood at $127 Bn i.e., equivalent to ₹89,38,62,46,55,41,750.10.

The Indian Insurance sector is massive, both in market size and cash flows. As the latest data presents India stands at 3.71% of the GDP with a life insurance density of ₹4,060 per person. This industry is growing at break-neck speed, driven by rising income levels, increased awareness and the government’s push for a broader coverage. Many life insurance companies are attempting to capture a share of this market; this is a great opportunity for Life Insurance Advisors. Whatr are you waiting for? Let’s milk this cash cow!

Financial Opportunities: By operating on a commission-based income, a Life Insurance Advisor can typically earn a percentage of the premium paid by their clients. The industry standard for commissions can range from 25% to 40%. I present to you a pay structure where you start with 25%-35% and can higher as you progress in this Life Insurance Advisor Role. DM to know more.

Transitioning to the Insurance Sector is a simple process. 1. You’ll have to appear for the (Insurance Regulatory and Development Authority of India) IRDAI examinations where you will have to pay ₹750 to attempt the exam, there are 50 questions and to pass you need to get answer only 15 correctly. And we offer 25 hours of training to equip you with the necessary skills and knowledge to thrive in the field.

Let me explain how you can earn ₹1,00,000 a month or the same amount in a shorter duration with the insurance products that you will brandish.

1. Getting started: In the first few weeks, a life insurance advisor focuses on building a client base by networking, attending seminars, meetings, etc. If you assume an average monthly premium of ₹10,000 per client. And when you secure 10 clients in a month at a 10% commission rate it would generate =10 clients*₹10,000*10%= ₹1,00,000.

2. Growing as a Life Insurance Advisor becomes easier as the advisor’s network grows. Assume a growth of 50 clients per month with varying premium sizes, leading to an average monthly commission of ₹50,000.

3. Maturing as a Life Insurance Advisor can be achieved by maintaining relationships and ensuring renewals where you will benefit from recurring commissions.

The financial Impact of the Indian Insurance Sector

Due to the sheer volume of money circulating within the Indian Insurance Sector a Life Insurance Advisor can tap into a huge potential for earning. Life Insurance Premiums were at ₹5.73 lakh crore in 2020–21. What I’m advocating is this is your chance to carve out a significant income and elevate your career in this booming Insurance Sector.

The time to act is now. By leveraging your expertise and harnessing the power of this thriving industry, you can secure a significant income and establish yourself as a key player in the market. Don’t miss out on this chance to capitalize on one of the most dynamic sectors in India today.

Message me and I’ll show you the ropes on how to unlock your potential — your future in the booming insurance sector awaits!

[optimizedcuriosity]

Workforce Paradox : Corporate "Loyalty" and Employee Disillusionment.

- When "We're Like Family" Means Unpaid Overtime -

Hey there, fellow corporate survivors! 👋 Let's dive into the wild world of workplace loyalty, where companies expect us to bleed their brand colors while we're just trying to make ends meet. Buckle up, because this rollercoaster of corporate expectations vs. reality is bumpier than your manager's attempt at "casual Friday." The Loyalty Demand: A One-Way Street?

Picture this: companies are out here acting like they want a long-term commitment, but we're not feeling the love. A 2023 PwC survey found that 61% of executives believe customers (employees?) are more loyal now than before the pandemic, and 70% of employers are budgeting for pay to remain the same or higher in 2024. Spoiler alert: this is not the way...and we definitely aren't here for it.

The Employee Reality Check

While the higher-ups are feeling optimistic, here's what's really going down:

Only 20% of consumers agree that loyalty has increased since the pandemic (Shocking, right? Who really wants to buy from people that don't support...well...people.)

A whopping 92% of employers are preparing for layoffs in 2024. (Nothing says "we value you" like job insecurity.) (Also a life update and congratulations to me for being a part of a round of layoffs. I was thinking I was underpaid already, but boy does the reality get worse without the job...)

The average salary increase for 2024 is a modest 4%, down from 4.4% in 2023. (Inflation who? Also, that more than what they gave me last year. I got 3% lmfao)

Why We're All Feeling a Bit... Meh

1. Stagnant Wages: The Never-Ending Budget Dance

Remember when we thought we'd be living large by now? The wage gap between actual earnings and what we should be making (based on a 3.5% growth since 2007) is $2.38 per hour as of July 2024. That's not exactly living the dream, is it? Don't even get me started on being sold an education path to getting to this point.

2. Mass Layoffs: The Corporate Shuffle

2022 was the year of "restructuring" – right out the door. Major players like Meta, Amazon, and Twitter showed us the true meaning of "it's not you, it's me" with significant layoffs. And 45% of employers are blaming "economic uncertainty" for tightening those purse strings.

3. Corporate Greed: The Ultimate Glow-Up

While we're watching our pennies, CEO pay has grown a casual 940% since 1978. Worker compensation? A modest 12% increase. Talk about a growth disparity.

The Culture Con: Promises vs. Reality

Companies love to dangle the "amazing culture" carrot. They promise:

Work-life balance (but expect you to answer emails at all hours and unlimited PTO that isn't actually unlimited or PTO.)

Diversity and inclusion (look, we have a ping pong table!)

Employee recognition (here's a gift card for your 5-year anniversary)

Open communication (please fill out this anonymous survey but somehow your manager knows you're the only one to not answer.)

Corporate social responsibility (we tweeted about Earth Day!)

But let's be real, 74% of employees see the link between culture and customer service, yet only 19% strongly agree their manager explains how company values affect their work. It's like they're speaking corporate, but we only understand human.

The Benefits Bait-and-Switch

Companies are trying to win us over with benefits, but they're not quite hitting the mark. The OneDigital Employee Value Perception Study spilled the tea:

56% of us are one surprise bill away from financial panic ( I have a month at best)

25% are eyeing their 401k like it's an emergency fund (that give me 2 months)

35% are practically begging for financial guidance (or just better pay?)

Yet here we are, getting "free" coffee instead of financial planning. Thanks, I guess?

The Loyalty Lowdown

All this corporate disconnect is taking its toll:

Only 20% of us are passionate about our jobs. (The other 80% are passionate about... well, not work.)

57% of Gen Z Americans are less loyal to brands now than pre-pandemic. (Can you blame them?)

Only 53% of consumers even bother with loyalty programs. (Points for what, exactly?)

Bridging the Gap: A Novel Concept

So, how do we fix this mess? Here's a wild idea: companies could try... actually caring?

Fair Pay: Because exposure doesn't pay the bills and your executives are too busy chasing corporate clout.

Transparency: Less corporate speak, more honesty.

Real Development: Not just another online certificate.

Authentic Culture: If I hear "we're like family" one more time...

Financial Support: Because adulting is hard and expensive.

Wrapping It Up

Look, the corporate loyalty paradox is real, and it's messier than we'd like to admit. Companies need to wake up and smell the coffee: loyalty is a two-way street. It's time to put their money where their mouth is and create workplaces that don't make us want to update our resumes every other week. We only remember those that actually walk the talk, not just run their mouths. Remember, we're not asking for the moon here – just a fair shake, some genuine appreciation, and maybe a salary that keeps up with inflation. Is that too much to ask? (Spoiler: it's not.) Stay strong out there, corporate warriors. May your coffee be strong and your meetings be short. Sources:

[1] https://insightssuccess.com/measuring-the-success-of-your-company-culture-metrics-and-tools/

[2] https://inmoment.com/blog/the-importance-of-employee-loyalty/

[3] https://www.davron.net/how-benefits-and-company-culture-can-attract-and-retain-top-talent/

[4] https://ftexecutive.com.au/creating-a-workplace-culture-that-fosters-employee-loyalty/

[5] https://www.frontiersin.org/journals/psychology/articles/10.3389/fpsyg.2022.971569/full

[6] https://teamstage.io/employee-loyalty-statistics/

[7] https://www.gallup.com/workplace/327371/how-to-build-better-company-culture.aspx

[8] https://www.onedigital.com/blog/employee-value-perception-study-underlines-benefits-satisfaction-gap-at-various-life-stages/

[cerev1ty]

Maximizing Your Employee Benefits for Virtual Therapy Sessions can help you access the mental health care you need through your workplace benefits. Many employers offer coverage for online therapy, and understanding how to make the most of these benefits can save you money and ensure you get the support you deserve. Our guide provides a comprehensive look at how to navigate and maximize your employee benefits for virtual therapy.

[sankhlaco]

Labour Welfare Fund Compliance Services for Corporate: Ensuring Employee Well-being and Legal Compliance

Labour Welfare Fund (LWF) compliance is a critical aspect of ensuring the well-being of employees in India. The Labour Welfare Fund is a statutory contribution aimed at providing social benefits and welfare measures for workers, such as education, medical facilities, housing, and recreational activities. Corporates operating in states where the Labour Welfare Fund Act is applicable must comply with the law by making regular contributions to the LWF on behalf of eligible employees.

LWF compliance services ensure that companies accurately calculate and contribute to the Labour Welfare Fund, maintaining proper records and adhering to state-specific regulations. This not only supports the workforce but also helps businesses avoid penalties for non-compliance.

Key Aspects of Labour Welfare Fund Compliance:

Eligibility and Contribution: Corporates need to identify eligible employees and contribute to the LWF as per state-specific regulations. Employers contribute a fixed amount, and employees contribute a nominal part of their salary.

State-Specific Regulations: LWF rules vary across states like Maharashtra, Karnataka, Tamil Nadu, and others. Compliance services ensure adherence to the respective state’s requirements.

Filing and Record-Keeping: Companies are required to file LWF returns and maintain proper records of contributions and employee details.

Timely Contributions: Regular and timely deposits to the Labour Welfare Fund are crucial to avoid penalties and ensure employee welfare benefits are extended.

Benefits of Labour Welfare Fund Compliance:

Employee Welfare: Contributions to the LWF provide financial assistance and welfare benefits to employees, promoting a healthier, more motivated workforce.

Legal Compliance: Staying compliant with LWF regulations helps avoid legal penalties, fines, and disruptions in business operations.

Corporate Responsibility: Fulfilling LWF obligations demonstrates the company’s commitment to employee welfare and corporate social responsibility.

Avoidance of Penalties: Non-compliance with LWF regulations can lead to financial penalties and reputational damage.

How Labour Welfare Fund Compliance Services Help:

Accurate Calculations: Ensuring that LWF contributions are correctly calculated based on employee eligibility and wages.

State-Specific Compliance: Tailoring compliance practices to meet the specific requirements of each state’s Labour Welfare Fund rules.

Filing and Reporting: Assisting in filing returns and maintaining records to meet statutory deadlines.

Employee Education: Helping employers communicate the benefits of the LWF to their employees and ensure transparency.