Hr Manager
Freelancer In Hr &indirect Taxes For
Your Friend
Hr Executive

Cite.Co is a repository of information and resources created by industry seniors and experts sharing their real world insights. Join Network
Dear All, We are going to give group insurance to our employee but management wants to deduct it from employees on a monthly basis.
Whether is it possible in terms of statutory? if yes how to show it in CTC kindly guide me for the same.

From India, Bengaluru
Insurance is considered as employee welfare but deducting it from employees salary is not worth giving.
Are your employees ok with it? I would suggest to check with employees as well, they may refuse to opt it from company, they may have their personal Insurance.

From India, Pune
While, if company is arranging insurance for its employees has got more worthiness because of
the scope of negotiating insurance premium to employees, this should be considered as a welfare measure of the company to its employees. Employees shall be considering this as a gesture.
Hence, if the premium amount shall be deducted from salaries of employees - which will not
give any dividend to management- this could be done in 3-4 instalments instead of one stretch.
Insurance premium amount - in that case - can be considered as an element of CTC (annual premium amount).

From India, Aizawl
Anything given including statutory onligation is welfare to employees if it benefits them.
From India, Vadodara
Please Login To Add Reply

About Us Advertise Contact Us
Privacy Policy Disclaimer Terms Of Service

All rights reserved @ 2020 Cite.Co™