Hi, I have received an offer from the organization and I need help to understand the nitty-gritty of it. The offered salary is all fixed (approximately 10 LPA) with no specific mention of a variable amount in the offer letter. However, HR mentioned that the variable component is not fixed and will be determined according to policy terms. Is this correct? What percentage will be given as a performance bonus or appraisal?
Flexible Benefits Plan
There is a flexible benefits plan (including fuel, LTA, and other benefits on submission of receipts) of approximately 5 LPA, which HR mentioned can be opted out of, and the entire 5 LPA will be paid out on a monthly basis. This detail is also not specified in the offer letter. Please assist me in understanding this better.
Additional Benefits
Moreover, the offer includes "Additional benefits extended as gratuity, group personal accident, group term life, and group Mediclaim insurance policy." Could you explain what this entails? Will this amount be deducted from my monthly salary or treated as an annual premium? In my current organization, these benefits are provided over and above the salary.
Total Package Calculation
The total package calculation is as follows: Fixed = Base pay * Flexible Benefit. Only if I opt out of the Flexible Benefits Plan will I receive 15 LPA. The take-home amount would be 15 LPA minus PF and Tax (approximately 116K). Kindly confirm if my understanding is correct. My current package is 10 LPA (approximately 83K); will the new package make any significant difference?
From India, Pune
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1Flexible Benefits Plan
There is a flexible benefits plan (including fuel, LTA, and other benefits on submission of receipts) of approximately 5 LPA, which HR mentioned can be opted out of, and the entire 5 LPA will be paid out on a monthly basis. This detail is also not specified in the offer letter. Please assist me in understanding this better.
Additional Benefits
Moreover, the offer includes "Additional benefits extended as gratuity, group personal accident, group term life, and group Mediclaim insurance policy." Could you explain what this entails? Will this amount be deducted from my monthly salary or treated as an annual premium? In my current organization, these benefits are provided over and above the salary.
Total Package Calculation
The total package calculation is as follows: Fixed = Base pay * Flexible Benefit. Only if I opt out of the Flexible Benefits Plan will I receive 15 LPA. The take-home amount would be 15 LPA minus PF and Tax (approximately 116K). Kindly confirm if my understanding is correct. My current package is 10 LPA (approximately 83K); will the new package make any significant difference?
From India, Pune
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The offer seems quite good, exceeding the current package of 10 LPA (approximately 83k). Additional benefits such as gratuity, group personal accident, group term life, and group Mediclaim insurance policy should not typically be deducted from your salary on a monthly basis or as part of the annual premium; these are considered additional perks.
Consider the impact of relocation, if applicable, and make your decision accordingly.
From India, Nuvem
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Consider the impact of relocation, if applicable, and make your decision accordingly.
From India, Nuvem
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