I have the following questions related to employee benefits. Would request you to kindly advise:
Furniture Allowance
- How prevalent is this in the market? If it is, please advise on how this is enforced.
Relocation Allowance (Stay)
- During relocation, if we want to compensate an employee in lieu of staying in a company-owned accommodation, how should this be enforced? What are the trends for this in the market? How is it kept updated with market inflations?
Retirement Age Comparison
- What is the retirement age of employees in the private sector industry compared to government rules and regulations?
Compliance/Compulsory Leave Policy
- Any information that you would have on compliance/compulsory leave policy?
National Pension Scheme Prevalence
- Any information on how prevalent the National Pension Scheme is in the market?
Many Thanks!
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Furniture Allowance
- How prevalent is this in the market? If it is, please advise on how this is enforced.
Relocation Allowance (Stay)
- During relocation, if we want to compensate an employee in lieu of staying in a company-owned accommodation, how should this be enforced? What are the trends for this in the market? How is it kept updated with market inflations?
Retirement Age Comparison
- What is the retirement age of employees in the private sector industry compared to government rules and regulations?
Compliance/Compulsory Leave Policy
- Any information that you would have on compliance/compulsory leave policy?
National Pension Scheme Prevalence
- Any information on how prevalent the National Pension Scheme is in the market?
Many Thanks!
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1. Furnishing Allowance
Furnishing Allowance, etc., are given by a few companies at the time of hiring. It may be given again after a few years. I am aware that this is a prevalent practice in a few companies. It is obviously not part of Salary/CTC. It is also given when unfurnished company-owned accommodation is provided to an employee within or outside company premises.
2. Company Accommodation and Rent
The company hires flats or asks the employee to select a furnished flat and pays rent (your second point).
3. Retirement Age in Private Companies
Retirement age in private companies is at the discretion of the company. There are no mandatory rules on this point.
4. Leave Information
On leave, plenty of information is available—just search.
5. Ditto for the next point.
Regards,
Suresh Rathi
From India, Delhi
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97Furnishing Allowance, etc., are given by a few companies at the time of hiring. It may be given again after a few years. I am aware that this is a prevalent practice in a few companies. It is obviously not part of Salary/CTC. It is also given when unfurnished company-owned accommodation is provided to an employee within or outside company premises.
2. Company Accommodation and Rent
The company hires flats or asks the employee to select a furnished flat and pays rent (your second point).
3. Retirement Age in Private Companies
Retirement age in private companies is at the discretion of the company. There are no mandatory rules on this point.
4. Leave Information
On leave, plenty of information is available—just search.
5. Ditto for the next point.
Regards,
Suresh Rathi
From India, Delhi
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Many thanks for your information.
Furnishing Allowance Practices
1. Furnishing Allowance, etc., is given by a few companies at the time of hiring. It may be provided again after a few years. I am aware that this is a prevalent practice in some companies. Obviously, it is not part of the Salary/CTC. It is also given when unfurnished company-owned accommodation is provided to an employee within or outside the company premises. Mandakini, would you have any information on how this is enforced in the companies? The rates, etc.?
Company Hired Flats
2. The company hires flats or asks the employee to select a furnished flat and pays rent (your second point). Mandakini, would you have any information on how this is enforced in the companies? The rent paid... is there a flat amount paid or based on actuals... if a flat rate, then how are inflations taken into account? Would you know of any consulting firms that are good in such benchmarking activities?
Thanks again!
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Furnishing Allowance Practices
1. Furnishing Allowance, etc., is given by a few companies at the time of hiring. It may be provided again after a few years. I am aware that this is a prevalent practice in some companies. Obviously, it is not part of the Salary/CTC. It is also given when unfurnished company-owned accommodation is provided to an employee within or outside the company premises. Mandakini, would you have any information on how this is enforced in the companies? The rates, etc.?
Company Hired Flats
2. The company hires flats or asks the employee to select a furnished flat and pays rent (your second point). Mandakini, would you have any information on how this is enforced in the companies? The rent paid... is there a flat amount paid or based on actuals... if a flat rate, then how are inflations taken into account? Would you know of any consulting firms that are good in such benchmarking activities?
Thanks again!
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1. Furnishing, etc., is discussed at the time of hiring. The amount depends on the level of the new employee. The management decides the amount in consultation with the new employee. The contract for furnishing is given to an interior designer company. There is no minimum or maximum limit. Payment is made directly to the firm undertaking furnishing and not to the employee.
2. Again, the payment is made to the flat owner, and there is no fixed limit. The lease is for a specific period; hence, inflation has no bearing. In case the lease is for a longer duration, clauses are inherent in the deed to cater for automatic increases after a fixed period.
Regards,
Suresh Rathi
From India, Delhi
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2. Again, the payment is made to the flat owner, and there is no fixed limit. The lease is for a specific period; hence, inflation has no bearing. In case the lease is for a longer duration, clauses are inherent in the deed to cater for automatic increases after a fixed period.
Regards,
Suresh Rathi
From India, Delhi
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Employee Benefits.doc