EMPLOYEE BENEFIT INSURANCE
Health insurer Niva Bupa, Sagility India files draft papers with Sebi for IPOs
The IPO, with each share having a face value of Rs 10, consists of a fresh issuance worth Rs 800 crore and an offer for sale totaling up to Rs 2,200 crore by the promoters and existing investors. As part of the OFS, Bupa Singapore Holdings and Fettle Tone will be divesting their stakes.
EPFO discontinues GIS deductions, to refund past deductions: These government employees to get higher salary
EPFO: Specified employees stand to gain due to EPFO's decision of discontinuing GIS deductions and refunding all deductions made thus far. According to Akhil Chandna, Partner, Grant Thornton Bharat, "The discontinuation of deductions under GIS will indeed increase the take-home salaries. Previously, the deductions were made from employees' monthly salaries as per their pay-scales to fund the GIS."
Only 3% of India’s 62 million business owners have SME insurance: ICICI Lombard’s Anand Singhi
Our focus on end-to-end risk management for MSMEs through various tailored digital solutions makes us different, says Anand Singhi, Chief of Retail and Government Business at ICICI Lombard.
LIC warns policyholders about offers to buy their current insurance policies
The life insurance behemoth has urged all policyholders to proceed with extreme caution before making any decisions about their policy that might compromise their family's risk coverage and financial stability.
How to cut income tax outgo by Rs 75,000 with NPS, health insurance
How to reduce income tax outgo: Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments. TaxSpanner estimates that Tuteja can reduce his tax by around Rs.75,000 if his company offers him some tax-free emoluments as well as the NPS benefit. Tuteja also needs to invest in the pension scheme on his own, buy health insurance for his parents, and avoid booking taxable capital gains.
Reinsurance and coinsurance not under tax ambit
The GST Council also recommended clarifications on taxability of reimbursements of securities or shares as employee stock option plans given by a company to its workers. Officials said exemptions would be conditional and notified later. Coinsurance, in this instance, refers to insurers sharing insurance-bearing liabilities. Reinsurance is the cover an insurer buys to insure itself through the payment of premiums.
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Beyond the paycheck: What employees look for and how employers can fix hiring gaps
The changing work culture is causing a gap between employer and employee expectations in hiring and retention. Companies struggle with mismatched salary expectations, required skills, and cultural fit issues. Nonprofits and FMCG companies face the most challenges. Many employees in India and Asia Pacific prioritize flexibility and career progression. Ageism is evident, especially in sectors like Insurance.
Formal job creation under ESIC down by 7.8% in April to 1.64 million as compared to 1.78 million in April 2023
The provisional payroll data, released by the ministry of labour and employment shows that out of the total 1.64 million employees added during the month, 0.78 million employees or 47.6% of the total employees added to ESIC were up to 25 years of age, suggesting more jobs have been generated for the youth of the nation.
ITR filing: Compare your tax outgo in old and new tax regime before finalising one for FY24
Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments. TaxSpanner estimates that Vivek Jaiswal can have a surplus of almost Rs.60,000 if his salary is rejigged to include tax-free perks and if he opts for the new tax regime. Here's how
Not just employers with benefits! India Inc looks to be more to woo talent
Corporate India is offering new-age benefits, realizing that attracting and retaining talent requires more than just high salaries. Cos offer new-age perks like cash for self-development, health insurance for siblings and pet care to woo talent
Access to benefits key in retaining women contract workers: Study
A study by Quess Corp and The Udaiti Foundation reveals that both single and married women who receive performance incentives are more likely to retain their jobs than those who don't. The findings, which analysed data from 1.6 million Quess employees over four years, highlight the high turnover in the staffing industry and India's low female labour participation rate. The study found that nearly one out of every two associates who quit do so within the first three months of employment, underlining the importance of support in that period to stem attrition.
Companies look to rework benefits for multi-generational workforce: Survey
A survey by Marsh India Insurance Brokers revealed 70% of companies seek new-age benefits and 50% aim to cater to the multi-generational workforce, focusing on Generation Z. Employers are designing comprehensive benefits tailored to diverse needs, including mental health support and flexible solutions.
Maternity insurance: 5 things to know
Maternity Insurance is a type of health insurance policy that offers coverage for all pregnancy-related expenses.
No tax exemption on concessional or interest free loan from the employer, not even for bank employees, says SC
Tax on concessional interest rate loan: The Supreme Court of India has stated that bank employees have to have income tax if they have availed loan from their employers at concessional interest rate or interest free rate. However as per our calculations, even if bank employees pay income tax on this loan, they will still have some savings.
Razorpay revamps health insurance policy, provides coverage for vital medical treatments
Razorpay unveils new employee health insurance policy covering vital treatments like HIV/AIDS and conditions such as polycystic ovary syndrome. Employees can customize plans to include siblings, LGBTQIA+ partners, and enhanced maternity benefits. The move aligns with the trend of personalized, comprehensive healthcare offerings in India.
PM Gati Shakti to aid in expanding social security
To begin with, the ministry has geotagged 1.3 million establishments covered under the Employees' Provident Fund Organisation (EPFO), about 1.5 million under the Employees' State Insurance Corporation (ESIC) and 104 ESIC hospitals for assessing the current social security coverage and planning future expansion.
Colgate-Palmolive announces benefits for employees with disabilities
Colgate-Palmolive India has introduced its Workplace Inclusivity Policy for people with disabilities (PwDs) to create a supportive and inclusive work environment. The policy offers benefits such as assistive technology reimbursements and extended medical insurance coverage for employees and their children who belong to the PwD category.
What’s new in paw-some perks? Insurance, leaves & more
New-age companies like WeWork, DriveU, InMobi, Simpl, and Bizongo are embracing pet-friendly policies and practices to accommodate employees with canine companions. These companies offer pet insurance plans, special leave for pet care, employee resource groups, adoption drives, and time off to mourn the loss of pets. Pets are considered a part of the family and have a positive impact on morale, productivity, and stress reduction.
India Inc investing in employee benefits despite constrained budgets, rising premiums, says Plum report
A survey by Plum reveals a doubling in adoption of customizable insurance programs for employees, a 15% rise in maternity benefits, and a 110% increase in comprehensive healthcare offerings. Amid budget constraints, companies prioritize employee well-being, with benefits now emphasizing sustainability. Startups lead in offering extensive health coverage and telehealth services
Work From Home Tax benefits: Who can avail home office deductions?
Work From Home doesn't always guarantee tax benefits. There are certain conditions to avail home office deductions.
More companies offer IVF coverage even as they rationalise costs
Rising IVF coverage in corporate health insurance renewals with sub-limits managing premiums. Firms add cosmetic benefits amid medical inflation. Growth attributed to health and wellness benefits.
17% wage hike bump unlikely to deter LIC stock, analysts see room for returns
LIC shares have risen 6% to Rs 972, surpassing IPO price. The 17% wage hike may cost shareholders Rs 4,000 crore yearly. Long-term prospects though are promising for the Indian insurance industry. The current levels may present an opportunity for long-term investors with diversified portfolios that prioritise the insurance sector's potential and the fundamentals of LIC.
The unintentional tax-saving investment that most salaried employees do
EPF as tax-saving investments: If you're a salaried employee and is/planning to opt for old tax regime for current FY 2023-24, then Employees' Provident Fund (EPF) contribution is one tax-saving investments that happens automatically. Many people forget to account the tax-benefit available under Section 80C on EPF investments while evaluating the total tax saving investments.
India Inc becomes fertile ground for family-planning perks
Fertility benefits covered include associated in-vitro fertilization (IVF), intrauterine insemination (IUI), genetic testing, associated surgeries, associated cryopreservation (egg/sperm/embryo freezing), fertility consultation, fertility medication, hormonal treatment, among others.
Senior Citizen Savings scheme latest interest rate: What is the SCSS interest rate for the April- June 2024 quarter?
Senior Citizen Savings scheme interest rate: Note that if an account is formed in violation of the SCSS Rules, the account will be terminated immediately and the deposit will be returned to the depositor after deducting any interest received on the deposit.
ESIC approves Rs 1,128 crore for construction of 7 hospitals
The seven ESI Hospitals will be constructed at Harohalli, Narsapura, Bommasandra (Karnataka), Merrut, Bareilly (Uttar Pradesh), Pithampur (Madhya Pradesh) and Duburi (Odisha).
ESIC to extend medical benefits to superannuated subscribers who retired at higher wages
In its 193rd meeting, under the chairmanship of labour and employment minister Bhupender Yadav, it was decided that superannuated or voluntarily retired people, who went out of the scheme due to higher wage ceiling but had five years of inusrable employment before retiring, will be eligible for medical benefits for self and spouse.
ESI hikes disability and dependent's benefit
The PDB is paid at the rate of 90% of wages in the form of monthly payment depending upon the extent of loss of earning capacity as certified by a Medical Board. The DB is paid at the rate of 90% of wage in the form of monthly payment to the dependants of a deceased Insured person in cases where death occurs due to employment injury or occupational hazards, the statement said.
Employees Deposit Linked Insurance Scheme: Calculation of assurance benefit under EDLI Scheme
The EPFO offers the EDLI scheme to private sector salaried employees. This system works in tandem with the EPF and the Employees' Pension Scheme (EPS).
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