What is meant by “flexible reimbursement “ as part of the salary structure?
A Flexible Benefit Plan (FBP), is a customizable employee benefits program that allows employees to select from a menu of benefit options. It includes healthcare, retirement savings, insurance coverage, and other perks such as education assistance or wellness programs. Employees can make themselves free from the tax burden by declaring the FBP allowance. In the case of FBP components like food allowances, and travel allowances, they are completely non-taxable.
Google it for a more detailed explanation, but a flexi benefits plan is one where you get a certain percentage of your ctc for allowances, which you can then use for whatever business purpose. But you have to pay upfront for benefits, and then the company reimburses you.
Pretty common in consulting.
Hey guys, Pls ,Pls , I need some inputs .
I got an offer at ey gds but something strange. Current ctc:6 lpa, offered:8.5
The thing doubtable here is a category in ctc for other allowances with flexible components(pension,meal card, tra...
Hey guys, Pls ,Pls , I need some inputs .
I got an offer at ey gds but something strange. Current ctc:6 lpa, offered:8.5
The thing doubtable here is a category in ctc for other allowances with flexible components(pension,meal card, tra...
Now it is fetching your savings account, fixed deposits, mutual funds, stocks everything. Earlier these details were not fetched and we could just hide those earrings from the IT portal to pay less tax. Now we need to pay those extra tax...
