Flexi basket

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Lately the human resource department have been designing policies which are increasingly leaning towards flexibility in pay structures which is also known as flexi-basket benefits. Flexible pay or Flexible pay benefits is a way of structuring the salary of an employee. Under this, the employee is given the option to pick and choose the salary heads that can be provided under the salary structure. It is a way of empowering the employee as the employee decides the components he would like to be listed and the ones that are applicable under his salary head. This gives the employees to choose amongst the various cash and non-cash benefits which are subjected to the overall eligibility rules quoted in the policy. It would be very difficult to keep making different pay structures for different locations, grades etc.

Beehive assists you in automating this entire process. Where in the employees can opt for all of these benefits online whilst maintaining adherence to the HR policy. Since ours is a web based software, the employees can easily access their salary structure details from any location at any given point of time. The employees can access all of this in the employee self-service portal of Beehive.

Beehive’s flexi basket feature provides the organisation with the following functionalities:

  • Individual based formula or rule with differed amounts given to everybody.
  • Employee self-service portal lets the employee define the salary structure with the pay head selection.
  • All applicable tax or exemptions, that shall be calculated on the employee’s salary is also automated.
  • Our entire system is master based and hence provides good scope for configuration.
  • The human resource department can decide when the form to employees have to be released.
  • The form is released when required, upon mass salary change, promotion / increment, new hire cases, etc.

The whole purpose of Flexible Benefits plan or flexi basket application is to warrant tax efficient salary structures by reducing the administration cost from the employee’s salary heads. It is very difficult and highly expensive to plan a flexible benefit plan without the help of a proper system. Beehive makes this employee friendly plan extremely easy to roll-out. Out of a package of programs offered by the organisation, the employee can pick and choose the benefits they want to be a part of their flexible benefit plan. These heads can include health insurance, reimbursement accounts, dependent care expenses, pension plans etc.

Flexible benefit plan or flexi basket applications permits the employees to make the payments for the costs mentioned above through payroll deductions prior to the finalised amount to be taxed, which will also lead to reduction in the employer’s contribution. Other than this flexi basket is a boon to the employee as it raises the ratio of take-home money of the employee by lowering the taxable income, as a result of the deductions prior to the final amount to be taxed on.

Beehive is always up to date with the countries statutory compliances and hence, there is negligible chances of you making payroll errors while calculating flexi benefits for the employees.