In India, the number one benefit people care about is health insurance. Healthcare costs are increasing rapidly in India and it is fast becoming impossible to pay for healthcare without a good insurance.
Sample the amazing history India has to offer: drink fenny in Goa, visit the Taj Mahal in Agra and visit the Prince of Wales museum in Mumbai.
When asked to rank five common benefits in order of importance, the average Indian employee will responde with: Medical, Personal Accident, Term Life insurance, Group EDLI (Employee´s Deposit Linked Insurance – India´s Death Payment scheme) and Group Gratuity (retirement).
Retirement planning has only recently become important and is becoming increasingly so.
The average monthly cost of a typical benefits package is INR 2,500 per employee for medical insurance, 12% of salary for provident fund contribution.
Because India does not have a social security system, the majority of health, personal accident and term life are employee sponsored. It is extremely important to realize that before hiring.
The fact that Indian culture very much affects employee benefits. For example, it is often assumed that parents are covered in the Group Health Policy. There is also a huge difference in the holiday structure for each region which can be quite confusing.