If you want to learn more about benchmarking employee benefits in India, an excellent place to start is with this Market & Benchmark Insight Report for India 2021. Asinta’s Indian Partner, Prudent, compiled the information in a way that is easy to understand. Therefore, you get a more solid footing as you begin making benefits decisions.
Employees in India value supplementary employer-sponsored benefits, the cornerstone of which is medical insurance, and in particular, the much-desired parental coverage, which is unique to India. Employer-sponsored health, personal accident, and term life insurance are prevalent across white-collar industries and blue-collar organizations where income levels are above the wage ceiling for statutory benefits. Voluntary retirement savings through the National Pension Scheme have increased substantially since the scheme opened to the private sector in 2017, and the government introduced attractive tax incentives.
Statutory benefits include:
- Employees’ Provident Fund
- Employees’ State Insurance Scheme
- Statutory leaves
- Maternity leave
Common employee perks include vehicle or transportation allowance, meal vouchers or subsidized cafeteria, reimbursement of internet and mobile phone charges.
Inside the report you’ll also find details about:
- Insured Benefits – Design and Typical Costs
- Setting Up Policies
- Onboarding and Policy Administration
- Adviser Remuneration
- The Prudent Team