Employee Benefits Innovation and Financial Planning Insights
Innovations in employee benefits by D.K. Pandit and Jayesh Pandit, focusing on financial requirements during active and post-active life. Discusses avenues, government schemes, and the responsibility of young India. Emphasizes the need for a new pension scheme and proper financial planning.
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INNOVATION IN AREA OF EMPLOYEE BENEFITS - D. K. Pandit Jayesh Pandit M/s K.A. Pandit
EMPLOYEES CONTRACT EMPLOYEES-- REGULAR EMPLOYEES PUBLIC SECTOR-- PRIVATE SECTOR ORGANISED SECTOR--- UNORGANISED SECTOR SELF EMPLOYED, HOME SERVENTS, FAMILY M/s K.A. Pandit
FINANCIAL REQUIREMENT DURING ACTIVE LIFE AND POST ACTIVE LIFE ,CITY -TOWN -VILLAGE MINIMUM RUPEES 1OO PER DAY PER PERSON IN VILLAGE MINIMUM RUPEES 200 PER DAY PER PERSON IN SMALL TOWN MINIMUM RUPEES 300 PER DAY PER PERSON IN BIG TOWN MINIMUM RUPEES 500 PER DAY PER PERSON IN CITY MINIMUM RUPEES 1000 PER DAY PER PERSON IN METRO CITY THIS IS AS PER CURRENT FINANCIAL STANDARD EXPECTED TO RISE DUE TO INFLATION M/s K.A. Pandit
AVENUES AVAILABLE - AVENUES POSSIBLE AVENUES AVAILABLE ARE PLENTY BUT NOT PROPERLY EXPLORED AS EXPANSION OF BHARAT TAKES PLACE UNDER E GOVERNANCE AVENUES WILL INCREASE. PROPER HEALTHCARE AND POST EMPLOYEMENT BENEFIT WILL BE POSSIBLE IF GOVERNMENT SOCIAL RESPONSIBILITY IS UTILISED AND PROPERLY MANAGED. IT IS ONLY AFTER ALL NEEDS DURING WORKING LIFE IS MET AND MINIMUM SAVING IS MADE FOR THE FUTURE A PLAN CAN BE DEVISED. ACTUARIAL IN PUTS ARE POSSIBLE AND WE SHOULD IMPRESS UPON OUR ABILITIES AND TOOLS. M/s K.A. Pandit
BENEFITS FROM GOVERNMENT SCHEMES MANDATORY FOR ORGANISED SECTOR As per Payment of Gratuity Act M/s K.A. Pandit
GOVERNMENT SCHEMES FOR ALL IN FORM PRADHAN MANTRI VARIOUS YOJANAS THESE ARE AVAILABLE ON GOVERNMENT SITE AND WE CAN IMPRESS UPON NEED TO CONSULT ACTUARIES FOR VALUING AND PROPER MANAGEMENT WHERE POSSIBLE. M/s K.A. Pandit
YOUNG INDIA EXPECTATIONS RESPONSIBILITY IT IS OBSERVED AND STRESSED UPON BY OUR MODIJI THAT 65% OF OUR POPULATION IS YOUNG. THEIR EXPECTATIONS AND DREAMS ARE VERY BIG. IT IS FACT THAT THEIR RESPONSIBILITY IS TO WORK FOR BETTER FOR THEMSELVES AND NATION. IDLE MIND IS DEVIL S WORKSHOP THEY MUST BE EMPLOYED TO DO WORK WHICH THEY CAN DO M/s K.A. Pandit
NEW PENSION SCHEME NEED FOR POPULARISING THE SAME COUPLED WITH HEALTH CARE THIS IS WHERE MANY GET SELF OR SIDE EMPLOYMENT ACTUARIES ARE AND WILL BE NEEDED TIME WILL DETEREMINE M/s K.A. Pandit
MORTALITY RATE IN NEW SECTORS DEFFICULT TO DETERMINE DUE TO EMPLOYEE ATTRITION RATE . THIS STATEMENT IS TRUE FOR DETERMINING MORTALITY RATE WHILE IN SERVICE OF ANY SMALL OR MEDIUM ORGANISED SECTOR . THIS CAN BE POSSIBLE PARTLY IN EPFO M/s K.A. Pandit
EMPLOYEE BENEFIT AND ACTUARIAL VALUATIONS MR.JAYESH.PANDIT WILL TALK ABOUT VARIOUS POST EMPLOYEMENT BENEFITS WHICH REQUIRE ACTUARIAL VALUATION. M/s K.A. Pandit
INTRODUCTION What is Employee Benefits? What are the different types of Employee Benefits? What is Role of Actuary? Going Forward M/s K.A. Pandit
IS IT THE BENEFIT OR THE VALUATION Employee Benefits in general, are compensation paid to an employee. Some benefits are mandated by law (such as social security, unemployment compensation, and workers compensation), others vary from firm to firm or industry to industry (such as health insurance, life insurance, medical plan, paid vacation, pension, gratuity). The purpose of employee benefits is to increase the economic security of staff members, and in doing so, improve worker retention across the organization. As such, it is one component of reward management. From employee perspective it is the benefit From Actuarial perspective it is the valuation or design of benefit M/s K.A. Pandit
TYPES EMPLOYEE BENEFIT Gratuity Compensated leave absence Pension Db and DC Post retirement Medical benefit Long service benefit Free pass given by railways and airlines post retirement Free stay at guest house by companies Free stay at hotels by hotels M/s K.A. Pandit
PROSPECTIVE AREAS FOR CONSULTING ESOPS Retention Bonus Joining Bonus Payment of Bonus Act 1965 Resettlement allowance Loan subsidy for loan given to staff Higher interest credited to Transfer values Discount on the products Film Valuation Movie Distribution Right Warranties Property Valuations Lev & Schwartz Model staff account Interest shortfall on the PF M/s K.A. Pandit
ROLE OF ACTUARY Valuing the benefit Costing benefit Designing Benefit The perspective will defer for post retirement and pre retirement benefit M/s K.A. Pandit
M/S. K. A. Pandit Consultants & Actuaries We work for you, wherever your business takes you. Thank You! HEAD OFFICE (MUMBAI) BRANCH OFFICE (MUMBAI) BRANCH OFFICE (AHMEDABAD) Website : www.ka-pandit.com 2nd Floor, Churchgate House, 32-34 Veer Nariman Road, Fort, Mumbai - 400001. Tel .:+91-22-42922250 C/201 Remi Bizcourt, Off. Veera Desai Road, Andheri (W), Mumbai 400058. Tel .:+91-22-42922231 509, Golden Triangle, Near Sardar Patel Stadium Navrangpura, Ahmedabad - 380014. Tel .:+91-79-26460734 E-mail : kap@ka-pandit.com
