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| As more companies adopt the Total Rewards approach, benefits – monetary and non monetary gain importance. Employers have adopted a more relational approach to their employees, and seek to go an extra mile to keep their employees healthy and happy. With this view, the HR Connect team decided to take a look at third party benefits providers. Presented here is a detailed description of both monetary and non monetary benefits providers. |
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| The advantages of Meal Vouchers.. |
| Meal Vouchers are tax free for the employee, and exempted from Fringe Benefits Tax for the employer under section 115 WB of Income Tax Act. There is no upper limit on the exemption that is granted on a per working day basis. |
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| How the system works… |
 It is based on the employer purchasing Meal Vouchers and distributing them to its employees in the first week of every month. Employees then use the Meal Vouchers to purchase food and beverages from 15000 affiliated eating joints/outlets spread across 175 locations in India. These eateries in turn send the Meal Vouchers to the service provider like Accor Services for reimbursement.
The concept has since then become very popular especially in the new economy companies and today has a user base of half a million + and 4000 companies. Many large organizations like TCS, Reliance, Hexaware, Wipro as well as medium sized companies like Sify, Ernst & Young use Ticket Restaurant. |
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| The Mediclaim Advantage… |
| In case of a medical emergency, health services add up to a huge sum. In such times, health insurance provides the much needed financial relief. It also provides tax relief under Sec 80C |
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| How it works… |
| Health insurance can be availed by people aged between five and seventy five. The health insurance scheme could either be a personal scheme or a group scheme sponsored by the employer. The policy provides compensation for hospitalisation expenses based on actuals & subject to the sum Insured. The benefit of the policy can be taken anywhere in India & the claim is payable in Indian Rupees only. The insuring person can choose a sum Insured between Rs. 15000 - Rs. 500000 presently. The premium which is to be paid for taking Insurance cover depends on a person's age & sum Insured he is choosing. The more the age /sum Insured the higher would be the premium. There are few exclusions under Mediclaim policy for eg. expense for naturopathy, cosmetic treatment like laser therapy etc., dental, maternity(in individual standard policy; however can be covered under group mediclaim if employer has opted for it & has paid extra premium for it). |
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| How popular is the concept today… |
| Currently, insurance for health care is tied up with only emergency situations. In India, approximately 80% of the total health expenditure comes from self-paid category as against government’s contribution of 20-30 %. Health insurance will make healthcare affordable to a large number of people. Currently, in India only 2 million people (0.2 % of total population of 1 billion), are covered under Mediclaim. |
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| What kinds of Tie ups do Fitness One have… |
| Our corporate tie ups are for the gym membership. For every individual, this plan comprises a Physiotherapist/ fitness evaluation test and a check by our nutritionist, after which a customized plan is made by a trainer. Apart from gym tie ups, Fitness One also do boot camps for companies. Fitness One just concluded with a ‘Fit fest’, a corporate event where they had basic fitness tests and games to increase awareness about health care. Fitness One also do Facility Management for companies that want to set up their own gym. We source equipment, and send our trainers to manage the in house gym. |
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| How it works… |
| Fitness One have tie ups with companies mainly for annual membership. Depending on the number of people agreed upon by us, Fitness One have discounts. Membership is transferable, in the sense that if an employee availing the use of gym discontinues, membership is passed on to another employee for the remaining period of a year. An employee can also avail of the gym facility in a different city where Fitness One have a center. In terms of payment, most large companies pay upfront or negotiate a deal where employees can register and be reimbursed later. |
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| Our Clients… |
| Fitness One have tie ups with over 20 companies including Microsoft, CTS, Sapient, Goldman Sachs, SanDisk, Yahoo. We also do the facilities management for Accenture and Deutsche Bank in Bangalore. |
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