Now is the time to switch to spreadsheet-free payroll processing with Pocket HRMS, since it simplifies complex payroll & HR functions. Its payroll module makes payroll processing easy and, quick and error-free. Pocket HRMS, a cloud based HRMS software is aimed to help companies in all HR and payroll related functions. Organizations that opt for HR payroll software get to automate this process thus, saving the time and efforts for its HR department. On the other hand, some organizations can deduct the Flexible Benefit Plan amount from your salary on a monthly basis and when you submit the proof at financial year end, the deducted amount is reimbursed.Ī flexi pay package is a USP for many companies and hence, they include flexible allowances in employees compensation packages. Income tax is deducted if employee fails to submit the same. Some employers pay the benefit amount upfront and ask for receipts of the same at the financial year end. However, if you fail to submit receipts of expenses, the taxable amount will be deducted from your salary. In simple words, it reduces your taxable salary by submitting proof of expenses for the mentioned flexi pay amount. Under this benefit, employees get an opportunity to plan their flexi pay amount, depending on anticipated costs.Īs flexible benefit plan is designed with the objective of saving tax and hence, it includes: Going by its definition, ‘flexi pay’ is that part of the salary, which an employee can receive against particular expenses, mainly to avail tax exemptions. Many terms are mentioned in our payslips, which are new to you, so let’s first start with ‘flexi pay in a salary breakup’. This piece of writing tries to cover ‘what is flexi pay in CTC’ so that you can get maximum benefit from it. It is filled with so many terms, which a fresher doesn’t understand and they believe it’s time to leave this planet. ‘HR’, a small word with big meaning! We all feel super rich on our salary day, right? Employees, from office boys to CEOs, MDs, are on cloud nine when they receive a message ‘salary has been credited to your account.’ But, all this happiness turns into confusion, when they check their payslip. Brochure – Check out Pocket HRMS Brochure here.Podcast – Listen to opinions of Experts on HR-related Topics.Videos – Watch these Short Videos for quickly grasping Concepts.Infographics – The Best Collection of Infographics about The Workplace.HR Templates – Curated HR Templates for those last-minute emails!.HR Terms – HR Jargons made Simple & Easy.E-Books – Let our E-Books assist you in Excelling at Human Resources.Blogs – Read our Exclusive take on Current HR-related Topics.One Way Cab Sets on Paperless HR Ride with Pocket HRMS.Pocket HRMS ends HRMS woes for Goel Steel Company.Integrations – Enhance the functionality of your software with Pocket HRMS!.Case Studies – Success Stories’ – in our Patron’s words!.About – Get to know our Vision behind The Most Innovative HRMS.Mobile App – Feature-rich Mobile App for Remote Interactivity.smHRty Chatbot – 24/7 AI-powered Chatbot at your Fingertips.Timesheets – Accurate Time Tracking for Productivity.Employee Management – Understand what makes your Employees stick!.Recruitment – Streamline from Searching to Onboarding.Integrations – Enhance Functionality of your Software.Appraisal – Revamp your Appraisal with 360 degree feedback!.Full & Final – Effortless FnF with Tracking and Recovery.Expenses – Upload Invoice and get Timely Reimbursement.Payroll Software – Automated Salary Calculations.HR Report & Analytics – Reporting and Analysis.ESS Portal – Next Level Employee Engagement.Leave – Leave Request & Approval in a Jiffy.Attendance – Futuristic Biometric-based Remote Attendance.HRMS Software – Improve Efficiency & Productivity of HR.
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