Flexible Benefit Plan
Flexible Benefit Plan
Give employees the flexibility to structure their compensation with tax-efficient FBP components like meal cards, LTA, and fuel.
Flexible Benefit Plan(FBP) is a way in which your employees can structure their own salary. Flexible benefit plans help you to plan your expenses and personalise your salary structure to suit your planned expenses for the financial year. FBP is a part of the CTC.
Enabling FBP in the salary components
You can configure FBP components under Settings → Payroll → Salary Components → Earnings & Reimbursement
Select the component, click the three-dot Edit option, and enable the Flexi Benefit Plan Component Flag.
Once the flag is enabled, enter the FBP Maximum Declaration Amount. This amount will be displayed in the ESS portal, allowing employees to view and understand the maximum limit for each FBP component.
If you do not want employees to override the FBP component amount, enable the "Restrict Employee from Overriding the FBP Amount" flag.
Click the Save button.
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