Compensation Management

Compensation management

DESIGN EMPLOYEE'S COMPENSATION IN LINE WITH GOVERNMENT NORMS AND INDUSTRY BEST PRACTICES

Compensation can be designed through a mix of taxable, taxfree, perquisite, reimbursements, performance linked incentives, and deductions.

• Bring in uniformity and streamline compensation structures across the company.
• Align the salary from the recruitment stage when the offer letter is being generated ensuring that the salary structure is as per company policies.
• Allow employees to modify their salary structure through the use of the flexible salary planning process.

• Track Gross and Cost to Company components separately giving a clear idea of take home to the employee.
• Manage increments and issue increment letters from the system.
• Employees can view and download salary slips and salary details and can reconcile the payouts with their salary details easily.
• Leave Travel Allowance (LTA) can be paid as per government norms and appropriate proofs can be collected.

Tax Planning

Tax planning for income tax deducted on salaries

HELP EMPLOYEES IN SAVING TAX THROUGH ADVANCED TAX PLANNING

EazeWork gives tools to employees to help them declare their tax savings and income details.

• Tax saving declaration is to be done at the beginning of the financial year.
• Tax proof submission is to be done towards the end of the financial year.
• The payroll manager can review the submissions and approve them at the line item level allowing multiple iterations of the process.
• Tax calculation can be linked to declarations till February payroll.

Declarations

Payroll related declarations

COMPREHENSIVE TOOL TO MANAGE ALL PAYROLL-RELATED DECLARATIONS

Declarations by employees can be provided in the system and made available to the payroll process.

• Other income declaration helps in capturing any other income an employee might have.
• House rent declaration is needed from employees who have HRA in their salary and rent receipts can also be taken towards the end of the year.
• House property declaration, rebate on home loan, additional income from rentals, carried forward losses can all be managed through house property declaration.
• Voluntary Provident Fund, (VPF) can be deducted from salary based on company policy and employee's declarations.
• National Pension Scheme (NPS) - Tier 1 and Tier 2 deductions in NPS can be modeled and handled through the system.
• Nomination and Declaration forms for PF, ESI, and Gratuity can be filled up.
• 206AB declarations can be given by consultants / contractual employees.

Loans and Advances

Salary advance and loans

PROVIDE EMPLOYEES WITH ADVANCE AGAINST SALARY AND FLEXIBILITY FOR LOANS

Employees can request for loans/salary advances as per company policy.

• Loans can be with interest or without interest.
• The perquisite value of loans given at a lesser than market interest rate is automatically calculated and added to the tax calculation.
• Loans can be prepaid, and regular monthly recovery is done from the payroll.
• The monthly recovery amount can be modified, change can be requested by the employee.
• Early Wage Access can be enabled through third parties through Marketplace.

Statutory Compliances

Manage your company's payroll related compliances

COMPLIANCES FOR INDIA AND OTHER COUNTRIES WHERE PAYROLL IS AVAILABLE ARE PART OF THE PAYROLL MODULE

For Indian companies, the payroll related compliances provide coverage for

• Tax deduction at Source (TDS) based on both New and Old Regime rules.
• Provident Fund, Pension Scheme, EDLI calculations, and generation of ECR file.

• Employee State Insurance (ESI) deduction calculation and generation of ESI challan.
• Professional Tax (PT) deductions based on the state laws and generation of PT filing reports.
• Labor Welfare Fund (LWF) calculations based on the state laws
• Other documens which can be generated from the system are - 24Q for quarterly filing, Form 12BB,
• Advanced features
  • Calculation of taxability on prerequisites based on contribution to EPF, NPS or Pension scheme exceeding INR 7.5 lakhs
  • Deduction under section 206AB for Retainers/Consultants.
  • Relaxation of filing of tax returns for senior citizens.
  • Deductions under National Pension Scheme - Tier I and Tier II.
  • Calculation and payment of Gratuity.
  • Calculation and payment of Statutory Bonus.

Full and Final

Comprehesive and flexible Full and Final

PROCESS FULL AND FINAL FOR RESIGNED EMPLOYEES BASED ON INPUTS FROM VARIOUS SOURCES

The system ensures that all recoveries and payments are done during the Full and Final calculation.

• Notice period recovery and adjustment against leave balance.
• Recovery of outstanding salary advance/loans/business advances.
• Verification of tax saving proofs ensuring that excess tax is not deducted.
• Payment can be done even after Full and Final is processed if Bonus or any other payment becomes due later on.
• Recovery of excess salary paid in case the last working day is updated from a back date.
• Payment of gratuity, statutory bonus, leave encashment as per company policy.