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India

Employee Benefits Report

Product Employee Benefits Reports Rev India

Key Highlights

Get access to Axco’s online product for a comprehensive understanding of employee benefits in India

  • Details of the state and compulsory benefits
  • Insight into typical market practice
  • Examines changes to the costs and benefits of social security and mandatory benefits requirements
  • Demographic and economic information including projections
  • Mandatory pension provision, normal and parental leave and other state benefits
  • Details of applicable taxation
  • Extensive geopolitical and operational risk analysis

Report Overview

Comprehensive employee benefits information for India Details mandatory benefits and plans as well as typical market practice. Includes data on pensions and retirement benefits, employee leave and termination indemnities.

Axco's employee benefits report for India provides expert analysis of the Indian benefits landscape, detailing state and compulsory benefits and local market practice across necessary to know when employing staff in India or thinking of entering the market.

The comprehensive report is produced by a dedicated research team with years of experience in international employee benefits. The report outlines all key benefits in India, including insight into changes to the costs and benefits of social security and mandatory benefits requirements, as well as typical employer practice. Information and necessary details on new legislative mandates are regularly updated to ensure you remain compliant.

Suitable for international employee benefits consultants, brokers or corporates looking at establishing business in India, the report outlines the employment benefits requirements for your employees in India. Coverage extends to retirement benefits, death in service benefits, long-term disability, medical benefits, workers compensation, personal accident insurance, termination indemnities, maternity benefits & maternity/paternity benefits and other employee and state benefits.

Axco analysts also report on the economy of India, the local political situation, and climate, operational, and security risks.

India Report Extract

Below is a very brief extract of information from the India Employee Benefits Report; more updated information may be available in the latest published report.

Retirement

Benefit Provider

State & Compulsory Benefits

Retirement benefits are provided by prescribed employers (currently 188 classes of establishments with 20 or more employees, through the:
Employees' Provident Fund Scheme, 1952 (EPF) and Employees' Pension Scheme, 1995 (EPS).
Both are administered by the Employees' Provident Fund Organisation (EPFO).

The Code on Social Security 2020 set to consolidate the existing social security legislation ....

Typical Employer Practice

Supplementary retirement benefits are provided through the National Pension System-Corporate Sector Model (NPS-Corporate Sector Model), administered by the Pension Fund Regulatory and Development Authority. Axco estimates the percentage of employers …

The report contains more information on retirement benefits in India including Benefit Provider; Type of Plan; Eligibility; Retirement Age; Pensionable Salary; Vesting and more



Termination Indemnities

Benefit provider

State & Compulsory Benefits

Termination indemnities are provided by prescribed employers (for the whole of India except for the State of Jammu and Kashmir) through a payment of gratuity, administered through an insurance company, an approved gratuity fund or a self-insured plan (prescribed employers include factories, mines, oilfields, plantations, ports, railway and shops or establishments with 10 or more employees). The Code on Social Security 2020 set to consolidate the existing …

Typical Employer Practice

It is common for multinational and local leading employers to provide supplementary termination indemnities through …

More information on Eligibility; When Benefit is Paid; Benefit details and the associated Taxation applicable to termination indemnities is available in the report.

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