D K Pandit Jayesh Pandit Ms KA Pandit CONTRACT EMPLOYEES REGULAR EMPLOYEES PUBLIC SECTOR PRIVATE SECTOR ORGANISED SECTOR UNORGANISED SECTOR SELF EMPLOYED HOME SERVENTS FAMILY ID: 1002306
Download Presentation The PPT/PDF document "INNOVATION IN AREA OF EMPLOYEE BENEFITS" is the property of its rightful owner. Permission is granted to download and print the materials on this web site for personal, non-commercial use only, and to display it on your personal computer provided you do not modify the materials and that you retain all copyright notices contained in the materials. By downloading content from our website, you accept the terms of this agreement.
1. INNOVATION IN AREA OF EMPLOYEE BENEFITSD. K. Pandit Jayesh PanditM/s K.A. Pandit
2. CONTRACT EMPLOYEES-- REGULAR EMPLOYEESPUBLIC SECTOR-- PRIVATE SECTORORGANISED SECTOR--- UNORGANISED SECTOR SELF EMPLOYED, HOME SERVENTS, FAMILY EMPLOYEES M/s K.A. Pandit
3. FINANCIAL REQUIREMENT DURING ACTIVE LIFE AND POST ACTIVE LIFE ,CITY -TOWN -VILLAGEMINIMUM RUPEES 1OO PER DAY PER PERSON IN VILLAGEMINIMUM RUPEES 200 PER DAY PER PERSON IN SMALL TOWNMINIMUM RUPEES 300 PER DAY PER PERSON IN BIG TOWNMINIMUM RUPEES 500 PER DAY PER PERSON IN CITYMINIMUM RUPEES 1000 PER DAY PER PERSON IN METRO CITYTHIS IS AS PER CURRENT FINANCIAL STANDARD EXPECTED TO RISE DUE TO INFLATIONM/s K.A. Pandit
4. AVENUES AVAILABLE - AVENUES POSSIBLEAVENUES AVAILABLE ARE PLENTY BUT NOT PROPERLY EXPLOREDAS EXPANSION OF BHARAT TAKES PLACE UNDER E GOVERNANCE AVENUES WILL INCREASE.PROPER HEALTHCARE AND POST EMPLOYEMENT BENEFIT WILL BE POSSIBLE IF GOVERNMENT SOCIAL RESPONSIBILITY IS UTILISED AND PROPERLY MANAGED.IT IS ONLY AFTER ALL NEEDS DURING WORKING LIFE IS MET AND MINIMUM SAVING IS MADE FOR THE FUTURE A PLAN CAN BE DEVISED.ACTUARIAL IN PUTS ARE POSSIBLE AND WE SHOULD IMPRESS UPON OUR ABILITIES AND TOOLS.M/s K.A. Pandit
5. BENEFITS FROM GOVERNMENT SCHEMESMANDATORY FOR ORGANISED SECTORAs per Payment of Gratuity ActM/s K.A. Pandit
6. GOVERNMENT SCHEMES FOR ALL IN FORMPRADHAN MANTRI VARIOUS YOJANASTHESE ARE AVAILABLE ON GOVERNMENT SITE AND WE CAN IMPRESS UPON NEED TO CONSULT ACTUARIES FOR VALUING AND PROPER MANAGEMENT WHERE POSSIBLE.M/s K.A. Pandit
7. YOUNG INDIA EXPECTATIONS RESPONSIBILITYIT IS OBSERVED AND STRESSED UPON BY OUR MODIJI THAT 65% OF OUR POPULATION IS YOUNG.THEIR EXPECTATIONS AND DREAMS ARE VERY BIG.IT IS FACT THAT THEIR RESPONSIBILITY IS TO WORK FOR BETTER FOR THEMSELVES AND NATION.IDLE MIND IS DEVIL’S WORKSHOPTHEY MUST BE EMPLOYED TO DO WORK WHICH THEY CAN DOM/s K.A. Pandit
8. NEW PENSION SCHEME NEED FOR POPULARISING THE SAME COUPLED WITH HEALTH CARETHIS IS WHERE MANY GET SELF OR SIDE EMPLOYMENTACTUARIES ARE AND WILL BE NEEDED TIME WILL DETEREMINEM/s K.A. Pandit
9. MORTALITY RATE IN NEW SECTORS DEFFICULT TO DETERMINE DUE TO EMPLOYEE ATTRITION RATE .THIS STATEMENT IS TRUE FOR DETERMINING MORTALITY RATE WHILE IN SERVICE OF ANY SMALL OR MEDIUM ORGANISED SECTOR .THIS CAN BE POSSIBLE PARTLY IN EPFOM/s K.A. Pandit
10. EMPLOYEE BENEFIT AND ACTUARIAL VALUATIONSMR.JAYESH.PANDIT WILL TALK ABOUT VARIOUS POST EMPLOYEMENT BENEFITS WHICH REQUIRE ACTUARIAL VALUATION.M/s K.A. Pandit
11. INTRODUCTIONWhat is Employee Benefits?What are the different types of Employee Benefits?What is Role of Actuary?Going ForwardM/s K.A. Pandit
12. IS IT THE BENEFIT OR THE VALUATION“Employee Benefits” in general, are compensation paid to an employee. Some benefits are mandated by law (such as social security, unemployment compensation, and workers compensation), others vary from firm to firm or industry to industry (such as health insurance, life insurance, medical plan, paid vacation, pension, gratuity).The purpose of employee benefits is to increase the economic security of staff members, and in doing so, improve worker retention across the organization. As such, it is one component of reward management.From employee perspective it is the benefitFrom Actuarial perspective it is the valuation or design of benefitM/s K.A. Pandit
13. TYPES EMPLOYEE BENEFIT GratuityCompensated leave absencePension Db and DCPost retirement Medical benefitLong service benefitFree pass given by railways and airlines post retirementFree stay at guest house by companiesFree stay at hotels by hotelsM/s K.A. Pandit
14. PROSPECTIVE AREAS FOR CONSULTINGESOPSRetention BonusJoining BonusPayment of Bonus Act 1965Resettlement allowanceLoan subsidy for loan given to staffHigher interest credited to staff accountInterest shortfall on the PFM/s K.A. PanditTransfer valuesDiscount on the productsFilm ValuationMovie Distribution RightWarrantiesProperty ValuationsLev & Schwartz Model
15. ROLE OF ACTUARYValuing the benefitCosting benefitDesigning BenefitThe perspective will defer for post retirement and pre retirement benefit M/s K.A. Pandit
16. HEAD OFFICE (MUMBAI)2nd Floor, Churchgate House, 32-34 Veer Nariman Road,Fort, Mumbai - 400001.Tel .:+91-22-42922250BRANCH OFFICE (MUMBAI)C/201 Remi Bizcourt,Off. Veera Desai Road, Andheri (W),Mumbai – 400058.Tel .:+91-22-42922231BRANCH OFFICE (AHMEDABAD)509, Golden Triangle,Near Sardar Patel StadiumNavrangpura,Ahmedabad - 380014.Tel .:+91-79-26460734Website :www.ka-pandit.comE-mail :kap@ka-pandit.com M/S. K. A. PanditConsultants & ActuariesWe work for you, wherever your business takes you. Thank You!