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Employee Benefits in India

  • March 2015
  • -
  • Timetric
  • -
  • 47 pages

The report provides in-depth industry analysis, information and insights of the employee benefits in India, including: overview of the state and compulsory benefits in India, detailed information about the private benefits in India, insights on various central institutions responsible for the administration of the different branches of social security and the regulatory framework of the employee benefits in India.

The Indian social security system only covers employees in the organized sector, which accounts for less than 10% of the country’s workforce. As the unorganized sector is continuously growing – and with every one in five workers in the informal sector living below the poverty line – the Government of India has launched several social security measures related to healthcare, pension and direct cash transfer schemes to people who do not have access to any formal scheme.

This report provides a detailed analysis of employee benefits in India:

- It offers a detailed analysis of the key government-sponsored employee benefits, along with private benefits

- It covers an exhaustive list of employee benefits, including retirement benefits, death in service, long-term disability benefits, short-term sickness benefits, medical benefits, workmen compensation, expariate employment, maternity benefits, unemployment benefits and private benefits

- It highlights the economic and regulatory situations relating to employee benefits in India

Reasons To Buy
- Make strategic decisions using in-depth information related to employee benefits in India

- Assess the India's employee benefits market, including state and compulsory benefits and private benefits

- Gain insights into the key employee benefit schemes offered by private employers in India

- Gain insights into key organizations governing India employee benefits, and their impact on companies

Key Highlights
- The Ministry of Labor & Employment aims to protect the interests of workers, and provide social security to employees in both the organized and unorganized sectors.

- Agriculture accounts for the highest number of informal workers, accounting for a staggering 99% of employment in the country, followed by construction, land transport, retail trade and textiles.

- Due to globalization and increased competition, employee benefits in India are changing, and companies are introducing new benefit packages to compete with employers. Employees are considering benefits as main factors for job satisfaction, while companies are using them to attract and retain employees.

Table Of Contents

Employee Benefits in India
Table of Contents
1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
3 Country Statistics
4 Overview of Employee Benefits in India
5 Regulations
6 State and Compulsory Benefits
6.1 Retirement Benefits
6.1.1 Introduction
6.1.2 Types of retirement plans
6.1.3 Eligibility
6.1.4 Age
6.1.5 Pensionable salary
6.1.6 Benefits
6.1.7 Payment options
6.1.8 Typical employer practice
6.1.9 Employee and employer contribution
6.1.10 Taxation
6.2 Death in Service
6.2.1 Introduction
6.2.2 Eligibility
6.2.3 Benefits
6.2.4 Payment options
6.2.5 Typical employer practice
6.2.6 Employee and employer contribution
6.2.7 Taxation
6.3 Long-term Disability Benefits
6.3.1 Introduction
6.3.2 Eligibility
6.3.3 Benefits
6.3.4 Payment Options
6.3.5 Typical employer practice
6.3.6 Employee and employer contribution
6.3.7 Taxation
6.4 Short-term Sickness Benefits
6.4.1 Introduction
6.4.2 Eligibility
6.4.3 Benefits
6.4.4 Payment options
6.4.5 Employee and employer contribution
6.4.6 Taxation
6.5 Medical Benefits
6.5.1 Introduction
6.5.2 Eligibility
6.5.3 Benefits
6.5.4 Payment options
6.5.5 Typical employer practice
6.5.6 Employee and employer contribution
6.5.7 Taxation
6.6 Workmen Compensation
6.6.1 Introduction
6.6.2 Eligibility
6.6.3 Benefits
6.6.4 Employee and employer contribution
6.6.5 Taxation
6.7 Expatriate Employment
6.8 Maternity Benefit
6.8.1 Introduction
6.8.2 Eligibility:
6.8.3 Benefits:
6.8.4 Payment options:
6.8.5 Taxation:
6.9 Unemployment Benefit
6.9.1 Introduction
6.9.2 Eligibility
6.9.3 Benefits
6.9.4 Payment options
6.9.5 Taxation
7 Private Benefits
7.1 Retirement Benefits
7.2 Death Benefits
7.3 Disability Benefits
7.4 Medical Benefits
7.5 Other private benefits:
8 Macroeconomic Indicators
8.1 Economic Performance
8.1.1 GDP at constant prices (US dollars)
8.1.2 GDP per capita at constant prices (US dollars)
8.1.3 GDP at current prices (US dollars)
8.1.4 GDP per capita at current prices (US dollars)
8.1.5 GDP split by key sectors
8.1.6 Inflation rate
8.1.7 Annual average exchange rate US$-INR
8.1.8 Unemployment rate
8.2 Demographics
8.2.1 Labor force
8.2.2 Total population
8.2.3 Urban and rural populations
9 Appendix
9.1 Methodology
9.2 Contact Timetric
9.3 About Timetric
9.4 Timetric's Services
9.5 Disclaimer

List of Tables
Table 1: Definitions
Table 2: India - Country Statistics
Table 3: Indian Retirement Benefits - Chronological Order of the Change of Wage Ceiling for EPF
Table 4: Indian Retirement Benefits - Contribution Rates (% of Wages) to Benefit Schemes
Table 5: Indian Death in Service Benefits - Qualifying Service and Death Gratuity Rates
Table 6: Medical Benefits in India - ESI Scheme Summary
Table 7: Indian Employee Compensation Benefits

List of Figures
Figure 1: Major Social Security Laws in India
Figure 2: Indian GDP Constant Prices (US$ Billion), 2009-2013
Figure 3: Indian GDP Per Capita at Constant Prices (US$), 2009-2013
Figure 4: Indian GDP at Current Prices (US$ Billion), 2009-2013
Figure 5: Indian GDP Per Capita at Current Prices (US$), 2009-2013
Figure 6: Indian GDP by Key Segments (%), 2009-2013
Figure 7: Indian Inflation Rate (%), 2009-2013
Figure 8: Indian Annual Average Exchange Rate US$-INR, 2009-2013
Figure 9: Indian Unemployment Rate (%), 2009-2013
Figure 10: Indian Size of Labor Force (Million), 2009-2013
Figure 11: Indian Total Population (Million), 2009-2013
Figure 12: Indian Urban and Rural Population (%), 2009-2013

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