Most employees in your organization aren’t saving nearly enough.
While cutting down on expenses could be your standard advice for those looking to step up savings, your organization needs to focus on the other side of the equation: earnings.
The good news is, while there’s a limit to how much you can recommend to your employees to cut expenditure, there’s no limit to how much extra you can help them earn.
How can you boost your employees’ earnings to help them get the income necessary to accomplish their financial goals?
Every employee would always like to maximize the in-hand salary that he or she takes home. There are many ways by which you can reduce the tax burden on their salaries.
The current Indian federal income tax brackets range from 5% to 30%.
Still, you can help your employees get away with paying less taxes if you’re smart about assisting them to claim deductions and credits.
While some of these ways may reduce the tax, some are entirely tax-free.
One such component is Food Allowance.
The Paytm Food Wallet as your tax saviour
Paytm Food Wallet is here to help if you are looking out to offer tax-saving benefits to your employees.
This benefit comes under the Income Tax Act Section 17(2)(viii) for food allowance.
The act allows you to offer a meal allowance of up to Rs 50 per meal during working hours. So two meals per day make it to Rs 100 per day.
Assuming 22 working days in a month, Rs 2200 per month is Rs 26,400 in a year.
Hence, your employees opting for food allowance can save tax on Rs 26,400 annually.
As the first-of-its-kind, Paytm Food Wallet comes as an RBI-approved wallet instrument that is 100% digital.
It offers tax-saving benefits via the Food Wallet visible on the Paytm mobile app, only for employees with a food allowance.
It’s effortless. Your employees can scan the Paytm QR at millions of grocery stores or restaurants. They can even pay via the Paytm Food Wallet at online stores like Dominos, BigBasket, and more for seamless transactions.
THERE IS SOMETHING FOR EVERYONE!
There are several ways for you to help your employees lower their tax liability. How about we tell you there are benefits in it for you too?
While your employees save tax, you benefit too! Here’s what Paytm Food Wallet has in store for you:
- 100% Digital – Digital solutions have become a hot buzz term in the business world.
Essentially using modern, digital tools to find more efficient, data-driven ways of getting things done at every level of business has a positive impact on business operations. This impact can extend to multiple facets of an organization. The Paytm Food Wallet offers a 100% digital solution to you, with no logistic hassles in procuring, sourcing, and distributing cards, especially with you and your employees working from home in the present-day scenario.
- 100% Compliant – We would all like to believe our employees are loyal and working for the organization’s benefit (and most of them probably are).Furthermore, suppose you use the resources of others (investors, creditors, donors). In that case, you need to be able to assure them that you are regulating the conduct of your employees and that you are complying with applicable rules and regulations. The Paytm Food Wallet’s compliance relates primarily to the digital amount that you send to your employees only being relevant to be spent on food items. The amount is also non-transferable. The Paytm Food Wallet thus offers a 100% RBI compliant solution to avoid such fraudulent activities from taking place.
- Robust Dashboard – An organization “lives” in different departments. A management dashboard can help you understand what is essential for the organization by pulling up the critical few items that will make a difference in your organization. The Paytm dashboard allows easy disbursement of funds to employee food wallets in a single click. A dashboard is vital to fully monitor, administer and view the organization’s payouts and keep every department constantly updated. It’s even more imperative to have one place that you can pull critical information over to. Thus, the Paytm Food Wallet provides you with one single dashboard to manage payments, invoices, track balances, and easily reconcile, however, and whenever you need. It also allows you to create separate disbursal accounts for wallet disbursements to organize employee payouts.
- Easy-To-Do KYC – KYC aims to reduce the risk of identity theft, money laundering, financial fraud, and more. KYC helps manage risks and benefits to understand customer behaviors. The KYC process requires banks to collect and verify basic details of customers, including their name and authorized signatures, the legal status of an entity or person, the identity of owners on the account, and other information depending on the organization’s risk approach. The Paytm Food Wallet offers the option of completing the KYC of your employees through an accessible video basis.
- Dedicated Relationship Manager – At Paytm, we realize the value of our customers and swear by the policy of “client is king”. We use a simple user interface to collect data that helps us recognize and communicate with you in a scalable way. This policy allows us to anticipate your needs better and, as a result, fulfil them. With the Paytm Food Wallet, we assign your organization a dedicated relationship manager that helps with every aspect of this tool and how to use it at all points of time in the day.
- Customizable Food Categories – Imagine opening your Netflix account and seeing four independent Turkish television shows, an advertisement for a German movie, and three movies you’ve already seen but didn’t like. Not very helpful, right? Hence, category customization by your organization is the key to serving your employees successfully. Customization by you is essential for delivering the required needs of your organization and can drive employee loyalty and increase their satisfaction. The Paytm Food Wallet is highly convenient as you can customize food categories for your employees to use as and how you think your employees would like it.
As employees, there is nothing more exciting than saving as much tax as possible in their salary structure.
Here are a few more reasons your employees would love to choose us:
- The Paytm Food Wallet is accepted by over a million merchants : online & offline shops, cinemas, restaurants, food courts, and more
- The Paytm Food Wallet follows contactless payments ensuring safety, especially during this pandemic
- It is incredibly digital and convenient
- Your employees will never have to go through the hassle of carrying physical cards, remembering pins, and more
- They will receive exclusive cashback offers on every transaction they make through the wallet as an added benefit
- The expiry of this allowance is ten years, whereas any other options in the market expire within 1 to 3 years
- The Paytm Food Wallet supports hybrid transactions while making payments
What Our Partners Have To Say
“Our overall journey with Paytm has been convenient, and our employees have appreciated Paytm’s Food and Gift Wallet services. This acted as a huge value add in terms of employee engagement and employee satisfaction for Sony!”
– Mr. Pashant, Lead – HR, Sony
“We signed up with Paytm for Food Wallet 2 years back and have found them to be a dependable partner. Paytm’s Food Wallet has been our one-stop solution for giving out meal allowances to our employees. Their seamless digital experience with a wide range of acceptance and the option to customize access to different kinds of outlets has been of utmost attraction. Every implementation came along with its teething challenges, and Paytm worked with us to stabilize it to bring a consistent employee experience.”
– Mr. Girish Kohli, DGM-HR, Bennett Coleman, and Co. Ltd (TimesGroup)
“It’s been a remarkable three years since we are using “Paytm’s employee benefit solutions.” The Paytm Food and Gift Wallet is convenient to use with a greater network of digital and contactless payment facilities. We are very happy with the product, and it’s a great experience!”
– Human Resources, Harman International India Pvt. Ltd.
There can never be a right time in the year for you to start planning your employees’ tax exemptions.
Most organizations delay this till the last moment and then give out salaries without giving a serious thought to the tax-saving instruments they have at their perusal.
The Paytm Food Wallet is here to warm you up well in advance so that you can make the best use of all the options.
With so many exciting features onboard, why wait any further?