Are you extending the employee benefits your workforce deserves?
Benefits make for content employees, and happy employees are naturally more fruitful.
Various studies have backed this up. These studies have found that happy workers who received regular perks during work schedules were up to 20% more productive than workers who didn’t receive them.
A compelling way to show employees that your organization supports their wellbeing and cares about them inside and outside of work can be by offering great tax-free employee benefits.
Feeling related to an organization is paramount to employee engagement. Building a solid digital relationship is becoming a crucial element of employee satisfaction in the dynamic present-day scenario.
For HR departments in most organisations, planning employees’ salary structure across a wide range of grades and levels in an organization is the hardest part.
This planning space is where the Paytm Food Wallet fits and eases their concerns.
It does this by taking charge of the food allowance component and automating all the processes by which HR can help the employee save as much tax as possible.
This solution thus benefits the employee and the employer, and a healthy balance is maintained. Let’s see how.
Problem with vouchers & coupons as employee benefits
As part of employee benefits in India, the government implemented the meal voucher system in 2001.
Vouchers – also called incentive or motivation vouchers – originally started as paper-based tokens, immediately after the end of the Second World War, when the provision of at least one hot meal a day to bolster the workforce was needed.
These were generally awarded to staff to use at their discretion at retail or leisure outlets or even for holidays. Employers now commonly give them out through motivation schemes, flexible benefits or voluntary tax-free employee benefits-based programs.
A simple go-to method for providing tax-free employee benefits, thus, can revolve around issuing food vouchers/coupons.
However, the problem with using vouchers/coupons is that they cost you a lot of money.
Any discount you offer through the means of coupon will mean that it comes with the costs of printing, and procuring them thus encashing lesser money in your pocket.
This comes with the cost of logistically distributing them to your employee base, which becomes an even more daunting task considering the current Covid-19 situation when employees are much safer working from home.
Food wallet by Paytm Payouts
Paytm has created the Food Wallet for your business to quickly issue tax-free employee benefits in the form of a meal allowance that you can transfer to your employees’ Paytm wallets as wallet balance.
The food wallet is a conceivably powerful and convenient financial tool because it is hosted on mobile devices and lives wherever your employees live.
This solution enables you to transfer money to your employees’ food wallets based anywhere in the country.
Most workers, regardless of age, already lead digital lifestyles, relying massively on their mobile phones for all work and home activities.
Consequently, the Paytm Food Wallet is readily and immediately accessible. It does not require any procurement, handling, or distribution and facilitates virtually any food-related transaction in the employee’s day-to-day life.
Employer benefits of Paytm Food Wallet
The Paytm Food Wallet is:
1. Fully compliant:
When you’re running your business, you’re focused on your customers, your level of service, and your profit margin.
Meeting government-mandated IT regulations may be the farthest thing from your mind. But ignoring these regulations can be a costly mistake.
The Paytm Food Wallet offers meal benefits as per CBDT (Income Tax & RBI Guidelines) and works only with food merchants, not allowing bank and peer transfers.
This feature helps your business stay ahead of any issues before they decide to show up as significant problems.
2. Incredibly convenient:
To create convenience, HR professionals must find ways to eliminate that “friction” that could pop up anywhere in the process when an employee is interacting with the benefit they’re offering.
The Paytm Food Wallet allows you to customize food categories to define where your employees can use the food wallet while also helping you verify employee wallets before disbursals.
Thus, even when you have a lot on your plate, you can run the Paytm Food Wallet for your employees very smoothly.
It’s like sanding down most of the rough edges so your employee salary structure can flow and free itself of tax without much resistance.
3. 100% digital:
Most extra/additional tasks like tracking wallet balance, locating nearby food outlets that accept this feature, and more, can be done directly by your employees, rather than through another entity acting as an intermediary, such as the HR department.
The Paytm Food Wallet allows you to relax and instantly send tax-free employee benefits with a powerful API and dashboard effortlessly.
All this, with no hassles of procurement, handling, or distribution of cards/vouchers.
4. Robust dashboard:
Handling and dealing with money manually is a cumbersome and tedious task.
There is a risk of losing it due to the hassle of major calculation errors and keeping it safe.
Paytm Food Wallet runs on a compelling dashboard that manages payments seamlessly, automates invoices, tracks balances, and regularizes data reports for you to be in sync with your profits and losses simply and intuitively.
5. A large number of offers:
Offers and benefits matter. These non-salary compensation elements can make a real difference in recruiting people, especially in a competitive job market, and help HR departments greatly with engagement and retention.
With the Paytm Food Wallet, you get the ease of assigning a massive range of offers to your employees at their favorite food outlets that they can use anywhere, anytime. And we all know, food = happiness.
What our partners have to say
Want to get a detailed scope and account of how the Paytm Food Wallet has helped enhance organizational employee engagement and changed how they do business?
Here’s what Dentsu India had to say about the smoothness of using the Food Wallet for their employees, along with the excellent customer-centricity that Paytm’s service team displayed towards them! Have a look:
Tax-free employee benefits
You can read about the key tax-free employee benefits you can extend with the Paytm Food Wallet here.
Paytm Food Wallet: A Must-have HR tool
All in all, the blurring of lines between the work and home lives of employees due to the Covid situation makes it all the more critical for you to create a seamless digital relationship with them.
Paytm Food Wallet as a payroll and financial wellness tool would provide a quality digital payment experience for your employees.
It is instrumental, addresses some of your biggest concerns related to tax-saving for them, and helps them with their home and financial lives.
Paytm Payouts is soon emerging with a massive spectrum of offers, scratchcards, stickers, and an all-new page specifically serving the Food Wallet and what it caters to.