“Flexi Benefit Pay”

Overview of Flexi Benefit Pay

Flexi benefit pay is a type of remuneration system used by companies to provide employees with greater financial flexibility and choice in how their wages are structured. It is a combination of digital and psychology-driven system developed to improve employee engagement and increase engagement with their salaries. The system is designed to reduce costs for employers, by providing a tailored pay plan, adapted to the salary profile of their team, while improving employee satisfaction.

Understanding Flexi Benefit Pay

Flexi benefit pay combines all the expense accounts and added benefits, like savings and investments, into one payment, which employees can then access from an online dashboard. It is designed to provide an experience for employees that is similar to traditional salary payments, but easier to manage. It also provides employers with greater control over payments so that they can understand how employees are using their benefits.

Employees have the ability to select the expense accounts they would like to attach to their plan, such as travel, entertainment, and healthcare expenses. They can also opt to save or invest into preferred funds, like a 401K or IRA. The system allows for payments to be tailored to an individual’s needs, providing a tailored experience. With Flexi benefit pay, employers can give employees more control over their salary, while still ensuring that all business payments are tracked and accounted for.

Components of Flexi Benefit Plans

Flexi benefit plans usually include the following components:

• Savings and Investment Account : Allows employees to save, invest, and manage their money more efficiently.
• Flexible Expenses Accounts : Permits employees to manage their travel, entertainment and healthcare expenses in one place.
• Digital Dashboard : Gives employees access to view and manage their benefits in one place.

FAQs

Is Flexible Benefit Plan paid monthly?

Yes, the Flexi benefit pay system typically allows employees to be paid on a monthly basis. However, it can be structured to fit the needs of the organization and the employee, like weekly or bi-monthly payment schedules.

What is Flexi Pay scheme?

Flexi Pay is a scheme that provides employees with additional financial rewards. This is achieved by providing them with an online dashboard of their pay plan wherein they can customize and control their payments, allowing them to adjust it as per their needs and preferences.

What is Flexi benefit examples?

Examples of Flexi benefits are savings and investment accounts, flexible expense accounts, income protection plans, company-sponsored benefits, health insurance plans, life insurance plans, and more.

Also See: Basic Salary | Expense Management System | Employee turnover | Components of salary structure