Flexible benefit plan | Meaning & Definition | Akrivia HCM

A Flexible Benefit Plan is a plan to identify and control the CTC components, which you can avail to modify or opt-in on your expenses and allowances. FBP can avoid and reduce income tax exemptions from the CTC. In addition, the benefits plan helps to choose their expenses and deductions on their priority. It means that salary structure and compensation will be flexible when delivering employee monthly salaries.

Here the list of CTC Components that can be opt-in on ctc preference’s:

Direct Allowance

HRA Allowance

Medical Expenses

Telephone bills

Benefits of Flexible Benefits Plan:

  • Reduce the Tax exemptions
  • Company Financial Control
  • Flexible Salary Structure
  • Hassle-free Employee experience

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