Create and Manage Flexible Benefit Plans in greytHR

Updated in September- 2024 | Subscribe to watch greytHR how-to video

The flexible benefits plan (FBP) is customizing the salary structure of your employees so that they can avail of the maximum tax benefits. Under a flexible arrangement, an organization allocates a specified amount to each employee to avail of benefits. The employees can also select HRA as part of their FBP. An FBP plan is revised whenever there is any salary change or company policy change.

The FBP Policy page in the greytHR Admin portal allows you to create and define FBP policy for the organization. The page displays the list of existing policies. You can also view whether the existing policies are active or inactive.

To view the FBP Policy page, navigate to the Settings icon > System Settings > Payroll > FBP Policy.

You can perform the following actions on the FBP Policy page:

1. Create a new FBP policy.

2. Define created policy.

3. Deactivate the existing FBP policy.

Create a new FBP policy

To add a new FBP policy, perform the following actions:

1. From the greytHR Admin portal, navigate to the Settings icon > System Settings > Payroll > FBP Policy.

2. On the FBP Policy page, click the + Add Policy button. A form appears.

3. In the Policy Name text box, enter the new policy name.

4. From the Effective From dropdown calendar, select the required date.

5. Click Save to add a new policy. The policy appears on the FBP Policy page with the status In Progress and icons to edit the header, edit the policy and delete the policy.

Define created policy

1. From the greytHR Admin portal, navigate to the Settings icon > System Settings > Payroll > FBP Policy.

2. On the FBP Policy page, click the Edit Policy icon on created policy. The list of existing FBP components, such as FBP Fuel, FBP LTA, FBP Medical, and FBP Telephone appears.

3. Click the required component and select the Mutual Exclusion/Quantity Based/OptIn/Dependant options using checkboxes as per your requirements. This will help you to define the FBP policy.

4. In the Description box, enter the description of the policy.

5. Click Save to declare the create policy.

Deactivate the existing FBP policy

To deactivate the existing FBP policy, perform the following actions:

1. From the greytHR Admin portal, navigate to the Settings icon > System Settings > Payroll > FBP Policy.

2. On the FBP Policy page, click the Pause icon available on the existing policy card. The Pause Fbp Policy pop-up appears.

3. Click Confirm to deactivate the existing FBP policy.

Note: 

1. You can create a duplicate policy by clicking the Clone Policy icon available on the existing policy card.

2. Click the Edit Header icon to edit the header of the policy.

3. You can also delete the existing policy by clicking the Delete icon available on the policy card.

Other related links:

• Manage Flexible Benefits Plan (FBP)