How can admin define FBP plans?

A Flexible Benefits Plan (FBP) is customizing the salary breakup of the employees to achieve maximum tax benefit. 

To define FBP plans, the admin must perform the following actions:

1. From the greytHR Admin portal, navigate to Settings icon > System Settings > Payroll > FBP Policy. The FBP Policy page opens. The FBP Policy page opens.
2. Click the Edit Policy icon on the 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 created policy.

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Related Links:

Video -

• To watch video on Create and release FBP declaration for employees, click here.
• To watch video on Declare FBP on behalf of an employee, click here.

FAQs: To read more FAQs about FBP, click here.

Documentation -

• To learn how to create and release FBP, click here.
• To learn how to declare FBP on behalf of an employee, click here.
• To learn how to create new FBP policy, click here.

Product Update: To read about the product update, click here.