The Flexible Benefits Plan (FBP) is the customized salary structure of an employee. Employees can choose and customize their FBP items as per their requirements. There are predefined checks and balances available for all the FBP items. The FBP approach helps the employees to achieve the maximum tax benefit.
To declare your FBP, perform the following steps:
- On your Home page, click Salary > FBP Declaration. The FBP Declaration page opens.
- Click the Edit button on FBP Declaration page. You can view the Edit Form page now.
Note: Kindly make a note that you can declare the FBP only if your admin has released the FBP plan for you.
- You can view the Max Allotment amount in rupees. Max Allotment is the maximum amount for which employees can declare FBP.
- Select the check box against the components you want to declare in FBP.
- Specify the amount under the Preferences column. Every time you add an amount for a component, you can view the updated Total declared amount in the footer. You can also view Special Allowance Balance in the footer.
Note: In FBP, your admin can fix some of the item's amount. For example; FBP Basic is selected by default as part of your salary structure. Also, you may not be able to select some FBP components individually. To select those FBP components, you must select the main group and then select the FBP component.
- Click Submit to declare your FBP.
Note: Click Clear to reset and re-fill the FBP form. You can edit the form even after submission till the admin locks the payroll for the selected month.