Employee Benefits

Employee benefits and/or benefits in kind (also called fringe benefits, perquisites or perks) include various types of non-wage compensation provided to employees in addition to their normal wages or salaries. Since benefits are provided by the employer they will involve an extra cost to the company which will have to be accounted for in accordance with the laws and regulatory requirements of the country the company is based in.

Our actuaries assist clients in designing and valuing benefits, attuned to local markets, tax rules and legal restrictions as applicable in that geographical sector while aligning the same with the requirements and enhancements dictated through the clients' human resources and the companies' financial needs.

Our goal in providing services for these requirements is that the valuation of the liabilities related to the applicable employee benefits is processed with our expertise and experienced insight so that we can cater to client needs for all aspects through which these benefits are required to be recognised and thereby disclosed. The Accounting and/or Funding of these benefits has become a major area of concern for many employers and we help them overcome this hurdle perfectly.

In this dynamic world, we help clients make informed business decisions by providing financial insights and sophisticated solutions. Since, for Employee Benefit Schemes companies/clients must carry out compulsory accounting as dictated by the respective standards to meet the regulatory requirements, we assist in achieving compliance for Financial Reporting in employee benefits for:

  • IGAAP(AS): Accounting Standard 15 (AS 15)
  • IGAAP(Ind AS): Indian Accounting Standard 19 (Ind AS 19)
  • IFRS: International Accounting Standard 19 (IAS 19)
  • USGAAP: Accounting Standards Codification 715 (ASC 715)