Resource Person: Mr. Andrews Koshy, HR Specialist-Talent Engagement Group (HRBP) at Tata Consultancy Services.
Date: 24th October 2019
Topic: Compensation and Benefits-Schemes and Structure
About the speaker: Mr. Andrews Koshy, passed out from class of 2013-15. He is currently working with TCS and had a previous work experience with L & T Infotech and had also interned with
About the session: The session was knowledgeable and dealt with the latest compensation and benefit schemes and
changes in the corporates. It was also a brief of various concepts of compensation & benefit.
Total rewards of an employee include any benefit given to the employee either in the form of cash or kind. They generally
include benefits (health, wellness, retirement, etc), compensation (base & variable pay), work life (diverse work environment,
paid time off, etc), career development (training), rewards & recognition (Performance management system). TCS is one of
the best companies providing health policies.
|Component||Tax deductible or not?|
|Basic Pay||Fully taxable|
|Dearness allowance||Fully taxable|
|HRA||Tax exemption subject to minimum-|
1. Actual HRA
2. 50 / 40% of Basic + DA (metro / non – metro cities respectively)
3. Total rent paid – 10% of basic salary
|Medical allowance||Fully taxable (from April 2018)|
|Conveyance allowance||Fully taxable (from April 2018)|
|LTA||As per actuals of the fare expenses on leave travel|
|Education / hostel allowance||Up to 100 / 300 per child per month (max up to 2 children)|
|Car maintenance||U1800 per month in case of cubic capacity of engine is 1.6 lts or else 2400 per month|
|City Allowance||Fully taxable|
|Special or personal Allowance||Fully taxable|
|Food coupons||Fully taxable for amount exceeding Rs. 3000|
The session also dealt with performance pay, variable pay, retention bonus, reimbursements, perks. Flexi pay or bouquet
of benefits, various deductions including provident fund, ESIC, professional tax, labour welfare fund, etc. The tax slab
including the limit of TDS to be calculated from salaries along with surcharge was also explained in brief.The session had
given insights to the class on the recent total reward structures and the bonus bouquets the corporates have. Andrews had
always also shared his views on how to go about with placements – how to be positive and also advised the class to carry
out a self SWOT.Overall the session was the right mix of concepts and their application.