My Flexi Options
This feature provides a detailed overview of the compensation of an employee dividing taxable and non-taxable elements. It also provides the employee an option to adjust the amount for the flexible components.
The “My Flexi Options” screen gives the right to employee to choose the value for the flexible pay elements and adjust the taxable and non-taxable portions accordingly.
ØThe following field details are displayed in the header:
The employee details such as ‘Employee Name’, ‘Designation’, ‘Date of Joining’ and ‘Work Location‘ get displayed .
|
Periodicity |
The “Periodicity” combo is defaulted with header periodicity of Manage Compensation screen along with the option of Yearly periodicity. |
|
Taxable |
The Taxable portion of the employee compensation as per the periodicity selected in the “Periodicity” combo. |
|
Non-Taxable |
The Non-Taxable portion of the employee compensation as per the periodicity selected in the “Periodicity” combo. |
|
Compensation |
The total compensation of an employee as a combination of taxable and nontaxable. |
ØEnter the following details under “Compensation Information” section:
|
Tax Year |
From the drop-down list box, select the tax year for which flexi benefit has been defined. The system displays current tax year by default on launch of the page. |
|
Duration |
From the drop-down list box, select the duration. The user can search the records by selecting the duration. The system displays the latest duration by default on launch of the page. |
|
Currency |
The “Currency” combo box is loaded with various currency types for you to choose. The combo is defaulted with base currency. |
|
Status |
Displays the status of the selected record. 1. On save in “My Flexi Options” screen. Status: Draft 2. On submit in “My Flexi Options” screen. Status: Pending Authorization 3. On authorization by HR in “Manage Compensation” screen. Status: Current 4. On rejection by HR in “Manage Compensation” screen. Status: Rejected |
The “Compensation Information” section consists of the following tabs:
4 Fixed
4 Flexi
Tab – Fixed
The following details are displayed in the multiline:
|
Component |
This field displays the pay element. |
|
Classification |
The pay element classification corresponding to the pay element. |
|
Taxable |
Displays whether the pay element is taxable or not. |
|
Periodicity |
The periodicity of the pay element as selected in ‘Manage Compensation’ screen. |
|
Amount |
The opted amount of the pay element as entered in Manage Compensation screen. |
Tab – Flexi
The following details are displayed in the multiline:
|
Component |
Displays the pay element. |
|
Classification |
The classification of the pay element. |
|
Taxable |
Displays whether the pay element is taxable or not. |
|
Mutually Exclusive |
Displays whether the pay element is mutually exclusive or not. |
|
Amount |
The HR opted amount for the first time. Note: The ‘Amount’ column will be the pay element amount converted in header periodicity of ‘Manage Compensation Information’ screen. |
|
Yearly Value |
The Amount column value is converted into Yearly Value. |
|
Already Paid |
The Already Paid (Year to Date) pay element wise value is shown corresponding to the tax year selected. |
|
Periodicity |
The periodicity as selected in ‘Manage Compensation’ screen along with the minimum and maximum values or enumerated values. |
|
Opted Amount |
The opted amount selected by the employee. |
On click of “Edit” 
icon in ‘Flexi’ tab for Non Mutually Exclusive Component, the following details get displayed in the “Flexi Component” popup:
|
Component |
Displays the pay element. |
|
Periodicity |
The periodicity as displayed in the multiline. |
|
Min-Max |
The min max value. |
|
Enumerated Value |
The enumerated value, if any. |
|
Opted Amount |
The editable box for employee to choose his amount. |
|
Note |
The user guidance comments, if any. |
ØClick “Submit” to submit the details.
On click of “Edit” icon in “Flexi” tab for Mutually Exclusive Component, the following details get displayed in the “Flexi Component” popup:
|
Component |
From the drop-down list box, select the required component in the mutually exclusive group. |
|
Periodicity |
The periodicity as displayed in the multiline. |
|
Min-Max |
The min max value, if any. |
|
Enumerated Value |
The enumerated value, if any. |
|
Opted Amount |
The field for the employee to choose his amount. |
|
Note |
The user guidance comments, if any. |
ØClick “Submit” to submit the details.
|
Bucket Value |
The total amount opted by HR from Flexi-Benefit Total in Summary section of ‘Manage Compensation’ screen. |
Recompute
ØClick “Recompute” after making changes to see the revised values.
ØEnter the following field details in the footer:
|
Action |
From the drop-down list box, select either “Correct” or “Update” options as per requirement. |
|
Effective Date |
Enter the Effective Date. |
|
Remarks |
Key in any remarks or feedback, if any. |
|
Rejection Reason |
The reason given by HR for rejection. |
ØClick “Save” to save the details entered.
ØClick “Submit” to submit the details.
My Compensation Dashboard
ØClick “My Compensation Dashboard” to navigate to “My Compensation” screen.
Help facility available.
|
|