Did you know total expenditure on health in India accounts for 4.7 % of GDP (2014)? What’s more, private expenditure on health adds to it. This is the reason why more and more employers have a vested interest in encouraging their workers to follow healthy habits, including exercise, eating healthy, and limiting smoking and alcohol.
Companies also look for planning tax saving strategies for salaried employees keeping in mind their team’s interest. Certainly, healthy employees are more productive and hence have lower medical costs as compared to their less-healthy colleagues. To that end, numerous companies are also implementing preventive health checkups and employee wellness programs with an additional advantage to make tax friendly salary structure. It’s high time to consider the risk factors and assess why do your employees need a preventive health checkup?
Preventive Health Checkups: Worth the Effort
Health insurance is a common employee benefit. When it comes to health checkup vs. food coupon, health checkup certainly outweighs with a tax benefit.
Food Coupons:In general, employees who prefer food coupons do get tax exemption for the value of food vouchers for purchasing groceries.
Preventive Health Checkup:Certainly spells numerous benefits besides just tax friendly CTC. Due to busy schedules, lack of physical exercise, smoking/drinking habits, stressed life, and competitiveness more and more young professionals are suffering various lifestyle ailments currently.
- Regular health examinations and tests can help save from the trouble of having to suffer through the stress and symptoms of illnesses. This could save money that would otherwise be spent on hospital costs.
- With the right health investigations, screening tests, treatments, and services taken up by the employers helps improve the chances of their employees of a healthier life and in turn increase productivity.
- The preventive health checkup offers tax benefit too. It greatly reduces the taxable income, thereby bringing down the tax liability. This proves to be an additional route that can be opted for the purpose to reduce tax burden and work burden.
Considering all above mentioned points periodic preventive health checkup is a preferred option than adding food coupons or allowance.
So what are you waiting for? Explore more about corporate health checkups and take a well-informed decision. fill the query form below and get ready to offer a healthy and happy life to your employees for an increased productivity and more business profits for your organization.