Employee Benefits Consulting and Actuarial Services
Watson Wyatt is the world leader in provision of actuarial consulting
services – advising employers on the most efficient means of providing
retirement and other benefits to their employees. We have the largest
market share amongst actuaries to major pension funds in the US, Europe
and Asia.
Our actuaries and consultants in India are able to offer the same full
range of benefits consulting and actuarial services that we provide worldwide
– combining our international resources with our extensive practical
experience of employee benefits in India.
Employee Benefits in India
An important goal of all companies is to link compensation and benefits
to the needs of the business. Legislation, tax advantages and market practice
mean that employers in India provide some or all of the following benefits
to their employees:
- Provident Fund
- Gratuity
- Superannuation/pension (either defined benefit or defined contribution)
- Housing
- Car
- Loans
- Life insurance protection for dependants
- Health/disability benefits
- Medical benefits for employees and their families
- Leave encashment
The cost of providing these benefits is substantial and so prudent employers
will regularly review their benefits package when reviewing remuneration
structures.
In order to ensure that the employer achieves good value – in the
form of satisfied employees – from its various benefit schemes it
is essential to understand the true long-term cost of the benefits that
are provided
The Watson Wyatt approach
Watson Wyatt’s benefits consulting services include:
- Actuarial services include actuarial valuation of liabilities under
defined benefit schemes such as gratuity, superannuation, leave encashment
and post retirement medical benefits. We provide customized valuations
taking into account the specific circumstances of each of our clients
- Design and implementation of employee benefit schemes for start-up operations
or existing companies. We combine our knowledge of Indian competitive
practice with our actuarial skills and practical experience to help employers
strike the right balance between controlling cost and providing the benefits
that will attract and retain key employees
- Special expertise in actuarial valuations under international accounting
standards (FAS 87 or US GAAP, FRS 17 or UK GAAP, IAS 19)
- Reviews of existing employee benefit schemes - for example superannuation
schemes which may require restructuring in view of dramatically increased
costs under the current low-interest rate scenario
- Independent advice on selection of group insurance providers for life/accident
cover, hospitalization benefits and group gratuity and superannuation
policies
Independent advice on the investment aspects of funded employee benefits
schemes
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