What is the Wipro Benefits Plan?
WBP is taxing saving option for any employee on or above grade C1. Following benefits are there
1) furniture you can buy furniture worth 1.25lac (for c1) and get reembersed. There is daily depreciation of this 3 yrs for mobile/laptop and 5yrs for other items, after which you can use the amount to buy other stuff. For e.g.
you buy TV worth 40k, so balance in your account is 125-40 = 85k. On producing bills 40k is credited back to your account.
on completion of 5 yrs if you pay 5% of original value your furniture balance becomes 125k
2) company leased car, you can buy any car within set limit. company will do downpayment for on-road price (there is a limit offcourse). Monthly basis you would pay lease to company which is cut from your salary. This is useful for those who fall under 30% tax bracket.
3) company lease accommodation
4) telephone allowance
5) Car Running and Maintenance expenses based on cubic capacity of car, you can claim monthly maintenance and driver salary (which fringe benefit not that you would get money)
these are some of benefits under WBP, this component primary purpose is if one uses all above you would save considerable tax if you are in higher tax bracket.
All the best
Wipro Benefits Plan (“WBP”) is a basket of various allowances / reimbursements. Under WBP,you will be granted Leave Travel Allowance and Education Allowance. These components are eligible for exemptions as per the prescribed Income tax rules applicable and you will be subject to tax for the portion of the allowances that is not exempt.Benefits by way of use of Telephone / Mobile phone, Non‐transferable food coupons can also be availed under the Plan. Only the actual expenses incurred will be reimbursed. There imbursements for benefits availed are subject to submission of proofs or other conditions as may be prescribed in this policy.The Company will grant a Group Allowance, which will be computed after reducing the aggregate cost of allowances / benefits availed under WBP.
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WBP is a component of salary and don’t get confused with the breakups. You are going to get that 15000 per month with your salary.
So why this is a different component? The different breakup components in WBP if you declare them in mywipro portal you get tax rebate for the declared components.
E.g. 1600 conveyance allowance which is fixed for everyone, you declare that and you declare food coupons for 2000 per month and don’t declare anything else. Your taxable salary will be 15000(WBP)+ Other components in breakup+ QPLC variable(that is paid every 3 months only) – your monthly tax.
Bottom line is you are getting that 15000 in WBP anyhow it is upto you to declare them as per norms and get tax rebate. You can google tax slabs and how it is calculated for more info, it will be difficult to jolt down everything here.
WBP entails a lot of benefits you can avail to for Tax reduction. You can categorize the amount into various components like LTA, Mobile Bill etc. The amount then can be claimed as a reimbursement by providing sufficient documents to claim for the same. This amount would get transferred into your account as a reimbursement and would be non-taxable. It can be intelligently used to reduce your taxes to almost nil.
You will get 100% of it if you do nothing.
If you buy something like sudexo coupon the amount will get deducted wbp.
Similarly you can declare post paid telephone bill and that becomes tax free.
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There are certain things which you can do under this category like
- Declaring monthly phone bills
- Kids school fees
- And many other things
And you get tax rebate on these things .
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If you are a trainee you get stipend of Rs 15,100/-
The deductions are : MBS Rs.5.00, MEDCLAIM Rs.250.0, and PT Rs.200.
Your net pay will be Rs.14,645/-
WBP is basically for tax exemption.
This includes your mobile bill, internetbroadband bill etc., if you can declare proofs for these then you can get tax exemption for Rs 15,000.
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WBP is a component in your salary structure. You can get tax benefits through this. For example, if you apply for food coupons (like Sodexho), a similar amount will be deducted from your WBP component and that amount will be exempted from tax.
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U can claim some amount from WBP to get tax benifits. U can use these to get sudexo food coupons or rembress your telecom bill or house rent.
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Wipro is my first employer and yes, it’s my first on campus job too. I have been here for almost 3 years (6 months in Kochi for training and rest in Kolkata ). So I think I am qualified to answer this.
Let me list pros and cons of Wipro :
- It provides you a great and probably the best training as compared to other IT sectors in India.
- Probably in IT sector we assume people to be gloomy, sad, tensed due to immense work pressure. Believe me , here the scenario is just opposite. Every 9 out of 10 man you will find is happy, joyful and will welcome you with a smile (Not the trainers as they are often hired from other organisations). People will be more happy to help you if they are asked.
- Less effected by down-surging. Wipro has its own record to allow a few C1 /C2 resources for a period of 1.5 year in free pool. So, more or less your job is secured here.
- No bad events like eve-teasing, corporate ragging, harrassment of the female workers etc. If someone is caught somehow, action (say separation) is taken immediately. But hardly any such incidents happen here.
- Campus is green and pollution free. Though you can see stray dogs inside Kolkata campus very often, believe me they are less harmful and are corporate too. 😉
- Salary comes always in time.
- “Money”. Yes when it comes to hike, facilites, and onsites you should not expect much. Very less hike and onsite opportunites compared to the other IT companies in Indian market.
- Time in floor. This thing is introduced recenty for good purpose and for client transparency. But it is slowly becoming intollerable. You have to maintain 8–8.5 hours inside a glass chember (your ODC). 9.5 hour in campus is fair enough. But only 1 hour for lunch, tiffin, cigarettes and even bathrooms is not enough.
- Hardly any campus facilities like swimming pool, modern gym, cafeteria with various choice of food etc.
Mate, no organisation is perfect. So, if you get a chance of attachment with this organisation it will be more or less good. Even if it becomes bad for you, you can learn something from that for your future. If you are fresher and without any other options please don’t throw it down. And if you are experienced please read my above points once again and choose which point is important for your case. As everyone has their different I just tried to give a sum up of what I think. Any modifications or suggestions are welcome.