Businesses are Adopting a Commuter Benefits Plan: Should You?

Businesses are Adopting a Commuter Benefits Plan: Should You?

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Businesses are Adopting a Commuter Benefits Plan: Should You? You pay your employees well. But what if your HR predicts that your competitive advantage as an employer could still shift because competitors offer more in disposable income.We are quickly informing companies in New York, San Francisco and DC about the hefty fine for non-compliance with the Transit Ordinance. What is The Transit Ordinance? Companies with over 20 full time employees in New York and DC are obligated by the law to offer Transit passes to employees, or otherwise subject to a fine. In San Francisco, the law fits companies with over 50 employees.Beginning st July 12016, businesses with over 20 full time employees in New York had a 90-day period to correct the violation. Though initially $100, the rate of penalty changed thereon in New York.IRS regulations therefore are not only unique to each State, but prone to change. Why do New York, San Francisco and DC companiesoutsourcethis function? BecauseTime is Money. Coincidentally, penalty rates change when companies are encircled by an important decision. Management would rather divert their time to retention programs, efficient onboarding and expansion than tracking IRS regulations. Andrightfully soʹoutsourcing is preferred both in time and money. Simplified Compliance:Our Commuter Benefits Plan simplifies compliance by adjusting your payroll with the Transit Ordinance.

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Published 16 September 2016
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Businesses are Adopting a Commuter Benefits Plan: Should You?You pay your employees well. But what if your HR predicts that your competitive advantage as an employer could still shift because competitors offer more in disposable income. We are quickly informing companies in New York, San Francisco and DC about the hefty fine for non-compliance with the Transit Ordinance.
What is The Transit Ordinance?
Companies with over 20 full time employees in New York and DC are obligated by the law to offer Transit passes to employees, or otherwise subject to a fine. In San Francisco, the law fits companies with over 50 employees. Beginning st July 1 2016, businesses with over 20 full time employees in New York had a 90-day period to correct the violation. Though initially $100, the rate of penalty changed thereon in New York. IRS regulations therefore are not only unique to each State, but prone to change.
Why do New York, San Francisco and DC companiesoutsourcethis function?
BecauseTime is Money. Coincidentally, penalty rates change when companies are encircled by an important decision. Management would rather divert their time to retention programs, efficient onboarding and expansion than tracking IRS regulations. And rightfully sooutsourcing is preferred both in time and money.
Simplified Compliance:Our Commuter Benefits Plan simplifies compliance by adjusting your payroll with the Transit Ordinance.
Why is the rest of America offering a Commuter Benefits Program?
1. Dual Employer-Employee Benefits:
Your top competitor may imitate you shoulder to shoulder, but miss the cause of employee retention. Why do employees with this benefit feel motivated?
BenefitMall
Tax on income is a disincentive. Commuter Benefits are pre-tax, meaninghigher disposable incomefor your employee at no additional cost for you. With this, they can save up to 40% in transport.You͛re esseŶtiallLJtelliŶg LJour eŵploLJee ͚it oĐĐurred to ŵe that LJou shouldŶ͛t paLJ out of LJour poĐket to get to ǁork͛. IŶ the ϮϬϭϬMonster Survey, 87% of employees ratedaŶ ͚eŵploLJer that trulLJ Đares aďout the ǁell-ďeiŶg of its eŵploLJees͛ as the highest ingredient to motivation. This calls for genuine reciprocation from employees.
No ͚use it or lose it͛ policyto inconvenience employees as the funds will rollover to the next month.
All transactions are done through 1 Debit Card. This makes monthly rollover easier, as well as physical handling of the card. The employee has control over the card.
2. Employer Benefits:
Employer saves 10% in Payroll Tax: At first thought, it appears that a benefit for employee would be a cost for employerThesesurprisingly, quite the contrary. Instead, company savings increase with enrollment! savings can be injected into critical business decisions.
Reduced Administrative Expenses: As you outsource the worries of staying in-line with regulations, designing a set-up, aŶd edžpeŶse ŵaŶageŵeŶt to us, LJou͛ll saǀe up oŶ these edžpeŶses ďoth iŶ tiŵe aŶd ŵoŶeLJ.
Streamlined Payroll Efforts: Our benefits plan integrates into your very own payroll system and streamlines the process for your HR, making it easy and cost effective. Monthly Enrollment:With monthly enrollment, employers can test out the plan and have better control over continuation. Simplified Compliance:Say a regulation shows up in your State as well.We͛ǀe got it Đoǀered for LJou.
3. Environmental & Health Benefits:
Environmentally Green:With use of public transport, the environment becomes collectively sustainable. In fact, DCTraŶsit OrdiŶaŶĐe ǁas passed to ŵake DC the ͚healthiest, greeŶest aŶd ŵost liǀaďle͛.
According to the US Center of Disease, 22 minutes ofmoderate physical activitya day lowers risk of hypertensive diseases and joint back problems. The latter is particularly essential for businesses where employees sit on a chair for long periods.
We realize the advantages of a Commuter Benefits Plan and the complexities in self-designing and running it. That's exactly why we offer it to employers.
Want to know more? Click here to get a quick, easy quote!
BenefitMall