Written by 10:12 am Social Security

How TankhaPay Can Help You Pay Salaries with Social Security to your Temporary & Informal Workers?

How TankhaPay Can Help You Pay Salaries with Social Security to your Temporary & Informal Workers

India’s workforce comprises of 93% unorganised workers (Ministry of Labour & Employment, GOI), i.e. approximately 450 million workers who are not covered under social security benefits provided by the government to all organised workers. These are the workers we see around us every day, our support staff, domestic helps, drivers, delivery workers, medical assistants etc. In fact 95% of the gig workers in India lack social security (British Safety Council) and 94% domestic workers lack social security worldwide (International Labor Organization). These workers struggle to receive basic healthcare and have no security about their and their family’s future as a result of lack of healthcare and retirement benefits, thus pushing them below the poverty line.

This is where TankhaPay comes in. 

TankhaPay, operated by Akal Information Systems Ltd., is a salary app that formalises wages of temporary, gig, household and informal workers to include them in social security benefit schemes.

TankhaPay’s unique technology ensures that all workers can receive formal salaries along with healthcare, retirement and insurance benefits through various government schemes such as EPF, ESIC, Gratuity etc., thereby providing them with a support system to help them stand up on their feet and secure a future for themselves and their families.

Why TankhaPay?

With TankhaPay, you pay salaries with social security benefits. This ensures that employees feel taken care of and they thus want to stay with you longer, thereby reducing attrition and increasing retention rates, lowering absenteeism and increasing productivity of employees.

Pay a Salary with Social Security Benefits

With TankhaPay, you pay your employees a salary along with insurance, healthcare and retirement benefits, thus contributing towards their socially secured future. As a result, your employees do not have to worry about financial and medical burdens regarding their and their families’ well-being. They always have a safety net to fall back on in case of medical emergencies and mishappenings and are less stressed about their futures.

Ensure a Happier and More Productive Workplace

When your employees suffer, so does your work. When they receive social security benefits, they are less burdened about their and their families’ future. They are able to access medical care easily and so take less leaves and lead an overall healthier life. Therefore, they are more motivated to work, more productive, stay longer and committed through ups and downs, and thus save costs associated with recruitment and retention.

Retain your Employees

With TankhaPay, you can increase employee retainability as it promises timely salary, which is transferred to their bank accounts on the payout date selected, and support for their future by providing them with social security benefits.

Manage your Employees Easily & Efficiently

TankhaPay app offers enhanced payroll efficiency with automated tech-enabled features such as attendance and leave management, geolocation access, bank transfers etc., ensuring a seamless employee management experience.

How does it Work?

When you pay your employees using the TankhaPay, your employees receive their salaries in two parts-

  1. Their in-hand salary, which is directly transferred into their bank accounts and can be used for daily expenses.
  2.  Contributions to government social security schemes of ESIC, EPF and Gratuity, through which they can receive benefits such as healthcare, retirement, insurance etc.

The employer can calculate the in-hand salary, contributions to social security benefits, and total expense of each employee in seconds using our payout calculator.

Pay a salary in 3 simple steps

With TankhaPay, paying salaries compliant with social security norms, is a simple 3 step procedure-

  1. Add your employees to the app
  2. Approve or bypass their attendance
  3. Add balance

Once you have completed these three steps, the salaries will be disbursed automatically into your employees’ bank accounts on your selected payout date. They will be able to track their salaries and will be notified once they receive the payouts. They can also download salary slips and check the bifurcation of the salaries they receive.

Social Security

We have been talking about providing salaries with social security benefits to all employees, but what is social security?

Social security as a concept has been widely known in India, with government schemes such as PF and ESI. But the term and its definition may be new for most Indians. This section provides a  complete breakdown on social security and its benefits.

What is Social Security?

Social security is the protection provided by the government to ensure the country’s residents have financial security in case of retirement, unemployment, sickness, work injury, maternity or loss of the breadwinner. In India, it is provided with the help of various government schemes such as EPF, ESIC, Gratuity etc.

Social Security Benefits

1. Healthcare Benefits

These include free medical treatment and full medical care for the insured person and their families, including sickness and maternity benefits and even disablement benefits. Employees covered under ESIC can also get medication free of charge or at a subsidised rate.

2. Retirement Benefits

Includes a lump sum amount on retirement, a monthly pension and even gratuity. Those who contribute in PF can also get advances for various reasons such as treatment of illnesses of self/ family, marriage of self, sibling or child, post-matriculation education of child, for purchase of a house etc.

3. Insurance

Insurance is provided in case of death, layoffs and unemployment. In case of the death of an EPF member, the nominee is eligible for a benefit amount. Additionally, the widow/widower and the children of the deceased person is eligible to receive pension. In case of unemployment, it is possible to get an EPF advance. If the unemployment is caused by layoffs, an insured person under ESI can also get an unemployment allowance.

4. Other Benefits

In case of the death of an EPF member, the nominee can receive an amount as per government norms, to cover funeral expenses. Confinement benefits are also provided for pregnant women in the form of a medical bonus amount.

You can learn more about these benefits on www.esic.nic.in and www.epfindia.gov.in

Why should you Provide Social Security to all your Employees?

Providing social security is immensely important for the well-being of your workers. By not providing workers with social security, you are depriving them of essential healthcare and retirement benefits, financial stability, insurance, and security for their families.

We saw the plight of the unorganised sector in the Covid-19 pandemic, when workers suddenly lost their jobs, and had no support system to fall back on. They were at the highest risk of contracting the virus and not receiving any medical or financial help. This is what we hope to avoid in the future

When you provide social security to your employees, they feel taken care of. They trust that you will support them through the ups and downs of their lives, and so they stand by you at all times. They give more to their job, are productive, and stay in the organisation longer, thus decreasing attrition and reducing recruitment costs.

Conclusion

TankhaPay is India’s first app to pay salaries complying with social security benefits to all Indian workers and employees. When you pay your employees using the TankhaPay app,  the salary is transferred directly into their bank accounts on your selected payout date, and the social security benefits are deposited to the concerned government schemes. As a result, your employees can have a more secure future and a safety net to fall back on in case of mishappenings. They feel taken care of and stay with you longer, through ups and downs.

So what are you waiting for? Contribute towards your workers’ welfare and become a socially responsible employer by downloading the TankhaPay App Today!
   

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