“Employee Benefits and Rewards as a space has remained the same for decades. Companies are forced to use age-old practices for the lack of a wholesome and better solution. This space was waiting for a disruption and Zeta is ushering in this revolution by being the first such solution in this space in India,” said Bhavin Turakhia, co-founder and CEO, Zeta at the unveiling of 3 new digital solutions in the Employee Tax Benefits and Rewards space.
Companies provide various benefits to its employees by way of food coupons, medical reimbursements and gifts, but the whole process involves cumbersome paperwork and storage of records for Income Tax purposes for upto 7 years. Zeta plans to change all this through their digital solutions, which is available on mobile and card platforms. The company plans to simplify how companies manage medical claims & reimbursements, how employees receive tax-free gifts from their companies, and how companies manage their incentives & rewards programme for employees.
Zeta’s solution can be used by any corporate irrespective of the employee strength or location and an HR Manager can set up Zeta in under 5 minutes. Currently, Zeta Meal Vouchers solution, which was launched 6 months ago has over 200+ corporates across industries.
Using a single web-based interface, an HR Manager is connected to every employee’s mobile phone. And at a click of button, HR Managers can send grants of meal vouchers, medical reimbursements, gifts etc to all their employees, across cities, instantly. These grants are transferred to an employee’s cloud-based Zeta account in the form of multiple virtual cards - each card representing a specific tax benefit and can be used only to avail that specific benefit. This ensures that the user has the convenience of accessing all his employee benefits in one place while adhering to the respective company policy.
Employees and HR managers will be able to access all their transactions for up to seven years on the Zeta dashboard. The solution is fully compliant as per laws defined by the Government of India and offers multiple benefits to HR Managers.