Contributions are monthly payment made by the employer to cover its gratuity liability to its employees as per the applicable local labor law. This amount is calculated on monthly basis and it depends on both the basic salary of the employee and the length of service. FinFlx helps employers fund and manage that liability in order to maintain a healthy balance sheet and improve corporate governance. Moreover, it promotes a culture of trust between employers and employees.
You can build a financial model (big complex spreadsheet) and maintain its accuracy by adjusting it every time an employee joins or leaves. OR you can let us do all the admin work for you. Once you add your employee details on FinFlx platform, all the numbers are calculated and shown to your team clearly and accurately. That in itself is invaluable saving of time and money, keeping your team focused on critical business operations and avoiding hefty fines for miscalculated or unpaid gratuity dues.
Our algorithms run thousands of calculations in the background to ensure that the numbers presented to our clients are accurate and in line with applicable labor laws. The calculation is based on every business’s jurisdiction, applicable labor law and employment details of its staff. Better yet, any changes or updates to the regulations are implemented by default in our systems. We gather all relevant information from government and legal resources so you don’t have to.
No, any amounts in the gratuity fund is held directly under the name of the company (employer). As and when an employee (or group of employees) leave the company and are entitled to gratuity payment, the employer can then withdraw the equivalent amount to the payment due and payout directly to the employees. FinFlx helps employers manage both the contribution and withdrawal of funds with full flexibility and at no extra cost.
FinFlx accepts contribution deposits in UAE dirhams. Client deposits are accepted strictly from a local corporate bank account under the same name/control of the legal entity (company). FinFlx has partnered with Emirates NBD bank for the safe custody of client deposits.