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Employee Reimbursement Accounts?
The annual round of appraisals in my company got over last month after an interminable delay thanks to a no-good clerk appointed as the new CFO comin in with his "ideas".
The fine print in our appraisal letters is opening up every day and is pissing us all of. Turns out all Project Damagers will now receive a substantial part of our revised salaries, upto 30%, in another account altogether dubbed the "ERA" or the employee reimbursement account -separate cheque book, separate debit card etc etc. We need to submit bills to the company under various heads, electricity, petrol, magazine, travel etc etc ,with pre-determined limits for each and the cash will be transferred into this account separately. Even the "entertainment account", the money we get for taking the teams out to dinner etc is now goin to come into this account! funnee!
This move is supposed to put more cash in our hands and some of the figures put across seem good. But frankly the exact nature of how this ERA account is gonna work is not really clear - and it is certainly goin to be painful to carry 2 debit cards around! And then there are whispers about how we need to pay extra tax directly to the authorites at the time of filing the returns.
Anyone in the know here who can help clear the air?
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