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81% employers feel new income-tax regime not to benefit staff: Survey

While organisations will have to look for innovative nudges to ensure that employees save voluntarily, it will also create a complex task at hand while negotiating for a better rate for these benefits with the vendors

Source | | PTI

MUMBAI: A survey of HR and finance professionals across companies has found that a vast majority (81 per cent) of them don’t consider the new optional income tax regime beneficial for their employees. The government in Budget 2020-21 offered new tax slabs for taxpayers forgoing all existing deductions and exemptions.

The survey conducted by HR specialist Mercer across HR and finance professionals from 119 companies found that as much as 81 per cent of their employees feel that the new tax regime will not benefit them.

As much as 60 per cent respondents feel that those within the income bracket of Rs 5-10 lakh and Rs 10-25 lakh will be impacted by the new tax regime.

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