AD-HOC, a convenient option, empowers users to seamlessly execute bank transactions from the comfort of their homes. This feature facilitates payments categorized into three types: transfers within the bank, transfers to accounts outside the bank within the nation, and transfers to overseas accounts.
When funds are moved within the same bank, it’s termed an internal transfer. On the other hand, a local transfer involves sending money to an account outside the bank but within the national borders. For transactions beyond the country’s borders, the term used is an overseas payment.
In the context of Indian Payroll, AD-HOC payments serve various purposes, encompassing:
1. Overtime Compensation:
Recognizing and compensating employees for their additional working hours.
2. Incentives for Extra Work:
Acknowledging and rewarding employees for exceeding regular work expectations.
3. Petrol Allowance for Personal Vehicles:
Providing financial support to employees for personal vehicle expenses.
4. Festival Bonus:
Granting bonuses to commemorate festive occasions, fostering a positive work culture.
5. Service Charge:
Compensating employees for additional services rendered.
6. Gift Vouchers:
Offering tangible tokens of appreciation in the form of gift vouchers.
7. Other Expenses:
Covering miscellaneous expenses incurred by employees for the smooth functioning of their roles.
Additionally, companies may opt to provide salary or wages in advance, falling under the umbrella of AD-HOC Pay. This proactive approach supports employees during unforeseen circumstances or specific situations necessitating early financial disbursements.
In essence, AD-HOC payments in the Indian Payroll system serve as a versatile tool, enabling employers to recognize, appreciate, and support their workforce in various facets of professional life.
