Ready to offer smartwatches to your employees? Let's go! 🚀
Details of the benefit
In addition to the multimedia devices that were already allowed in a flex plan in the past, it is now also possible for employees to choose a smartwatch.
50% of the value of the smartwatch will be taxed and included in the monthly payroll file you receive from Payflip.
Navigate in the Payflip admin tool to Company > Benefits > 'Smartwatch (via Coolblue)' and click on 'read more' for more concrete details and a detailed calculation.
Activation of the benefit
⚠️ This benefit is visible to all admins in the Payflip admin tool, but as long as the status is not set to active, your employees will not see it.
1. Request the correct wage code from your social secretary
Once you approve the choice of a smartwatch, it will appear in that month's payroll. Specifically, a benefit in kind worth 50% of the value of the smartwatch will need to be charged, on which social security and withholding tax for the employee will be charged.
To process this benefit in kind correctly in your payroll file, we will need to know the correct wage code.
You can use the following template email to request this wage code from your social secretary.
Email Template
Email Template
Hello there 👋
We will soon be adding a new benefit to our Payflip flex plan: smartwatches. Through this benefit, employees will have the opportunity to choose a smartwatch with their budget in Payflip.
50% of the value of the smartwatch will need to be booked once as a benefit in kind in the payroll, on which social security contributions and withholding tax for the employee will be charged.
To process our employees' choices for this correctly in the payroll, we need to know which wage code we may enter in Payflip. This wage code must thus trigger a benefit in kind for the employee, on which both employee social security and withholding tax are calculated.
When employees choose this, these choices will be included in the monthly payroll files that Payflip delivers.
Can you let us know which wage code may be used in our file?
Thanks in advance!
2. Enter the wage code in Payflip
Once you have received the wage code, you can enter it in Payflip.
Navigate to Payroll > Wage codes and enter the wage code in the provided field. Save your changes afterward.
3. Activate the benefit
⚠️ Ideally, you complete this action only after the correct wage code has been communicated by your social secretariat. Otherwise, you risk that the first choices cannot be processed correctly in the next payroll processing.
Are you using the Coolblue integration?
Navigate in the Payflip admin tool to Company > Benefits > Smartwatch via Coolblue and click on 'activate'.
Configure the settings.
Enter the Coolblue ID for this entity. You can find this by peeking at the other Coolblue benefits.
Enter the depreciation period of the benefit.
Indicate 20% as the residual value percentage.
Indicate whether you want to use the general terms and conditions system.
💡 Tip: this is the case for most of our customers. You can always look at another benefit to see if this is activated there. If so, you may also activate this option for the smartwatches.
Indicate with which budgets your employees can make this choice.
Add an optional choice deadline.
💡 Tip: there is no immediate reason why you would enter a choice deadline here. Smartwatches follow the normal Payflip year timing, so you can safely leave this open.
Activate the benefit.
Are you not using the Coolblue integration?
Navigate in the Payflip admin tool to Company > Benefits > Smartwatch and click on 'activate'.
Configure the settings
Enter the depreciation period of the benefit.
Enter through which webshop your employees may make their selection.
Enter the url of this webshop.
Indicate 20% as the residual value percentage.
Indicate whether you want to use the general terms and conditions system.
💡 Tip: this is the case for most of our customers. You can always look at another benefit to see if this is activated there. If so, you may also activate this option for the smartwatches.
Indicate with which budgets your employees can make this choice.
Add an optional choice deadline.
💡 Tip: there is no immediate reason why you would enter a choice deadline here. Smartwatches follow the normal Payflip year timing, so you can safely leave this open.
Activate the benefit.
4. Inform your employees
Time to make some fuzz about it! Don't forget to inform your employees about this brand-new benefit in your flex plan. 😉
Every company has its own way of communicating, but here is some inspiration for you. 👇
Communication Inspiration
Communication Inspiration
Hello there 👋
Great news! 🎉 We have added a brand-new benefit to our Payflip flex plan: smartwatches. These handy gadgets not only help you keep track of your health and fitness, but also make your daily life easier with their smart features right on your wrist.
What do you need to do?
You can choose from various models from the range at our partner [Coolblue / other]. Log in to the Payflip tool and search for the 'smartwatch' benefit. Fill in the necessary details and voilà, job done. You will receive the smartwatch after your choice has been approved by HR.
We look forward to seeing the choices for this new benefit come in. 😉
Kind regards,
Your HR Team