Boeing benefits department provided local hired employees in your location with Gift Cards for participation in company "Well Being Program" as an incentive.
It is common for US employers to institute a "Well Being Program" where employees are provided incentives for healthy habits; joining Gym etc.
Boeing provided local employees with benefit-in-kind of a gift card to join and participate in the "Well Being Program".
The amount of Gift Card is provided for payroll processing as a benefit-in-kind.
The details regarding the amount associated with this award is being provided to you separately. The earn code applicable for this award is XFM.
The Well Being Award can be taxable/non-taxable and reportable/non-reportable based on the legal requirement in your country.
Well Being Program is tax assisted incase it is considered as taxable in your location. This means that the additional taxes incurred by the employee on this gift card award are paid by Boeing. Hence the employee's net pay is not affected with the Well Being award. Boeing Policy authorizes company funding of the required withholding tax for this Well Being Award.
• The additional tax is to be included in the employee’s gross pay as tax assisted by Boeing.
• This tax assist figure needs to be reported under the column "Global Gross Up" (XFP) before the Total Gross Salary (AAI) column in the AR4.
The attached screen shots reflect the component codes that are to be used for Well Being award: