Our pay strategy is aligned to our philosophy and objectives. The Compensation and Benefits structure is based on general industry practice, legislation, trends and market conditions.
When a potential employee is selected and made an offer, his/her salary fitment is based on
- Internal salary point for that job
- Candidate’s experience and skill profile
- Market pay for that specific skill set which the candidate is bringing.
- Compensation being drawn by the candidate in the current organization where he/she is working.
The various components of the salary are as follows: (subject to change)
- Basic Salary
- House Rent Allowance
- Transportation Allowance
- Other Allowance
- Lunch Allowance
- Medical Allowance
- Telephone Allowance
- Provident Fund
- Professional Tax
- Income Tax
- HR Team gives the information about new employees, their joining dates and CTC details to the Finance/Chartered Accountant (CA). New employees have to contact the HR for any salary related issues.
- Employees who have joined after the 25th of the month, their salary will be processed along with next month's salary.
- Employees are responsible for filing their tax returns etc. They can directly contact the CA or for more information they can take help of HR.
- Salary will be credited into the specific individual Savings Bank accounts on last day of every month.
Pay for performance is the foundation of our salary system. This is to ensure that our compensation program reflects our business results and is in tune with the business and financial year. Individual salary revision rates are based on
- Annual performance appraisal system
- Performance against objectives for the preceding year
- Market rates for that particular job
- Internal equity in terms of similar performers with comparable skill set and experience
THE GRATUITY SCHEME
The scheme applies to all permanent employees of the Company. The purpose of this scheme is that an employee, who separates after putting in 5 years of service with the company, shall be entitled for gratuity.
- Gratuity is a statutory payment and is a deferred benefit given to the employee.
- All employees, who have completed five years of service, would be eligible for gratuity.
- Waiver of eligibility granted on retirement, death or total permanent disability.