Professional Documents
Culture Documents
HRM
HRM
EVOLUTION OF HUMAN RESOURCE
DEPARTMENT
In 1973, Millat Tractors Limited was nationalized and started its operation
under Ministry of Production
In 1992, Millat Tractors was denationalized and was purchased by its own
employees
Salary Packages
Compensation Packages
Retirement Funds
Appraisals
REWARDING
Millat Tractors Limited is among one of the companies who can proudly say
that they are having satisfied workforce. They only reason for this
achievement is that the company has proper rewarding and compensation
packages for all levels of employee
Introduction
REWARDING
Millat Tractors Limited is among one of the companies who can proudly say
that they are having satisfied workforce. They only reason for this
achievement is that the company has proper rewarding and compensation
packages for all levels of employee
PERFORMANCE EVALUATION
All kind of monetary incentives or any other facility which the company
provides to its employees
Direct Compensation
basic pay, house rent etc
BASIC PAY
Category Designation Pay in Rs. %age Increase
Workers Workers / 4000 --
Supervisors 9000 25%
General mnager
House Rent
45% of their basic pay.
Indirect Compensation
Millat Tractors offers very attractive incentives as indirect
compensation to its employees and they are:
Transportation
Top Management Rs.6,00,000 to Rs.10,00,000
Middle Management Rs.4,00,000 to Rs.6,00,000
Lower Management Rs.3,00,000 to Rs.4,50,000
Gratuity
10% of each employee’s basic salary goes to this fund every
month by the company each month
Benevolent Fund
10 Years
1 salary each year
12 Years
1.5 salaries each year
15 Years
2 salaries each year
Employee can get this money at the end of his service with the
company.
Pension
retirement age 60 years
25 years of service
Entertainment
10% of their basic salary each month to entertain their guests in the
company
Self Development
Provide opportunity for further study by sponsoring them
Bonus
2.9% of total profitability
Disable Fund
All employees contribute small portion of their salary each month
in this fund.
Hajj
10 employees each year from Hajj
3 people from executives and 7 from workers
ORIENTATION AND TRAINING
Sick Leaves (14 days side leave is allowed to executives and 10 days to workers
)
Casual Leaves (20 days casual leave is allowed to executives and 14 days to
workers )
Earned Leaves (33 days earned leaves are given to executives and 21 days to
workers)
DISCIPLINE
Punctuality
Pilferage
Safety measures
LABOUR ISSUES, PROBLEMS &
POLICIES