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Compensation and benefits is the most pivotal element affecting an organization’s overall performance. It is directly related to employee’s commitment with the organization and leading organizations always use it as a tool to attract and retain the most talented human resource capital. 6.1 Compensation and Benefits at PSO PSO provides matchless intrinsic as well as extrinsic motivations for development of the professionalism. Following is a brief of motivations provided to its employees by the PSO: A. B. SALARY STRUCTURE FRINGE BENEFITS
STAFF LOAN POLICY FACILITY OF OUTSTANDING DUTY FACILITY OF COMPANY’S CAR & PETROL CEILING MEDICAL FACILITIES TELEPHONE CHARGES AT RESIDENCE FACILITY OF NEWSPAPERWS & JOURNAL GROUP TERM ASSUARANCE CASH AWARDS FOR ACQUIRING RETIREMENT POLICIES PROFESSIONAL/ACADEMIC QUALIFICATION FAMILY PENSION
GRATUITY BENEVOLANT FUND SCHEME
700 (Specialized Salary Structure) .2 General Salary Structure (Officer Cadre) Salary Grade OG – 7 OG – 6 OG – 5 OG – 4 OG – 3 OG – 2 OG – 1 Minimum (PKR) 58.903 10.300 18.500 30.838 11.000 83.000 67.573 8.481 Maximum (PKR) 135.100 Maximum (PKR) 37.400 13.300 109.000 95.000 25.500 43.733 9.300 103.200 36. GRANT FROM THE FUND GIFT TO RETIRING EMPLOYEES 6.400 40.600 29.000 24.850 (Support Staff Cadre) Salary Grade S– 7 S– 6 S– 5 S– 4 S– 3 S– 2 S– 1 Minimum (PKR) 14.000 16.400 34.675 8.500 31.500 47.500 20.
000 80. Also.3 Core Benefits (applicable across salary structure) 6. Leaves earned can be accumulated up to 72 per year for Support-grade employees. applicable to retired employees 6. Upon accumulation of leave balance.3. Leaves earned can be accumulated up to 40 per year for Officer-grade employees.000 150.2 Rest & Recreation Leave & Allowance 15 days leave with 50% of monetized salary as Rest & Recreation Allowance each year for Officers.000 6. the employee can proceed to perform Hajj once in the entire service .3.1 Medical Full medical facilities for self. spouse.3 Leaves All officer-grade employees earn leaves for every 6 working day. children and dependent parents as per Company rules. All support-grade employees earn leaves for every 5 working days.3.000 120.000 M-1or M-2 Maximum (PKR) 80. 6.000 60.Level Entry Middle Higher Managerial Minimum (PKR) 40.
6.5Group Term Assurance (GTA) Group term assurance covers the employee as under: Salary Ranges (PKR) Sum (PKR) 55.000 1.3.6 Deputation Allowance Employees are entitled to additional 20% of their monetized salary as a Deputation Allowance along with comprehensive medical facilities for self and dependent family members.000.000 (maximum) payable in the entire remaining service 6.3.4 Staff Loans Personal loan (Interest free) to meet emergencies up to 03 monetized salaries payable in a maximum period of 2 years House Building Loan / Car Loan up to 60 monetized salaries payable in the entire remaining service (up to 60th birthday of employee).67 125. 90 days maternity leaves (exclusive of regular leaves) are allowed to all female employees subject to maximum of three times.000 800.3.001 to 37.501 to 55.500.00 6. .001 and Above 37.500 Up to 18.000 1.000 600.000 18.000 Assured Life Insurance Premium (PKR) 312.33 166.50 208. Computer loan of PKR 70.
7 Annual Merit Increases Annual Merit Increase (AMI) is paid as per following schedule: For Employees in Grade OG-1 and Below: AMI for employees in grades OG-1 and below has been determined on the basis of their average marks awarded by the reporting and finalizing officers as per following grid: Range of Marks 49 – 50 47 – 48 41 – 46 11 – 40 0 – 10 For Employees in Grades OG-2 to OG-5: AMI for employees in grades OG 2 to OG 5 has been determined on the basis of placing the absolute performance ratings of employees as reported by their respective appraisers in appropriate clusters and thereafter categorizing these ratings in accordance with Bell Curve principles into four appraisal categories as follows: Appraisal Category A = Outstanding Performers B+ = Above Average AMI % 9% 7% AMI 4.3.5% 4% 3% 2% Nil .6.
3.3. 6.B = Fully Satisfactory C = Below Average For OG – 7 Employees: AMI for OG. 5% 1.9 Company Provided Car Entitlement (Pakistan assembled) OG–5 800 cc car (AC) without petrol ceiling and driver salary OG–6 1000 cc car (AC) without petrol ceiling and driver salary OG–6 (HOD) 1000 cc car (AC) with petrol ceiling (200 Liters) and driver salary OG–7 1300 cc car (AC) of their choice with petrol ceiling (340 Liters) on optional Company’s driver or driver salary .7 employees at a uniform rate of 6 %.5% For Employees in Separate Salary Structure for Specialized Professionals: AMI for employees in cluster of Separate Salary Structure for Specialized Professionals has been determined at a uniform rate of 5%.8 Performance Bonus Top 10% of performers in the Company are paid a one time Performance Bonus@ 3% of annualized monetized pay 6.
On completion of 5 years deprecation life of the cars the assignee becomes the owner of vehicles.3. 6.12 Pension Policy .OG.7 OG.11 Post Retirement Benefits Officers Grade 4 and above on their retirement or their family members in the events of employee’s death are entitled for the following additional benefits for a period of six months: a) b) 40% Monetized pay in lieu of House Rent Ceiling Electricity.1 Transfer of Ownership Cars are provided to the employees on the basis of a loan depreciation scheme.184.108.40.206.3.10 Telephone Facility .5&4 (900 calls) (400 calls) OG. Gas and water charges as per entitlement at the time of Retirement/Death c) 50% of telephone charges as per entitlement at the time of Retirement/Death d) Cost of 50% Petrol Ceiling as per entitlement at the time of Retirement/Death 6.6 OG 3&2. (600 calls) (200 calls) 6.
15 Travel & Daily Allowance (a) under: Category of Employees S-1 to S-3 S-4 to S-7 OG-1 to OG-4 Positions Non-clerical Staff Clerical Staff Gross DA (Rs) 800 1500 The rates of gross Daily Allowance for different categories of employees are as Junior Officer to Deputy 2600 . the concept of pay has been abolished and 50% of monetized salary is taken into account for the purpose of calculation of retirement benefits. 6.13 Education Allowance Rs. Officers on their retirement are entitled to reimbursement of economy class airfare for self and eligible family members from the airports nearest to their place of posting and their hometown as per PSO record or they can claim payment of ACC sleeper train fare.3. After magnetization. 6.500/. All officers and staff of the PSO either on transfer or retirement are entitled to actual cost of transportation of household effects to their place of new posting/domicile outside Karachi against production of proper receipts subject to a maximum amount of one month’s monetized salary. b.Prior to 1997 Federal Government rules as contained in “Compendium of Pension Rules and Order” were applicable in PSO.per month is allowed to Clerical/Non-Clerical employees. 6.3.14 Traveling & Transportation Charges a.3.
3030/= Rs. while other officers/staff are entitled to 10% of the DA to meet their transport requirements. No Employee Category Daily Allowance Entitlement per day 1 2 3 4 Entry Level Middle Level Higher Level Management Level Rs. (b) The rates of gross Daily Allowance for employees hired under the separate Salary Structure for Specialized Professional is as under: Sr. Employees in “Management .Director OG-1 to OG-4 Junior Officer to Deputy 2600 Director OG-5 to OG-6 OG-7 Joint Director/Director Executive Director 3030 3500 For official tour of OG-6 and OG-7 PSO provides transport facility.3500/= Note: Employees in “Entry Level and “Middle Level” are entitled to 10% of DA as conveyance charges. Employees in “Higher Level” and “Management Level” are entitled to 10% of DA as conveyance charges or to avail the facility of PSO transport.2600/= Rs.3030/= Rs.
In case they avail the hotel facility on PSO account. . Salient features of these schemes are as under: 6.4.2 General Provident Fund and Pension Scheme: An employee who retires after completing not less than ten years of total qualifying service is entitled to gross pension. Contributory Provident Fund & Gratuity Scheme and the other is General Provident Fund & Pension Scheme.1 Contributory Provident Fund and Gratuity Scheme: A retiring employee who is governed under this Scheme (on the basis of option) having 10 years or more service and in case of his/her death during service. a sum equal to half month’s monetized salary in respect of each compl eted year of service in the PSO is also admissible to OG-2 and above. request the sanctioning authority in writing for commutation Upto 50% of his/her gross pension.4. they are entitled to receive a sum equal to 33% of their normal DA entitlement.Level” have the option to avail entitlement of normal DA or stay at prescribed hotel on actual basis (only room rent and applicable taxes will be paid by PSO). 6. his/her family members are allowed Gratuity @ one month’s monetized salary for each completed year of service.4 Retirement Policies: There are two Retirement Benefit Schemes in the PSO viz. 6. for entire period of service and for service beyond 30 years. 6.4.3 Commutation of Part-Pension An employee may at any time before the expiry of one year from the date of his retirement.
his/her family shall be paid a Gratuity at the rate of 50% of monetized salary for each completed year of qualifying service of the employee.4. 6. .6. as the case may be.4. The family pension is admissible to dependent disabled/retarded children for life and to the widow/unmarried daughter until she gets married.4 FAMILY PENSION: In case of death of employees who had completed not less than ten years of total qualifying service or while in receipt of pension his family is entitled for pension at the rate of 50% of the gross pension from next day of his/her death.5 Gratuity: Where an employee retires or dies after completing qualifying service of five years or more but less than 10 years and is not eligible to receive pension. he or.
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