Professional Documents
Culture Documents
Grading and Compensation
Grading and Compensation
Compensation Policy
OBJECTIVE:
To provide for a uniform, stable and reasonably competitive compensation structure for all
employees.
To rationalise the compensation policy, positions are classified into grades. The grades and respective
designations are as below:
GRADE DESIGNATION
M-6 Manager
M-3 Executive
M-1 Officer
BASIC SCALE
The basic scale would be as per the terms of employment and revisions from time to time.
Management Staff not provided with any type of Company Accommodation i.e either company
owned or leased, will be paid House Rent Allowance at 40% of Basic Salary.
CONVEYANCE ALLOWANCE
Management staff not provided with Company Car will be paid conveyance allowance as follows:
M-5 800
M-6 1500
M-7 2000
M-8 2500
EDUCATION ALLOWANCE
MEDICAL ALLOWANCE
Management staff will be paid Medical allowance @ 8.33% of Basic Salary per month.
Eligibility
Management staff will be entitled to LTA on completion of one year of
service subject to confirmation of services. However, pro-rata LTA will be paid
at the time of F&F even if 1 year is not completed.
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Quantum Of LTA
The LTA will be paid at the rate of one month’s Basic salary per year.
Definition Of A Family
Family includes:
The spouse and children of an individual; and
The parents, brothers and sisters of an individual or any of them, wholly or
mainly dependent on the individual
For journeys performed by Rail: Air–conditioned first class rail fare by the
shortest route to the place of destination.
For journeys performed by Road: The amount equivalent to Air–
conditioned first class rail fare, for the distance of journey by the shortest
route, as if the journey had been performed by rail.
Accumulation Of LTA
Accumulation of unavailed LTA is allowed upto two years within the block of four
years specified under the Income Tax Rules. However, the fourth year’s LTA cannot
be carried forward to the next block for accumulation purposes. The current block is
for the period of calendar year 2002-2005.
TELEPHONE ALLOWANCE
M-1 200
M-2 300
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M-3 400
M-4 500
M-5 600
M-6 800
M-7 1000
M-8 1200
M-3 400
M-5 200
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M-6 400
M-7 600
M-8 800
DRIVER ALLOWANCE
M-8 1500
PETROL ALLOWANCE
M-8 2500
EX-GRATIA
Management staff will be paid Ex-Gratia @ 8.33% of Basic Salary per month.
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