Introduction

In 2009, Telenor launched Easypaisa – Pakistan’s first mobile money transfer service. Since then,
financial services has become a vibrant new business area for Telenor Group with approximately 20
million active customers in several countries, and a broad service portfolio covering services such as
simple money transfers to digital payments and banking. In November 2008, Telenor Pakistan acquired
51 percent shares in Tameer Microfinance Bank for $12.5 million In March 2016, Telenor Pakistan
acquired the remaining 49 percent shares of Tameer MicroFinance Bank for an undisclosed sum.

REWARDS, REMUNERATIONS & BENEFITS.

Our reward strategy is to attract, engage, motivate, and retain the high performing talentwith an aim to
deliver sustainable

value for shareholders in accordance with its Culture and Behaviors.

Employees (after necessary approvals) may entitle to such rewards, remunerations and benefits as per
their
grade/level/performance applicable and specific to their employment, subject to the deduction of
applicable

taxes/contributions/payments under the applicable laws. The Bank/HR may, at any time and at its
absolute discretion,

review/amend any reward/remuneration/benefit of employees with or without notice.

Employee Bank Account & Salary Disbursement

Employees may open their bank and/or mobile wallet account in designated banks/branches for
monthly salary and all

HR/employee related payments.

Disbursement of salaries and HR/employee related payments may be done on monthly basis in specific
employee bank and/or

mobile wallet account after necessary approvals.

Salary & Compensation Structure

TYPE DETAIL

Gross Salary Basic + House Rent (30% of Basic) + Utility Allowance (10% of Basic), Medical Allowance
(10% of Basic).

Increment & Variable Pay

TYPE DETAIL

Salary Eligible employees may get salary increment and/or adjustment during and/or after year
Increment based on specific  role/criteria/benchmark/budget and/or performance after necessary
approvals.

Eligible employees may get monthly/quarterly commissions/incentives and/or annual

bonus based on specific criteria/budget/targets and individual/team/Bank performance
Variable Pay after necessary approvals

Gratuity Fund 
TYPE DETAIL

Eligibility All permanent employees upon completion of 5-year service with the Bank.
OR All permanent employees (joined before 1 January 2017) upon completion of 6-month
st

service with the Bank

Gratuity Last drawn monthly gross salary for each completed year served or pro-rated for
Contribution incomplete year.
For employees joined before 1 January 2017 and have not completed their 5-year service,
st

last drawn monthly basic salary for  each completed year served with the Bank or pro-
 rated for incomplete year.
Gratuity Upon separation employee may withdraw their available gratuity balance after
Withdrawals deducting/adjusting any outstanding against the  Bank.

Provident Fund 
TYPE DETAIL

Eligibility All permanent employees upon confirmation.

Monthly PF Monthly employee contribution limit for all eligible members = 10% of monthly basic
Contribution salary.
The Bank also contributes its share equivalent to monthly employee contribution.

Interest on PF Employees may get interest (if opted) on their available PF balance as per rates approved
by Trustees based on the investments  and/or audited accounts.

PF Withdrawals Employees may withdraw their PF as per applicable income tax rules and government
regulations.
Upon separation employee may withdraw their available PF balance along with any
interest earned (if opted) after  deducting/adjusting any outstanding against the Bank.

Advance Against Salary 

TYPE DETAIL

Eligibility All permanent employees upon completion of 1-year service with the Bank.
Next advance eligibility is after minimum 1 year of deduction with 50% recovery of
existing advance already returned.

Limit 1-3 years of service = First advance limit is up to maximum 4-month gross salaries and
next advance must be within available  collateral limit up to maximum 4-month gross
salaries.
Above 3 years of service = First advance limit is up to 6-month gross salaries and next
advance must be within available collateral  limit up to maximum 6-month gross
salaries.

Demand If available collateral is negative, then “Demand Promissory Note” is required from
Promissory employee
Note

Health Insurance
TYPE DETAIL

Eligibility Employees and their dependent family members (spouse, children and/or parents)
living in Pakistan as per their eligibility  and subject to necessary approvals and/or
payments (where required).
Note: Employee may get their parents insured (after necessary approvals where
required) and pay their premium which  may be deducted from their salary in equal
monthly installments.

Hospitalization/In- Annual limit per insured member per ailment = PKR 250,000/-
Patient (IPD) Maximum daily room limit = PKR 20,000/

Maternity Annual limit per female colleague/spouse = PKR 250,000/-

(Both Cesarean &
Normal Delivery)

Major Medical Additional annual limit for critical disease = PKR 300,000/-
Care (MMC)
Outpatient (OPD) Annual OPD allowance limit = 50% of the monthly gross salary.

Life Insurance  

TYPE DETAIL

Level/grade NATURAL DEATH/TOTAL DISABILITY LIMIT ACCIDENTAL DEATH LIMIT

5 *Up to PKR 48 m *Up to PKR 96 m

4 *Up to PKR 24 m *Up to PKR 48 m

3 Up to PKR 12 m Up to PKR 24 m

2 Up to PKR 8 m Up to PKR 16 m

1 Up to PKR 4 m Up to PKR 8 m

Support Staff Up to PKR 2 m Up to PKR 4 m

Education Assistance
TYPE DETAILS
 Eligibility Employees completed 1-year service may get reimbursement of professional
membership and/or education fee after necessary  approvals (as part of their job
role).

Professional Annual fee reimbursement of one membership from recognized professional body to
Membership maintain the professional affiliation may be  provided to the eligible employee.

Education/ Up to 50% of the education fee paid with capping of PKR 100,000/- may be provided
Qualification for completing the recognized technical or  specialized degree/qualification.

Recovery/ If an employee leaves the Bank within next 2 years after getting the assistance, then
Deductions the paid amount may be deducted from the  final settlement on pro-rated basis.

Spot Awards 
Bank may recognize its employees through spot awards (after necessary approvals) who
have been instrumental in completing  critical projects and possess a continuous track
record of exceeding expectations throughout the project/timeframe, have gone an extra
mile to achieve a major objective/milestone in line with Bank’s Code of Conduct and
Behaviors.
TYPE DETAILS

Bronze Each Department Head may give maximum 1 Bronze Award to an employee or team from
Award his/her function. Employee or team  selected for Bronze Award and NOT selected for the Gold &
Silver Award may only get PKR 10,000/- in total.

Silver Each Division Head may give maximum 1 Silver Award to an employee or team already
Award nominated for Bronze Awards from his/her  function. Employee or team selected for Silver
Award and NOT selected for the Gold Award may only get PKR 25,000/- in total.

Gold CEO and/or CHRO in coordination with LT may give maximum 1 Gold Award to an employee or
Award team already nominated for Silver  Awards from all divisions. Employee or team selected for
Gold Award may only get PKR 50,000/- in total.

Leave & Absence 

Employees may take following leaves as per their eligibility and entitlement subject to necessary
approvals

TYPE DETAILS

Annual/Mandatory Employee after confirmation may avail up to maximum 18 working day leaves
(minimum 10 working days continuous mandatory  leaves) in a calendar year
or on pro-rated basis if joined during the year after necessary approvals.
 Sick Employee unable to attend office due to sickness/medical condition may take
up to 8 working days leave in a calendar year or on  pro-rated basis if joined
during the year. (If required, employee may submit a medical certificate for 3 or
more consecutive leaves).

Casual Employee unable to attend office due to an emergency /important personal

need may take up to 10 working days leave in a  calendar year or on pro-rated
basis if joined during the year.

Maternity Employee completing 1-year of service preceding the date of her expected
(For Female) delivery may take up to 6 months leave including both  pre & post-delivery time
(with maximum twice during the total tenure of service with the Bank) after
necessary approvals.

Paternity Confirmed employee unable to attend office due to the birth of his child may
(For Male) take up to 10 working days leave (with maximum  twice during the total tenure
of service with the Bank) after necessary approvals.

Iddat Employee unable to attend office due to the death of her husband may take up
(For Female) to 4 months leave (with maximum once during the  total tenure of service with
the Bank) after necessary approvals.

Pilgrimage Employee completing 1-year of service may take up to 45 calendar days leave
(one time during the total tenure of service with the  Bank) after necessary
approvals.

Without Pay* Employee in case of emergency when no other leave balance is available may
take special leave without pay for a specific period after necessary approvals.

Sabbatical* Employee completing 5-year of service may take 1-2 years leave without pay
(one time during the total tenure of service with the  Bank) after necessary
approvals. After the completion of sabbatical leaves Bank may use its best
efforts to help employee in  identifying a suitable position and if employee is
unable to find the suitable position within 3-6 months then his/her services
may  release by the Bank.

Business Travel 
Employees may entitle to following travel benefits after necessary approvals as per business
need:
TYPE DETAILS

Eligibility Employees at all levels/grades and authorized Board Members

Travel by PKR 12/km (if use personal vehicle)

Road PKR 6/km (if use personal motorcycle)
 Personal Same day return = Nil
Meal Overnight stay (if dinner is arranged by the hotel or Bank) = Nil
Overnight stay (if dinner is not arranged by the hotel or Bank) = PKR 2,000/-

Request Standard travel authorization form required (attached as an annexure)

Form

Foreign With reference to SBP BPRD Circular Letter No. 09 of 2017 dated April 14, 2017,
Travel Bank shall not send their staff in large groups on  various pretexts including
management meetings reward for achieving sales, business targets whether such
tours are sponsored  by bank or by third party overseas alliances directly or
indirectly. However, banks may send their individual staff abroad for  advanced
trainings, technology acquisition and occasional board meetings or to manage their
overseas networks in line with their  approved policies.

Board of With reference to SBP AC&MFD Circular No. 02 of 2019 dated September 27, 2019,
Directors traveling, boarding, and lodging expenses of a  Board Director for attending Board
Travel and/or its committee meeting(s) shall be paid by the TMB as per its standard Travel
Policy Guidelines. The Board Executive Directors will only be paid usual TA/DA as per
TMB’s standard Travel Policy Guidelines.

Relocation Assistance 
The Bank may provide following benefits/assistance to its eligible employees in the event
of their permanent relocation due to  genuine business needs for a minimum period of 2
years subject to necessary approvals:
Eligibility All new and existing active employees.

Monthly House Equivalent to 12 months’ rent as per signed rental agreement, up to max.
Rent Assistance 15% of monthly gross salary OR PKR  25,000/- for Islamabad and PKR
20,000/- for other locations (whichever is higher) upon submission of signed
rental  agreement as an evidence.
Note: This assistance may be further extended for another year (if required)
with proper justification and approval  from CHRO and/or CEO.

House Rent Eligible employees may request for house rent advance (equivalent to the
Advance monthly house rent assistance) which may be deducted in equal monthly
installments from their salary.

One-Time One monthly gross salary OR PKR 50,000/- (whichever is higher).

Relocation

One-Time Household One 20 feet container OR 2 truckloads and movement of one vehicle upon
Goods Movement submission of original expense receipts.

One-Time Travel Economy class air ticket OR train/bus ticket (for employee and his/her
 dependent family).

One-Time Up to 15 days stay in any Bank approved hotel OR @PKR 5,000/- per day for
Temporary Stay self & family (in case of personal/own  stay).

Recovery/ After getting the payment, if employee leaves the Bank within one year due
Deductions to any reason then the paid amount may  be deducted from the final
settlement on pro-rated basis.

Daycare Assistance
TYPE DETAILS

Eligibility Criteria Bank may provide daycare assistance (after necessary approvals) to
support its female colleagues who are unable to  continue work as
they do not have caregivers at home to look after their newly born or
young children less than 3  years old.

Bank Maintained Daycare Assistance may be provided after employees enroll their eligible child
in the Bank maintained daycare center (where  available).

External Registered
Daycare
(If Bank daycare has no
space or is not  available
in that city/ location)
Assistance may be provided after employees enroll their eligible child
in any other registered daycare center and  submit the request
supported by valid expense claim with all related documents.
Maximum monthly reimbursement limit is up to PKR 20,000/-.

Caretaker at Home
(If no registered daycare
is available  within nearby
location/city)
Assistance may be provided after employees need to hire a dedicated
caregiver at home for the continuous care of  their child and submit
the request supported by valid expense claim with all related
documents. Maximum monthly reimbursement limit is up to PKR
10,000/-.

Note: This facility is strictly for “childcare givers” and should not be
used to pay the daily house help to look after the  child.

Female Pick & Drop Facility

TYPE DETAILS

Eligibility Female employees not getting any fuel, vehicle or vehicle

allowance may get this facility after necessary approvals
(where  required)

Main Locations (including Karachi,  Eligible female employee may get PKR 6,000/- to PKR
Lahore, Islamabad, Rawalpindi) 12,000/- per month OR Bank pick and drop facility (if
 available in  that location)

Other Locations Eligible female employee may get PKR 4,000/- to PKR 8,000/-
per month OR Bank pick and drop facility (if available in that 
location)

Official Mobile Connection

LEVELS / MONTHLY FREE SMS FREE CLOSED FREE MINUTES ALL FREE
GRADES CREDIT LIMIT ALL USER NETWORK DATA
NETWORK GROUP (CUG)
S MINUTES

5 PKR 100,000/- 10,000 15,000 5,100 minutes 30 GB

SMS minutes (with IDD Access)
4C PKR 60,000/-
(if calling
4B PKR 40,000/- between
TB & TP
3C & 4A PKR 20,000/- numbers)
3A & 3B PKR 15,000/- 3,900 minutes 20 GB

2A & 2B PKR 10,000/- 6,000 2,900 minutes 10 GB

SMS
1A & 1B PKR 5,000/- 2,100 minutes 6 GB

Support Staff PKR 2,000/- 1,000 minutes 5 GB

Flexible Working
TYPE DETAILS

Eligibility Employee not in direct dealing with customers may allow flexible working after
necessary approvals.

Working in Eligible employees may get the flexibility of 1 hour between 8am – 7pm during
Office start/end time, without affecting the  work/business and subject to the line
approval.

Working from Eligible employees may get flexibility of 1-2 days working from home during a
Home month, without affecting the work/business  and subject to the line approval.
Extra Work Allowance
ONLY FOR NON- 4-8 ADDITIONAL HOURS 8+ ADDITIONAL HOURS ONLY FOR SUPPORT STAFF
SUPPORT STAFF (E.G., WORK (E.G., WORK 1-3 ADDITIONAL HOURS
BEYOND 10PM BEYOND 2AM  FOR (E.G., WORK BEYOND 7PM
FOR 9AM-6PM 9AM-6PM SHIFT) FOR 9AM-6PM SHIFT)
SHIFT)

On Normal PKR 500/- per day PKR 1,000/- per day Calculated as per standard
Working Day overtime rates

On Weekend PKR 500/- per day PKR 1,000/- per day

On Public PKR 1,000/- per day PKR 2,000/- per day

Holiday

Employee may only claim maximum 2 days in a Maximum 3 hours of

week and 8 days  in a month overtime allowed in a day
and  8 hours in a week

Ramadan Allowance 
WORK ON SEHRI TIMINGS WORK ON IFTAR TIMINGS

During Ramadan PKR 500/- per day PKR 500/- per day

Employee already claiming extra work allowance or overtime during Ramadan are not eligible for this

Severance Pay 
Bank may offer severance pay (after necessary approvals) to employees on positions that
are identified redundant because of  business realignment/strategy due to job
redundancy, discontinuation of business or product, abolishment of a position, closure 
of operations, material change in duties, change in organizational structure or in-
voluntary separation.
TYPE DETAILS

Eligibility Criteria All permanent employees with minimum 1 year of service

and at least satisfactory/good performance or equivalent rating in the last one
year

Payout Limits Last month gross salary x Number of years worked

(with minimum 3 months gross salary and maximum 6 months gross salary)

Final Settlement All payments and deductions are as per standard practice applicable for resigned
employee
Subsidy on Markup
TYPE DETAILS

Eligibility Eligible employees getting loan from Bank approved “partner banks”, may get subsidy
on markup as per agreed limit/rates (after necessary  approvals) upon submission of
loan issuance evidence and payment schedule.

Mobile Handset
LEVELS DETAILS

Chief Executive Officer After every two years and after necessary approvals employee may get
cost reimbursement of newly purchased  handset up to maximum PKR
Group Executive 100,000/-
Director/ Executive 
Director

Health Club Assistance & Club Membership

TYPE DETAILS

Eligibility Level 5 and above from the joining date.

Health Club Eligible employees may get up to PKR 100,000/- per year as health club
Assistance assistance to be paid in equal monthly  installments.

Club Membership Up to maximum PKR 2 million (one time only) may be paid to eligible
employees subject to necessary approvals.

Vehicle, Fuel & Driver Allowance 

LEVELS/GRADES/ROLES MONTHLY VEHICLE MONTHLY DRIVER
ALLOWANCE FUEL LIMIT ALLOWANCE

Level/Grade 5 PKR 250,000/- 400 liters or PKR 25,000/-

equivalent

Level/Grade 4C PKR 175,000/- 300 liters or -

equivalent

Level/Grade 4B PKR 100,000/- 300 liters or -

equivalent

Level/Grade 4A PKR 80,000/- 250 liters or -

equivalent
Level/Grade 1-3 - PKR 5,000/- -
Bank/Risk/Collateral Review
Officers/Managers, Branch 
Managers/Deputy Branch Managers (if
below Director level)

Level/Grade 1-3 - PKR 10,000/- -

Sr. Branch Manager/Area Manager/Regional
Manager/Cluster Manager (if below Director
level)

Other Allowances
DAILY ALLOWANCES RATE

MSV Security Van Allowance (Cash Officer) PKR 250/- Per Day

Night Shift Allowance (Cash Officer) PKR 250/- Per Night

Night Shift Allowance (Operation/Branch Manager) PKR 350/- Per Night

Cash Vault Key Allowance – HO Vault (Vault Manager) PKR 100/- Per Day

Disturbance Allowance – Fishery (Cash/Customer Service Officer) PKR 150/- Per Day

Disturbance Allowance – Fishery (Operation/Branch Manager) PKR 250/- Per Day

Employee Shares Program 

Bank may offer shares or related programs to some of its employees as per their
level/position/role based on specific  criteria/budget/targets and individual/team/Bank
performance after necessary approvals.