It is our endeavor to provide employees interesting and challenging work, an enabling environment and attractive rewards that encourage them to contribute and perform effectively. Compensation will be just one of the enabling factors in our multi pronged Talent strategy. Our objective is to provide a fair compensation that is market competitive, remunerative and reflective of the capabilities and skills of an employee; a compensation to attract and retain high caliber professionals.

 

The salary has been structured ensuring tax &labour compliance and balancing both the long term and short term cash and protection requirements of employees. Compensation heads have been structured to be role and level specific. These compensation heads may be reviewed periodically to ensure that it is current with market and with tax provisions. Presently heads under which compensation is delivered include Base Pay, HRA, PF, LTA, Medical Reimbursement and Special Allowance.

 

Payment of salary

 

Your salary will normally be paid on the first week of each month. Salary payments will be credited to your bank account.

 

For this purpose you are required to open a bank account in bank designated by the organization within a week of joining the organization. After getting your account opened, you are required to intimate your account number to the Accounts department.

 

Salary Confidentiality

 

All information related to compensation, its elements and eligibility is confidential. All employees therefore have the responsibility of ensuring that the details of same are not shared with any third party.

 

Provident Fund

 

The provident fund shall be operative with the Commissioner of the Provident Fund, Government of India, as per the Provident Fund policy of Government of India. Presently it is 12% of the basic salary, will be deposited by both, the employer and the staff members in PF account given to the staff members by the PF Commissioner. An element of interest on this amount is payable at the time of withdrawal of the same as per policy of the Govt.

 

Those who wish to get their PF account transferred from the previous company should complete a PF transfer form and submit in the accounts department.

 

Applicability of Gratuity

 

As per the Payment of Gratuity Act 1972, gratuity shall be payable to an employee on termination of his/her employment after he/she has rendered continuous service for not less than 5 years.

 

(a) on his/her superannuation, or

(b) on his/her retirement or resignation, or

(c) on his/her death or disablement due to accident or disease.

 

Provided that the completion of continuous service of five years shall not be necessary where the termination of the employment of any employee is due to death or disablement.

 

Gratuity shall not be paid to a faculty/staff at the following circumstances:On termination of service due to –

 

1. riotous and disorderly conduct or any act of violence.

2. any act which constitutes an offence involving moral turpitude provided that such offence is committed by him in the course of his employment.

3. causing financial loss to the institute.

4. any unethical behavior which tarnishes the image of the institution.

5. loss of confidence while in service