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TCS Anniversary2

Vitlesh Pandita's compensation structure at TCS was revised effective January 1, 2013. His annual compensation was increased to Rs. 4,23,825 which includes a potential performance-based pay of Rs. 1,40,400 paid monthly and quarterly based on meeting targets. The letter details his revised salary breakdown, benefits like health insurance and retirement funds, and variable pay.

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Vitlesh Pandita
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100 views

TCS Anniversary2

Vitlesh Pandita's compensation structure at TCS was revised effective January 1, 2013. His annual compensation was increased to Rs. 4,23,825 which includes a potential performance-based pay of Rs. 1,40,400 paid monthly and quarterly based on meeting targets. The letter details his revised salary breakdown, benefits like health insurance and retirement funds, and variable pay.

Uploaded by

Vitlesh Pandita
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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TCS Confidential

Ref: TCS/2012-13/CC-C1/455669

January 02, 2013

Mr. Vitlesh Pandita


TCS - Mumbai

Dear Vitlesh Pandita,

This is to inform you of your compensation structure revision effective January 01, 2013.

Your revised Annual Compensation for the year 2012-13 is Rs. 4,23,825/-. This includes a potential performance pay
of Rs. 1,40,400/- annually. A part of this performance pay will be paid to you on a monthly basis and the remainder
on closure of each quarter, subject to company, unit, and individuals achieving their targets.

The details of your compensation and related benefits are enclosed in the Annexure to this letter. Kindly note that
the above details are specific to India and may be subject to change in case of long term deputation on international
assignments, if any.

I look forward to your continued commitment and a fulfilling career with TCS in the years to come.

Warm regards and best wishes,

Ajoyendra Mukherjee
Executive Vice President & Head Global Human Resources
:1:

ANNEXURE I

The details of your compensation and benefits are given below.

FIXED COMPENSATION

Basic Salary
Your Basic Salary will be Rs. 10,500/- per month.

BOUQUET OF BENEFITS (BoB)

Bouquet of Benefits offers you the flexibility to design this part of your compensation within the defined framework,
twice in a financial year. All the components will be disbursed on a monthly basis. Bouquet of Benefits comprises the
following salary components.

House Rent Allowance


To avail tax benefit on this amount, you have to access the TRLP link in Ultimatix and submit rent receipts at least
once a quarter to the Finance department of your base branch.

Conveyance Allowance
Conveyance Allowance up to a certain limit is exempt from tax.

Sundry Medical Reimbursement


To avail tax benefit on this amount, you have to access the sundry medical expenses form in Ultimatix, and
submit medical bills for the medical expenses incurred for your family and yourself.

Leave Travel Allowance


If you wish to avail tax benefits, you need to apply for a minimum of three days of earned leave, apply in
Ultimatix and submit supporting travel documents.

Food Coupons
Food coupons up to a certain limit are exempt from tax. These can be used in the company cafeteria, restaurants
and for buying groceries. The coupons will be made available to you at your depute location.

Personal Allowance
This component is fully taxable. This is not a grade-linked benefit and does not accrue automatically. This
allowance is subject to review and may change or be adjusted against other emoluments at a later date.

TCS Confidential
Ref: TCS/2012-13/CC-C1/455669
:2:

VARIABLE COMPENSATION

Performance Pay
You are eligible for a Performance Pay of Rs. 11,700/- per month of which Rs. 9,500/- would be paid to you on a
monthly basis. The remainder amount would be paid at the closure of each quarter based on the actual company
performance of the quarter. The payment is subject to your being active on the company rolls on the date of
announcement of Quarterly Performance Pay.

The Performance Pay is subject to review and may undergo a change based on the actual performance of the
Company and unit and your own ongoing individual performance. This allowance is payable based on the
Company's productivity/performance, and as such shall be treated as productivity bonus in lieu of statutory profit
bonus.

OTHER BENEFITS

Health Insurance Scheme


You are covered by the Group Health Insurance Scheme. The insurance cover entitles your family and you towards
reimbursement of medical expenses up to Rs. 50,000/- per annum per insured. This scheme also provides enhanced
hospitalisation cover up to Rs. 5,00,000/- per annum per family, on payment of premium, as applicable. For details,
please refer to the policy on HIS.

RETIRALS

Provident Fund
TCS will contribute 12% of your basic salary every month as contribution to the Provident Fund.

Gratuity
You will be eligible for gratuity in accordance with the rules applicable.

TCS Confidential
Ref: TCS/2012-13/CC-C1/455669
:3:

ANNEXURE II

Table 1: Compensation Details

COMPONENT CATEGORY MONTHLY ANNUAL


FIXED COMPENSATION
Basic Salary 10,500 1,26,000
Bouquet Of Benefits # 11,187 1,34,244
Provident Fund 1,260 15,120
Gratuity 505 6,061
Health Insurance NA 2,000
VARIABLE COMPENSATION
Performance Pay 1 9,500 1,14,000
Performance Pay 2* 2,200 26,400
TOTAL SALARY 35,152 4,23,825

# Refer to Table 2 for TCS defined structure.

* Amount depicted will be paid-out on a quarterly basis as defined in the Annexure I.

HIS premium for basic cover borne by TCS for self and dependants.

In case, you wish not to opt for the BoB, Defined Structure as given in Table 2 will be applicable.

Table 2: TCS Defined Structure for Bouquet of Benefits

COMPONENT CATEGORY MONTHLY ANNUAL


House Rent Allowance 5,250 63,000
Conveyance Allowance 800 9,600
Sundry Medical Reimbursement 750 9,000
Leave Travel Allowance 875 10,500
Food Coupons 500 6,000
Personal Allowance 3,012 36,144
BOUQUET OF BENEFITS 11,187 1,34,244

Taxation: Taxation will be governed by the Income Tax rules. The Company will be deducting tax at source as per
income tax guidelines.

To design your Bouquet of Benefits access the Link to BoB in the Global Employee Self Service Link on Ultimatix.

TCS Confidential
Ref: TCS/2012-13/CC-C1/455669

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