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Enriching Employees' Lives

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25 views2 pages

Enriching Employees' Lives

Hope you like it

Uploaded by

dilshad Akhtar
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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ENRICHING EMPLOYEES’ LIVES

The below initiatives would take effect from September 1, 2024:

Increase in Minimum Fixed Pay


The minimum monthly pay is being increased to Rs.43,000. Thus, all those employees whose current fixed pay
including job based allowance and LFA is below Rs.43,000, will be eligible to receive revision in their salaries
effective September 2024.

One Time Lump Sum Relief


To financially support employees in the lower grades, as an interim support, a one-time lump sum amount
is being given to all employees who are at Senior Manager and below levels with September 2024 payroll.

Senior Assistant Officer


Manager
Manager Manager & Below
11,000 10,000 9,000 8,000

Mark-up on Staff Car Loan and Repeat Finance


The markup on staff Car Loan is being reduced from 4% to 0% for all Car allowance entitled grades (Senior
Manager and above employees). The monthly Instalments have been revised with effect from 1 st September
2024 for all existing loans. This facility would apply to only one car loan with highest outstanding balance.

The repeat finance facility for car loan will be after one year of loan sanctioned.

Flexibility to opt for Bank Provided Car


DGM I and above employees would be provided with the flexibility to either opt for a Bank provided Car or
continue with their current entitlement of Car Allowance along with Car loan facility for one car at 0%. Below
are the key features of the Bank Provided Car facility:
 Employee would have an option to select a vehicle of his/her choice within the below mentioned limits:

Bank
Grade Provided
Car Limits
GM IV 20,000,000
GM III 20,000,000
GM II 15,000,000
GM I 15,000,000
DGM II 9,600,000
DGM I 7,800,000
 The above-mentioned limits are excluding withholding tax.
 The cumulative utilized limit under Car loan @ 4% and Bank Provided Car should remain within the
overall current grade wise Car Loan entitlements.
 In case an employee opts for Bank provided car facility, the current monthly Car allowance as well as the
option of Car loan @ 0% will be discontinued. However, if the cumulative utilization of both Bank
provided car and Car loan sanctioned @ 4% is less than the limit of Bank provided car, the corresponding
prorated monthly car allowance will be paid.
 The employee would agree with following terms and conditions applicable under the facility:
 Employee will buyback the Bank provided car after 5 years @ 10% of purchase price.
 Only unregistered vehicles would be considered under this option. In case of imported cars,
the vehicle should not be older than five years.
 Car registration charges will be borne by the Bank. However, the transfer charges at the time
of buyback will be on account of the employee.
 Comprehensive car insurance will be mandatory and the annual premium will be borne by the
employee. Employee will have to pay the Insurance premium upfront for the first year and for
second year the insurance deduction will be made monthly through payroll.
 Car Maintenance would be on account of the employee.
 In case of change in employment status within five years, the buyback terms defined in the
agreement would apply.
 The income tax and all other applicable taxes will be borne by the employee during the facility
period and at the time of buyback as per the prevailing rates.

 Employees currently availing staff car loan facility would have an option to settle their liability to avail
the option of Bank provided car facility.
 Employee would be able to opt for the above facility with effect from October 2024.
 Employees who have received ‘3’ (Good) or better performance rating during last two appraisal cycle are
eligible for this facility. Employees on PIP are not entitled to avail this facility.

Service Award
Service Awards are presented to employees on completing different service milestones during their career with
the Bank in recognition of their long association and committement to serve the Bank with dedication. The
monetary value of Service Award is being revised as under; while the employees would continue to recieve the
non-monetary awards as defined in the policy:

Service Tenure Revised Award


10 Years 50,000
20 Years 100,000
25 Years 200,000

Relocation Allowance
Employee on transfer from one station to another are entitled to avail monthly relocation allowance on account
of living expenses, provided that the transfer is beyond a distance of 100 km. The revised monthly rellocation
allowance is as under:

Revised Monthly Allowance


Cities Other
Grade
(KLI) Cities
GM II 300,000 200,000
GM I 225,000 150,000
DGM II 135,000 100,000
DGM I 115,000 80,000
Senior Manager 95,000 65,000
Manager 70,000 50,000
Assistant Manager 60,000 45,000
Officer 55,000 40,000

Fuel Card Facility


Based on multiple requests received from employees, the fuel card facility is being extended to employees at
Senior Manager level to facilitate optimized fuel usage. Individual emails would be sent to brief further process
as this will be applicable from October 1, 2024.

Please note that the above-mentioned initiatives shall not be applicable to the resigned and terminated employees.

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