The document is a letter informing an employee named Vishal Aggarwal of revisions to their compensation package effective June 1, 2013. It provides details of increases to elements like basic pay, housing allowance, medical benefits, and variable pay. The total cost to the company has increased from Rs. 47,415 per month to Rs. 52,150 per month, a rise of Rs. 4,735 per month. An annual increase of Rs. 56,820 is also noted. An annexure provides additional information on medical, insurance, retirement and other benefits available to the employee.
The document is a letter informing an employee named Vishal Aggarwal of revisions to their compensation package effective June 1, 2013. It provides details of increases to elements like basic pay, housing allowance, medical benefits, and variable pay. The total cost to the company has increased from Rs. 47,415 per month to Rs. 52,150 per month, a rise of Rs. 4,735 per month. An annual increase of Rs. 56,820 is also noted. An annexure provides additional information on medical, insurance, retirement and other benefits available to the employee.
The document is a letter informing an employee named Vishal Aggarwal of revisions to their compensation package effective June 1, 2013. It provides details of increases to elements like basic pay, housing allowance, medical benefits, and variable pay. The total cost to the company has increased from Rs. 47,415 per month to Rs. 52,150 per month, a rise of Rs. 4,735 per month. An annual increase of Rs. 56,820 is also noted. An annexure provides additional information on medical, insurance, retirement and other benefits available to the employee.
The document is a letter informing an employee named Vishal Aggarwal of revisions to their compensation package effective June 1, 2013. It provides details of increases to elements like basic pay, housing allowance, medical benefits, and variable pay. The total cost to the company has increased from Rs. 47,415 per month to Rs. 52,150 per month, a rise of Rs. 4,735 per month. An annual increase of Rs. 56,820 is also noted. An annexure provides additional information on medical, insurance, retirement and other benefits available to the employee.
Wipro Limited, Doddakannelli, Sarjapur Road, Bangalore560 035. India.
Tel: 91-80-2844 0011 Fax: 91-80-2844 0054
PRIVATE & CONFIDENTIAL
Emp No:
Dear
In recognition of your performance and contribution to the organization, we are pleased to revise your compensation as a part of Annual Merit Salary Increase cycle. This will be applicable to you with effect from
Details of your revised compensation structure are as below.
All the above changes are subject to the Company policy. If you are currently on a long term onsite assignment, the above revised compensation will be applicable to you on completion of your long term onsite assignment.
Please refer the Annexure for details on your Benefits entitlements.
The other terms and conditions of your service continue to remain unchanged. Please note that the details in this communication are confidential and you are requested not to share the same with others.
We take this opportunity to congratulate you and look forward to your continued contribution.
Yours sincerely, for WIPRO LIMITED
Career Group : B2 (Figures in Rs/Month) Element Current Revised Difference BASIC 10,430 11,470 1,040 HOUSE RENT ALLOWANCE 4,172 4,588 416 COMMUTATION ALLOWANCE 800 800 0 WIPRO BENEFITS PLAN 17,974 17,974 0 ADDITIONAL ALLOWANCE 6,358 8,658 2,300 Total Fixed Cash 39,734 43,490 3,756 Career Group : B2 (Figures in Rs/Month) Element Current Revised Difference BASIC 10,430 11,470 1,040 HOUSE RENT ALLOWANCE 4,172 4,588 416 COMMUTATION ALLOWANCE 800 800 0 WIPRO BENEFITS PLAN 17,974 17,974 0 ADDITIONAL ALLOWANCE 6,358 8,658 2,300 Total Fixed Cash 39,734 43,490 3,756 PROVIDENT FUND 1,252 1,376 124 GRATUITY 554 609 55 Total Fixed Compensation 41,540 45,475 3,935 Other Compensation & Benefits Career Group : B2 (Figures in Rs/Month) Element Current Revised Difference BASIC 10,430 11,470 1,040 HOUSE RENT ALLOWANCE 4,172 4,588 416 COMMUTATION ALLOWANCE 800 800 0 WIPRO BENEFITS PLAN 17,974 17,974 0 ADDITIONAL ALLOWANCE 6,358 8,658 2,300 Total Fixed Cash 39,734 43,490 3,756 PROVIDENT FUND 1,252 1,376 124 GRATUITY 554 609 55 Total Fixed Compensation 41,540 45,475 3,935 Other Compensation & Benefits MEDICAL 325 425 100 Variable Pay Career Group : B2 (Figures in Rs/Month) Element Current Revised Difference BASIC 10,430 11,470 1,040 HOUSE RENT ALLOWANCE 4,172 4,588 416 COMMUTATION ALLOWANCE 800 800 0 WIPRO BENEFITS PLAN 17,974 17,974 0 ADDITIONAL ALLOWANCE 6,358 8,658 2,300 Total Fixed Cash 39,734 43,490 3,756 PROVIDENT FUND 1,252 1,376 124 GRATUITY 554 609 55 Total Fixed Compensation 41,540 45,475 3,935 Other Compensation & Benefits MEDICAL 325 425 100 Variable Pay QPLC 5,550 6,250 700 Total Cost to Company Per Month 47,415 52,150 4,735 Career Group : B2 (Figures in Rs/Month) Element Current Revised Difference BASIC 10,430 11,470 1,040 HOUSE RENT ALLOWANCE 4,172 4,588 416 COMMUTATION ALLOWANCE 800 800 0 WIPRO BENEFITS PLAN 17,974 17,974 0 ADDITIONAL ALLOWANCE 6,358 8,658 2,300 Total Fixed Cash 39,734 43,490 3,756 PROVIDENT FUND 1,252 1,376 124 GRATUITY 554 609 55 Total Fixed Compensation 41,540 45,475 3,935 Other Compensation & Benefits MEDICAL 325 425 100 Variable Pay QPLC 5,550 6,250 700 Total Cost to Company Per Month 47,415 52,150 4,735 Total Cost to Company Per Year 568,980 625,800 56,820 Career Group : B2 (Figures in Rs/Month) Element Current Revised Difference BASIC 10,430 11,470 1,040 HOUSE RENT ALLOWANCE 4,172 4,588 416 COMMUTATION ALLOWANCE 800 800 0 WIPRO BENEFITS PLAN 17,974 17,974 0 ADDITIONAL ALLOWANCE 6,358 8,658 2,300 Total Fixed Cash 39,734 43,490 3,756 PROVIDENT FUND 1,252 1,376 124 GRATUITY 554 609 55 Total Fixed Compensation 41,540 45,475 3,935 Other Compensation & Benefits MEDICAL 325 425 100 Variable Pay QPLC 5,550 6,250 700 Total Cost to Company Per Month 47,415 52,150 4,735 Total Cost to Company Per Year 568,980 625,800 56,820 167516 Chief Business Operations Officer Bhanumurthy B. M. Vishal Aggarwal J un 06, 2013 J un 01, 2013. Vishal,
Medical Assistance Scheme (MAS) Upto ` per annum. This can be used for the following: Medicine chest : Limit of ` 2,500. Spectacles/Bifocals: ` 4,000 for spectacles & ` 6,000 for bifocal lenses for each member. Domiciliary: Reimbursement for domiciliary expenses including doctor's visit and prescribed medicines etc. Parental Insurance : Reimbursement of premium paid towards parental insurance upto ` 10,000. Medical Benefit Scheme (MBS) Reimbursement of upto ` 50,000: Expenses for specified illnesses like cancer, paralysis, diabetes etc, in case you have exhausted MAS benefit. Catastrophic Medical Assistance Program (CMAP) Reimbursement of upto ` 3,00,000 : Reasonable expenses of catastrophic illnesses like kidney transplant, complex coronary surgery etc. Survivor Benefit Pension Monthly income to the surviving family (as nominated) in event of death of an employee in the form of pension Insurance Cover Hospitalization Insurance: ` family floater + option to Top up. Personal Accident Insurance: ` + option to Top up. Life Insurance cover: ` + option to Top up. Voluntary Parent Medical Insurance: Of sum assured of ` to ` *The above limits are as per the current employee policy and are subject to change from time to time. For more details please refer to the policies on myWipro>My Information Source>People Practices>India >My Financials.
Retirement Planning Benefits*
Contribution Benefit New Pension System (NPS) 5% to 10% of basic can be declared towards NPS, within WBP Systematic savings, opportunity to save tax over and above Sec 80C of IT Act Provident Fund & Voluntary Provident Fund (PF & VPF) 12% of basic contributed by both employer & employee towards PF. Optional employee contribution upto 88% of basic towards VPF. Systematic savings, assured returns and opportunity to save tax within Sec 80C *Please refer myWipro -> People Practices -> India-> My Financials -> WBP policy for NPS, for details.
Wipro Benefits Plan (WBP)*
WBP is a bouquet of components that an employee could choose from, based on personal needs and preferences. The amount declared towards the components, subject to limits, will be reduced from the pre-tax salary. This will help in managing tax effectively. Some of the components are meal vouchers, New Pension System or NPS, telephone allowance, leave travel assistance. *Please refer the policy on myWipro -> People Practices -> India-> My Financials -> WBP for details.
Other Benefits : Read details on these benefits on Channel W>Wipro Web: Internal Links.