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Index: Executive Summary
Index: Executive Summary
Executive summary
1 Introduction
8 Questionnaire.
EXECUTIVE SUMMERY
With the help of the project on attempt is made to study the welfare
measure provided to employees. What is the procedure, time required for
sanctioning welfare facility and such other basic requirements provided by
the organizations
After analyzing the data it is found that the employees are satisfied with the
welfare facilities provided to them by the companies.
INTRODUCTION
DEFINATION
IMPORTANCE
RESEARCH METHODOLOGY
The methods used for conducting the study are
• Exploratory Research
1. Monitoring
2. Observation
3. Interaction with employees
Descriptive Research Method
1. Structured Interview
2. Questionnaire
DATA ANALYSIS
The result which we get after doing the survey and doing all the data
analysis etc…we will come to know the Job satisfaction level of employees of
different insurance companies.
LIMITATIONS
1) The study may not cover each & every facility provided by the
organization.
2) The result may be depended on the answer received from respondent.
3) The study does not cover entire workforce
4) The study is based on a particular class of employees i.e. officers, clerk,
& sub staff.
Employee welfare defines as “efforts to make life worth living for workmen”.
These efforts have their origin either in some statute formed by the state or
in some local custom or in collective agreement or in the employer’s own
initiative.
• The service should satisfy real needs of the workers. This means that
the manager must first determine what the employee’s real needs are
with the active participation of workers.
• The service should such as can be handled by cafeteria approach. Due
to the difference in Sex, age, marital status, number of children, type
of job and the income level of employees there are large differences in
their choice of a particular benefit. This is known as the cafeteria
approach. Such an approach individualises the benefit system though
it may be difficult to operate and administer.
• The employer should not assume a benevolent posture.
• The cost of the service should be calculate and its financing
established on a sound basis.
• There should be periodical assessment or evaluation of the service and
necessary timely on the basis of feedback.
Intramural Extramural
Social insurance
2) HOUSING
4)RECREATION
5)OTHER FACILITY
These are basically intended to improve the comfort level of workers while
at work & include the following
INSURANCE
1818 saw the advent of life insurance business in India with the
establishment of the Oriental Life Insurance Company in Calcutta. This
Company however failed in 1834. In 1829, the Madras Equitable had begun
transacting life insurance business in the Madras Presidency. 1870 saw the
enactment of the British Insurance Act and in the last three decades of the
nineteenth century, the Bombay Mutual (1871), Oriental (1874) and Empire
of India (1897) were started in the Bombay Residency. This era, however,
was dominated by foreign insurance offices which did good business in
India, namely Albert Life Assurance, Royal Insurance, Liverpool and London
Globe Insurance and the Indian offices were up for hard competition from
the foreign companies.
1957 saw the formation of the General Insurance Council, a wing of the
Insurance Associaton of India. The General Insurance Council framed a code
of conduct for ensuring fair conduct and sound business practices.
In 1968, the Insurance Act was amended to regulate investments and set
minimum solvency margins. The Tariff Advisory Committee was also set up
then.
In 1972 with the passing of the General Insurance Business (Nationalisation)
Act, general insurance business was nationalized with effect from 1st
January, 1973. 107 insurers were amalgamated and grouped into four
companies, namely National Insurance Company Ltd., the New India
Assurance Company Ltd., the Oriental Insurance Company Ltd and the
United India Insurance Company Ltd. The General Insurance Corporation of
India was incorporated as a company in 1971 and it commence business on
January 1sst 1973.
This millennium has seen insurance come a full circle in a journey extending
to nearly 200 years. The process of re-opening of the sector had begun in
the early 1990s and the last decade and more has seen it been opened up
substantially. In 1993, the Government set up a committee under the
chairmanship of RN Malhotra, former Governor of RBI, to propose
recommendations for reforms in the insurance sector.The objective was to
complement the reforms initiated in the financial sector. The committee
submitted its report in 1994 wherein , among other things, it recommended
that the private sector be permitted to enter the insurance industry. They
stated that foreign companies be allowed to enter by floating Indian
companies, preferably a joint venture with Indian partners.
Today there are 14 general insurance companies including the ECGC and
Agriculture Insurance Corporation of India and 14 life insurance companies
operating in the country.
1. Life Insurance
2. General insurance
CUSTOMER PROTECTION
1) Canteen
2) Housing rent allowance
3) Holiday home
4) Reimbursement of educational benefit
5) Good working condition
6) Reimbursement of expenses towards medical check-up
1) CANTEEN
A good and well maintained canteen facility is available at the some
regional level offices, for employees. Also foodstuff are supplied at
subsidized prise in canteen
3) HOLIDAY HOME
Some insurance companies established holiday homes at a number of hill
station, health resort & other countries with low charges of
accommodation, so as to encourage employees to use this facility for rest
in a salubrious environment.
4) REIMBURSEMENT OF EDUCATIONAL BENEFIT
The scheme is intended to reimburse educational expenses incurred by
employees for educating his/ her children and/or by self for persecuting
higher studies.
1) OFFICIATING ALLOWANCE
2) DEPUTATION ALLOWANCE
3) MEDICAL AID
4) DEPUTATION TO TRAINING CENTER
5) REIMBURSEMENT OF TRAVELING EXPENSES ON MONTH
CONSOLIDATED BASIS.
1) OFFICIATING ALLOWANCE
6% of BP pm. Provided the period of officiating is not less than 7 days in
a calendar month or a continuous period of 7 days. This allowance will
rank for PF only.
2) DEPUTATION ALLOWANCE
if an officer is deputed to serve as a member of the facility in any
teaching establishment of the company office he shall be eligible to a
deputation allowance at 4% of his BP subject to a maximum of Rs.750/-
pm. however, if deputed to an outside organization and does not opt for
the scale of that organization then the deputation allowance will be
7.75% of the basis pay subject to a maximum of Rs 1500pm
3) MEDICAL AID
The reimbursement of bed charges, zonal manager has to authorized, for
sanctioning charges for officers for treatment of self, up to Rs.1000/- for
officer in scale IV & above and up to Rs.750/- for officer up to scale III
and for charges incurred over the aforementioned amount zonal authority
may recommended to H.O. for reimbursement 100% reimbursement for
office who dies in harness.
Eligible officer who own and use a vehicle for bank’s works have option to
claim reimbursement of traveling expenses either or monetary basis or in
term of consumption of petrol per month. Optioned can be exercised only
once and will not be allowed to be change in type of vehicle and/ or place
of posting. Promotee officers during the probationary period and DRU’s
during the first year of probation are not eligible. However, they may be
reimbursed actual expenses incurred by them.
DATA ANALYSIS AND INTERPRETATION
Data analysis
1) Editing
2) coding
3) classification
4) tabulation
The data after collection has to be proceed & analyze in accordance with
the outline laid down for the purpose at the time of developing the
research plan this is essential for a scientific study and for ensuring that
we have all relevant data for making contemplated comparison and
analysis
The concept of processing and analysis, can now proceed with the
explanation of all the processing operations-
1) EDITING-
2) CODING
Coding is necessary for efficient analysis and through it the several
replies may be reduced to a small number of classes which contain the
critical information required for analysis. Coding decision should usually
be taken at the designing stage of the questionnaire.
3) CLASSIFICATION
The necessities classification of data which happen to be the process of
arranging data in group or classes on the basis of common characteristic
of data having a common characteristic are placed I one class and in this
way the entire data get divided into a number of group or classes.
4) TABULATION
Tabulation is the process of summarizing row data & displaying the same
in compact form (i.e. in the form of statistical tables) for further analysis.
In a broader sense, tabulation is an orderly arrangement of data in
columns & rows.
DATA INTERPRETATION
Ques 1: How many Welfare facility are you availing on routing basis?
0%
40% 1 to 5
50%
5 to 10
10 & above
10%
Observation
50% employees say that they are availed 10 & above Welfare Facility and
reset of 40% & 10% employees saying that they are availing 1 to 5 and 5 to
10 Welfare facility respectively.
Ques 2: How many special welfare facilities have you availed?
20%
1 to 5
Not
Availed
80%
Observation
80% employees says that they are availing 1 to 5 special welfare facility
rested 20% employees are not availing any special welfare facility.
Ques3: How much time it will take sanctioning a routine welfare facility?
1 to 2 week
2 to 3 week
1-2 month
Observation
From the chart it is observed that, all employees says that for sanctioning
a routine welfare facility time require is 1 to 2 week.
Ques 4: How much time it will take sanctioning a special welfare facility?
10%
1 to 2
week
3 week
90%
Observation
From the above chart it is observed that 90% employee’s say that for
sanctioning a special welfare facility time required is 1-2 week. & 10%
employees says that time required for sanctioning welfare facility is 3
week
Ques 5: Briefly explain the procedure of availing routine welfare facility in
point?
20 Making an
application
submit proof &
immidiate
sanction it
Only
application is
required
80
Observation
80% employees says that to make the application submit proof & it
sanction & rest of 20% employees say that only application is required
Ques 6: Briefly explain procedure for availing the special welfare facility ?
10%
Make an
application
submit proof &
sanction it
Length process
90%
Observation
90% employees says that they have to just apply, submit proof & take
approval of higher authority and only 10% employees says that the
procedure is lengthy .
Ques7: How much are you satisfied about procedure of availing routine
welfare facility?
10
Highly satisfied
Partly satisfied
50
satisfied
40 Not satisfied
Observation
The 50% employees of the bank are highly satisfied with the procedure of
availing routine welfare facility while 40% employees are partly satisfied
& the remaining 10% of employees are satisfied.
Ques8: How much are you satisfied about procedure of availing specific
welfare facility?
Observation
The 60% employees of the bank are satisfied with the procedure of
availing special welfare facility and remaining 40% employees are highly
satisfied.
Ques9: Does welfare facility provided by the organization plays as a
motivational factors?
Observation
0%
20%
80%
Observation
20% employees say that to add some more welfare facility & 80%
employees is not giving any suggestions.
FINDINGS
All the routine welfare facilities are availed by all the employees in
Bank of India in different proportion.
More than 70% employees are availing routine welfare facility an
routine basis.
More than 30% employees are availing special welfare facility
according to the need arise
The time required for sanctioning the special welfare facility is
maximum 2 week.
The employee are not getting in storage facility for outdoor clothing
The routine welfare facilities are availed by every one in the
organization & time required is also nominal.
The process of availing special welfare facility is very lengthy &
hence it can be availed by simple process.
The employees of insurance companies are highly satisfied with the
routine welfare facility, which they are availing on regular basis.
The employees of insurance companies are satisfied as they are
getting special welfare facility with a simple process.
SUGGESTIONS
Hence, the implementing of welfare facilities was associated with higher job
effects on both job satisfaction and productivity. The study is very much
insurance industry.
BIBLOGRAPHY
BOOK REFFERRED
WEBSITES
www.google.com
www.rliancelife.com
etc
QUESTIONNAIRE
PLEASE TICK THE ANSWER OF FOLLOWING QUESTION
B) Partly satisfied
C) Satisfied
8) How much are you satisfied about procedure of availing special welfare
facility?
A) Highly satisfied
B) Satisfied
C) Not satisfied
A) Highly agree
B) Agree
C) Just agree
A) No suggestion