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  • Employee Retention Scheme Policy - MEPUGC07

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    Arif Ameenuddin N
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    This document proposes a key employee retention payment scheme for project-based staff working on the STEC MEP UGC07 project. It allocates a total budget of ₹3,581,039 over 4 quarters ending December 2022. Staff would receive payments based on their designation and months of basic salary as follows: 4 months for managers and above, 5 months for deputy/assistant managers, 6 months for senior/engineers, and 8 months for assistant engineers and below. Only active employees with a performance rating of at least 6 who remain until target dates in 2022 would qualify for payouts on a pro rata basis. The payment aims to retain staff until project milestones in February, May, August and

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    Employee Retention Scheme Policy - MEPUGC07 (002)

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    This document proposes a key employee retention payment scheme for project-based staff working on the STEC MEP UGC07 project. It allocates a total budget of ₹3,581,039 over 4 quarters ending December 2022. Staff would receive payments based on their designation and months of basic salary as follows: 4 months for managers and above, 5 months for deputy/assistant managers, 6 months for senior/engineers, and 8 months for assistant engineers and below. Only active employees with a performance rating of at least 6 who remain until target dates in 2022 would qualify for payouts on a pro rata basis. The payment aims to retain staff until project milestones in February, May, August and

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    © All Rights Reserved
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    40 views2 pages

    Employee Retention Scheme Policy - MEPUGC07

    Uploaded by

    Arif Ameenuddin N
    This document proposes a key employee retention payment scheme for project-based staff working on the STEC MEP UGC07 project. It allocates a total budget of ₹3,581,039 over 4 quarters ending December 2022. Staff would receive payments based on their designation and months of basic salary as follows: 4 months for managers and above, 5 months for deputy/assistant managers, 6 months for senior/engineers, and 8 months for assistant engineers and below. Only active employees with a performance rating of at least 6 who remain until target dates in 2022 would qualify for payouts on a pro rata basis. The payment aims to retain staff until project milestones in February, May, August and

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as xlsx, pdf, or txt
    of 2

    ACTIVE EMPLOYEES - MEP / TVEP1 15% 20% 30% 35%

    MONTHLY BASIC PAYABLE TOTAL QUARTER 1 QUARTER 2 QUARTER 3 QUARTER 4


    SR NO. NAME
    CTC SALARY MONTHS PAYABLE JAN - MAR APR - JUN JULY - SEP OCT - DEC

    1 SURAJ NARE 28560 11424 6 68544 10282 13709 20563 23990


    2 TANMAY KADREKAR 29120 11648 8 93184 13978 18637 27955 32614
    3 PRATIK RANDHIR 28000 11200 6 67200 10080 13440 20160 23520
    4 RAHUL SHRIVAS 168000 67200 4 268800 40320 53760 80640 94080
    5 ADITYA KADAM 20000 8000 8 64000 9600 12800 19200 22400
    6 NAIDU GURU PRASAD 23500 9400 8 75200 11280 15040 22560 26320
    7 SHAIKH MOHAMMED FAISAL N 32000 12800 6 76800 11520 15360 23040 26880
    8 ROHIT PANCHAL 53750 21500 6 129000 19350 25800 38700 45150
    9 VINEET KUMAR VISHWAKARMA 37500 15000 6 90000 13500 18000 27000 31500
    10 CHANDAN KUMAR CHANCHAL 50000 20000 6 120000 18000 24000 36000 42000
    11 MD. HUSSAIN 43750 17500 6 105000 15750 21000 31500 36750
    12 KARTHIK MANI 100000 40000 5 200000 30000 40000 60000 70000
    13 VINOD SINGHARYA 48750 19500 6 117000 17550 23400 35100 40950
    14 RANJEET SINGH 25153 10061 8 80490 12073 16098 24147 28171
    15 ANSARI MOHD. IMTIYAZ 26130 10452 8 83616 12542 16723 25085 29266
    16 KABITIRTHA MANNA 27300 10920 8 87360 13104 17472 26208 30576
    17 SARATHRAJ ANBALAGAN 68040 27216 6 163296 24494 32659 48989 57154
    18 PRATIK HANDE 37500 15000 6 90000 13500 18000 27000 31500
    19 S.PIYUSH NAIDU 37500 15000 6 90000 13500 18000 27000 31500
    20 AKHILESH CHOUDHARI 23500 9400 8 75200 11280 15040 22560 26320
    21 VAISAKH MENON 23500 9400 8 75200 11280 15040 22560 26320
    22 SHRUTIKA PATIL 23500 9400 8 75200 11280 15040 22560 26320
    23 AJAY SHARMA 95200 38080 5 190400 28560 38080 57120 66640
    24 MOHAMMAD RAMIZ 37290 14916 6 89496 13424 17899 26849 31324
    25 KAMLESH AGARWAL 178533 71413 4 285653 42848 57131 85696 99979
    26 NAVNEET KUMAR 66833 26733 6 160400 24060 32080 48120 56140
    27 TBA 100000 40000 6 240000 36000 48000 72000 84000
    28 TBA 100000 40000 4 160000 24000 32000 48000 56000
    29 TBA 100000 40000 4 160000 24000 32000 48000 56000
    3581039 537156 716208 1074312 1253364

    Note - This is a tentative working and the same shall vary depending upon, change in basic pay
    Key Employee retention Payment to Project based assigned staffs Budget ₹ 3,581,039
    Project / Anticipated Project Completion/Key date Mar-22 Jun-22 Sep-22 Dec-22 Total
    STEC MEP UGC07 15% 20% 30% 35% 100%
    Total Budget 537,156 716,208 1,074,312 1,253,364 ₹ 3,581,039
    Key Milestone dates Feb-22 May-22 Aug-22 Oct-22 As provided in email sent on 10th Jan
    Attached deatiled calculation in Sheet 1
    Proposal as follow:
    4 months basic salary for staffs who are designated as Manager & Above
    5 months basic salary for staffs who are designated as Deputy Manager & Assistant Manager
    6 months basic salary for staffs who are designated as Senior Engineer & Engineer
    8 months basic salary for staffs who are designated as Asst Engineer & Below

    Key notes:
    We have budged for a total of 4 Quarters (basic salary payable as per above criteria)
    Only Employees maintaining a minimum performance rating of 6 will be entitled under this incentive scheme
    Employees will be paid according to their Last drawn basic salary
    Employees who are active on the last working day as identified and notified by the company will be entitled for payment
    Please note that any employee terminated by the company, without cause, in advance of the targeted dates will be paid on pro rata basis
    Employees who has resigned voluntarily during the targeted period will not be entitled under this incentive scheme
    The Proposed Incentive scheme is valid only upto 31st December 2022

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