Monday, February 14, 2011

Fair Reward System

Fair Reward System

Even though all employees receive salaries commensurate with expected standard of performance, additional remunerative rewards must be offered to employees in return for specific performance. The system shall link rewards more clearly with employees’ achievements.

Rewards may be remunerative and non-remunerative:o remunerative rewards may take the form of promotion, payment of advanced or discretionary increment.o non-remunerative rewards which may include flexible working arrangements and support for one’s academic or professional development in the form of sabbatical leave, study leave etc.o All rewards whether financial or non-financial in nature, shall carry resource implications and as such, the level of rewards shall be based on the principle of affordability. The nature and type of rewards by the Company shall be reviewed from time to time.

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