The remuneration policy is applicable to all employees of the company, including executives, non-executives and board of directors of the company. The policy is primarily focused on the employees of the company other than directors and senior executives to provide a competitive attractive remuneration to retain, protect and develop competent personnel. The pay package shall be based on the roles and responsibilities and shall consist in addition to the substantial fixed salary portion, motivating pays like performance pay, production incentives, leave travel assistance, ex-gratia payments and non-salary benefits like health care, transport, canteen facilities, pension, township and retirement/statutory benefits of provident fund and gratuity.
The pay package shall comply with general industrial practices and shall reflect the cost of living and also should take into account ability of the company to sustain and pay such packages.
The package shall consist of predominantly fixed income and not more than 30% of the pay shall be based on variable components consisting of performance and motivating pays.
Executive pay package
The executive pay packages shall also follow the above guidelines. However, since they are primarily responsible for taking the company forward and improving its business ability, deviations as necessary can be made to provide substantial motivating pays apart from the fixed salary. Perquisites of housing and transportation can also be different as per the need.
The non-executive board of directors would be paid sitting fees as decided by the board from time to time depending on the ability of the company, but to be within the statutory maximum.
Other general issues
Notice Pay, PF, Gratuity, etc., will be as per the various statutory regulations/ company's approved policy from time to time.
The remuneration committee of the board will meet from time to time, discuss, review and approve the pay packages suggested by the executives of the company for implementation and for settlement with the employees through the trade union either through a 12(3) agreement or 18(1) agreement as per the need. The pay packages/sitting fees of the executives/working directors and the other members of the board would be fixed by the remuneration committee and suggested to the board for implementation.