05-07-2013, 02:51 PM
COMPENSATION POLICY OF INDIAN PRIVATE SECTOR BANKS
COMPENSATION POLICY.pptx (Size: 2.99 MB / Downloads: 39)
COMPENSATION :-
In financial terms, the salary and wages you pay to your employees for the work they do. Other, nonfinancial forms of compensation can also be offered to attract and retain staff.
Benefits includes:
Salary
Special Allowances
House Rent Allowances
Travel Allowances
Mobile Allowances
ICICI Bank
Headquarter in Mumbai,Maharastra with a network of 2,833 branches & 10021 ATM’s in India
Personal Banking, Privilege Banking, Wealth Management, Private Banking, NRI Banking, Corporate Banking, Business Banking
COMPENSATION PACKAGE
Base salary- 102,193 INR
Bonus- 46,992 INR
Pension Benefits- 4490 INR
Health & Medical Benefits- 714 INR
AXIS Bank
Headquartered in Mumbai,Maharastra and started operations in 1994
Promoted jointly by the administrator of the specified undertaking of the UTI, LIC, GIC
COMPANSATION PACKAGE
Basic Salary- 146,780 INR
Bonus- 32,183 INR
Contribution to the employee’s provident fund amount to Rs 37.10 crores for the year 2011
The bank contribution Rs 9.67 crores to the employee’s superannuation plan for the year 2011
The bank charged an amount of Rs 35.31 Crores as liability for leave encashment for the year 2011
INDUSIND Bank
Established in 1994 in Mumbai and started incorporation in April 1994
Bank started its operation with a capital amount of Rs. 1000 million among which Rs. 600 million was donated by the Indian residents & Rs. 400 million by the Non-Resident Indian
Specialized in Retail banking, working over expanding its network along with meeting the Global benchmark.
CONCLUSIONS:
Decisions concerning compensation issues are some of the most critical decisions faced by organizations today, because of their influence on
Organizational survival and growth
Employee perceptions of fairness and equity
Remuneration has now become the central issue for attracting and retaining employees across industries.
The compensation structure within private banking sector has also undergone a sea change over the past couple of years due to phenomenal growth in this sector.