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Increment Policy

The HR policy outlines an increment policy for managers with the following key points: 1) The purpose is to encourage employees to develop their potential and contribute maximally by compensating based on job performance. 2) Increments consist of an annual increase and a performance-based pay that makes up 80% of the total. 3) Performance is categorized as base, stretched, or super stretched based on achieving goals set mutually by managers and superiors. Pay increases with higher performance levels.

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Alpana Grover Das
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371 views2 pages

Increment Policy

The HR policy outlines an increment policy for managers with the following key points: 1) The purpose is to encourage employees to develop their potential and contribute maximally by compensating based on job performance. 2) Increments consist of an annual increase and a performance-based pay that makes up 80% of the total. 3) Performance is categorized as base, stretched, or super stretched based on achieving goals set mutually by managers and superiors. Pay increases with higher performance levels.

Uploaded by

Alpana Grover Das
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOC, PDF, TXT or read online on Scribd
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HR Policy:

Increment Policy for Managers


Purpose:
For successful and extraordinary accomplishments of goals and objectives of an organisation, , to support the organisational goals and objectives by encouraging employees to develop and contribute to the maximum of their potential by compensating those employees based on job performance. Applicability: The policy is applicable only:

Policy:

For staff . The policy shall apply w.e.f. May 3, 1996. Increment of a manager is not a right but a privilege extended

by the management on the basis of commitments and achievements of the same made by them. 1. 2.
a.

Any increment in CTC would be directly related to the The goals are to be set mutually between the manager and Increment will consist of 2 components: Annual Increment Pay for performance: The performance of the staff is

performance of the manager in the assessment year. superior, and the same would be reviewed every quarter.

categorized in three parts: Base performance Stretched performance Super stretched performance The ratio of merit pay is to pay for performance will be 2:8. The data for performance will be collected in each quarter and Quarte r Quarter 1 Quarter September 25 Date of collection Jun25 b. c.

submitted with the HR department , please refer the table below:

2 Quarter 3 Quarter 4 April 7 December 25

* The data collected on April 7, shall be a compilation of the whole year performance. S No. 1 Stretch performance Pay for performance shall be made according to the below Type of Performance Target Achieved Base goals 15 Pay 2 Stretched performance 30% above the 1 base goals 3 Super performance 4 Targets not achieved stretched 50% above Pay of 2 Pay NIL month Basic month Basic Days Basic CTC mentioned table:

the base goals

The same would be distributed in the month of May, 2013. The above mentioned increments shall be a onetime payment.

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