Vitlesh Pandita has been confirmed as an Assistant Systems Engineer at TCS effective January 1, 2012. He will earn an annual compensation of Rs. 3,41,295, which includes a potential performance-related pay of Rs. 80,400. His compensation package includes benefits such as health insurance, provident fund, gratuity, and a flexible bouquet of benefits that he can customize.
Vitlesh Pandita has been confirmed as an Assistant Systems Engineer at TCS effective January 1, 2012. He will earn an annual compensation of Rs. 3,41,295, which includes a potential performance-related pay of Rs. 80,400. His compensation package includes benefits such as health insurance, provident fund, gratuity, and a flexible bouquet of benefits that he can customize.
Vitlesh Pandita has been confirmed as an Assistant Systems Engineer at TCS effective January 1, 2012. He will earn an annual compensation of Rs. 3,41,295, which includes a potential performance-related pay of Rs. 80,400. His compensation package includes benefits such as health insurance, provident fund, gratuity, and a flexible bouquet of benefits that he can customize.
Vitlesh Pandita has been confirmed as an Assistant Systems Engineer at TCS effective January 1, 2012. He will earn an annual compensation of Rs. 3,41,295, which includes a potential performance-related pay of Rs. 80,400. His compensation package includes benefits such as health insurance, provident fund, gratuity, and a flexible bouquet of benefits that he can customize.
Congratulations! I am pleased to inform you of your confirmation as Asst.Systems Engineer with effect from January 01, 2012. I would like to acknowledge your contribution and effort during the year that helped team TCS deliver credible results despite a challenging business environment. We have to build on our strengths and address the opportunities in the market to build a bigger and better TCS. As a team, we have the capability to take TCS to greater heights and help each one of us realise our potential.
I am pleased to share with you your Annual Compensation of Rs. 3,41,295/- for the year 2011-2012. This includes a potential performance pay of Rs. 80,400/- annually. A part of this performance pay will be paid to you on a monthly basis and the remainder on closure of each quarter, subject to company, unit, and individuals achieving their targets.
The details of your compensation and related benefits are enclosed in the Annexure to this letter. Kindly note that the above details are specific to India and may be subject to change in case of long term deputation on international assignments, if any.
I wish you a great and fulfilling career with TCS in the years to come.
Warm regards and best wishes,
Ajoy Mukherjee Executive Vice President & Head Global Human Resources :1:
ANNEXURE I
The details of your compensation and benefits are given below:
FIXED COMPENSATION
Basic Salary Your Basic Salary will be Rs. 10,200/- per month.
Bouquet of Benefits (BoB)
Bouquet of Benefits offers you the flexibility to design this part of your compensation within the defined framework, twice in a financial year. All the components will be disbursed on a monthly basis. Bouquet of Benefits comprises the following salary components.
House Rent Allowance
To avail tax benefit on this amount, you have to access the TRLP link in Ultimatix and submit rent receipts at least once a quarter to the Finance department of your base branch.
Conveyance Allowance Conveyance Allowance up to a certain limit is exempt from tax.
Sundry Medical Reimbursement
To avail tax benefit on this amount, you have to access the sundry medical expenses form in Ultimatix, and submit medical bills for the medical expenses incurred for your family and yourself.
Leave Travel Allowance
If you wish to avail tax benefits, you need to apply for a minimum of three days of earned leave, apply in Ultimatix and submit supporting travel documents.
Food Coupons Food coupons up to a certain limit are exempt from tax. These can be used in the company cafeteria, restaurants and for buying groceries. The coupons will be made available to you at your depute location.
Personal Allowance This component is fully taxable. This is not a grade-linked benefit and does not accrue automatically. This allowance is subject to review and may change or be adjusted against other emoluments at a later date.
Performance Pay You are eligible for a Performance Pay of Rs. 6,700/- per month of which Rs. 6,100/- would be paid to you on a monthly basis. The remainder amount would be paid at the closure of each quarter based on the actual company performance of the quarter. The payment is subject to your being active on the company rolls on the date of announcement of Quarterly Performance Pay.
The Performance Pay is subject to review and may undergo a change based on the actual performance of the Company and unit and your own ongoing individual performance. This allowance is payable based on the Company's productivity/performance, and as such shall be treated as productivity bonus in lieu of statutory profit bonus.
OTHER BENEFITS
Health Insurance Scheme
You are covered by the Group Health Insurance Scheme. The insurance cover entitles your family and you towards reimbursement of medical expenses up to Rs. 50,000/- per annum per insured. This scheme also provides enhanced hospitalisation cover up to Rs. 5,00,000/- per annum per family, on payment of premium, as applicable. For details, please refer to the policy on HIS.
RETIRALS
Provident Fund TCS will contribute 12% of your basic salary every month as contribution to the Provident Fund.
Gratuity You will be eligible for gratuity in accordance with the rules applicable.
FIXED COMPENSATION Basic Salary 10,200 1,22,400 Bouquet Of Benefits # 9,660 1,15,920 Provident Fund 1,224 14,688 Gratuity 491 5,887 Health Insurance NA 2,000 VARIABLE COMPENSATION Performance Pay 1 6,100 73,200 Performance Pay 2* 600 7,200 TOTAL SALARY 28,274 3,41,295
# Refer to Table 2 for TCS defined structure.
* Amount depicted will be paid-out on a quarterly basis as defined in the Annexure I. HIS premium for basic cover borne by TCS for self and dependants.
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