Date: 19 Nov 2024
Location: Dharapuram
CTC Annexure
Emoluments for the Assistant Manager for Santhosh S
COMPENSATION P.A. (Rs) P.M. (Rs)
Basic 1,35,450 11,288
Basket of Allowance 2,34,750 19,563
Bank's PF Contribution 21,600 1,800
Gratuity * 6,515 543
Location Pay 6,773 564
Statutory Bonus 16,800 1,400
Total Fixed Pay 4,21,888 35,157
Target Variable Pay 45,000
Total Pay 4,66,888
Benefits:
Group Mediclaim Policy and Term Life
14,641 -
Insurance
Loan Benefits 69,084 -
Total Pay + Value of Benefits 5,50,613 -
Location Pay is dependent on the posted location of the employee and is liable to change in case an employee is
transferred to some other location subsequently.
Target Variable Pay stated above is for the financial year, however the actual payout will be prorated for number of days
worked in the given financial year.
Details of Benefits
Loan Benefit Eligibility
Rate of
Type of Loan Eligibility Loan Amount (in Rs.) Remarks
Interest
For takeover loans, the
4%
repayment will be 240 months
Housing Loan Upon Confirmation 20,00,000 (Compound
or the balance service period (in
Int.)
months) left, whichever is less.
For takeover loans, the
repayment will be the residual
period of the original sanction
6%
Vehicle Loan Upon Confirmation 2,00,000 term, or 120 months, whichever
(Simple Int.)
is less, with Principal and
Interest instalments in the ratio
of 7:3.
Note: Loan benefits cannot be encashed if not availed.
Insurance Details
Type of
Insurance Cover (in Rs) Remarks
Insurance
Group
Employee plus 3 dependants are covered under
Mediclaim
4,00,000 the floater policy. Additional 2 dependants can be
Insurance
covered for an additional premium.
Policy
Group Term Life
Only employee is covered, a part of the annual
Insurance 50,00,000
premium is borne by the employee
Policy
The Insurance coverage under all the above policies will be available subject to completion of all formalities in connection
with your appointment and fulfillment of requirements of the Insurance Company.
The Group Term life insurance cover includes entitlement under the Employee Care Benevolent Fund, for which the
requisite annual contribution will be deducted from your first salary. You shall be covered under the fund scheme until your
active employment status in the Bank. An ex-gratia amount will be payable to the nominee/ legal heir in the event of death
(accidental/ natural) of the employee
Mobile Benefit
You will be eligible for mobile reimbursement (Including Data Service) as per company policy.
Gratuity *
You will be eligible for gratuity payment as per the provisions of The Payment of Gratuity Act i.e. after rendering five years
of continuous service with the Bank or any of the group entities.
Provident Fund
The Bank will contribute an amount equivalent to the prescribed rate towards Provident Fund. An equal amount will be
deducted from your salary and paid to the Provident Fund Trust of Axis Bank Limited.
Voluntary Provident Fund (VPF)
The Bank has a voluntary provident fund scheme wherein you will be eligible to voluntarily contribute to the Provident Fund
Trust, in addition to the statutory requirement. Such contribution is eligible to earn the same rate of interest as statutory
contribution.
Other Benefits
Variable Pay /
Performance linked Variable Pay will be paid as per the Company’s policy. The payout will be based
Annual
both on individual performance and organization’s performance.
Incentive Plan
Employees who are part of incentive schemes will be eligible for payout as per applicable incentive
(as may be
scheme and Variable Pay will not be applicable.
applicable)
