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4 Partex Compensation and benefit(corrected).docx

4 Partex Compensation and benefit(corrected).docx - 4.0...

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4.0 Compensation and benefits package of Partex Furniture Industries Limited Compensation is really very important matter for any business organization. For any business organization, the employees who make up the workforce are very important. It is also very important to make an attractive compensation package for these employees. The compensation package must be very attractive to increase the image of the organization as well as to retain the employees with the organization. Partex Furniture Industries Limited is also following a compensation package that helps them to retain the full time employees and the casuals. Though they are on a track to compensate the employees in a competitive manner, but they try to give a bit higher salaries and wages to the employees to remain as a competitive organization in the market. They judge the job positions first and then they go for the study of the same categorized job position in the other organizations, and see the pay level of these positions. Then, Partex Furniture Industries Limited decides that how much will be paid to the positions that they are defining or examining. In this case Partex Furniture Industries Limited tries to be very fair about the pay levels. They try to fix the pay level in such a manner that is fair and effective for them and to the employees too. Partex Furniture Industries Limited compensation & benefit packages are: Allowances Incentives/ Benefits Office Management staff Field Staff Office Management staff Field Staff House Rent allowance (100% of basic) Medical allowance (50% of basic) Transport allowance (50% of basic) Lunch allowance House Rent allowance (100% of basic) Medical allowance (100% of basic) Transport allowance (50% of basic) Utility allowance Quarterly/Yearly: Yearly Leave Fare Assistance. (60% of basic) Yearly two festival bonuses. (100% of basic) Yearly performance Bonus. (50% of basic) Yearly workers Quarterly/ Yearly: Yearly Leave Fare Assistance. (50% of basic) Yearly two festival bonuses. (100% of basic) Yearly workers participation Fund. (50% of basic) Quarterly sales incentive. (Not
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(Tk.1100 to Tk. 1500) Utility allowance (50% of basic) (50% of basic) participation Fund. (50% of basic) Long Term: Provident fund. Gratuity. Medical Benefits. fixed) Long Term: Provident Fund. Gratuity. Medical Benefits. Table 4.1: Partex Furniture Ltd compensation & benefit packages 4.1. Employee benefits Plan of Partex Furniture Ltd Employee benefits plan is the most important part of an organization. It is motivated to employee. Partex Furniture Ind. Limited continually evaluates and reviews its employee benefits plan to ensure that benefits are competitive. Employee benefits plan are: I. To establish wage & salary plan of Partex Furniture Limited employees: Wage & salary plan comprises the following components: Partex Furniture Limited has a competitive monthly total base salary.
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