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    Remuneration Plans I. Basic Salary

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    farah izzati
    The document outlines a company's remuneration plan including basic salary paid monthly based on qualifications and experience, salary increments and promotions for excellent performance, mandatory contributions to the Employees Provident Fund (EPF) pension plan and Social Security Organization (SOCSO) compensation plan, insurance coverage for employees and assets, bonuses for good performance, and annual and sick leave policies. It also includes a remuneration schedule listing monthly salaries, EPF contributions, SOCSO contributions and total amounts for various managerial positions.

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    Remuneration Plans I. Basic Salary

    Uploaded by

    farah izzati
    58 views4 pages
    The document outlines a company's remuneration plan including basic salary paid monthly based on qualifications and experience, salary increments and promotions for excellent performance, mandatory contributions to the Employees Provident Fund (EPF) pension plan and Social Security Organization (SOCSO) compensation plan, insurance coverage for employees and assets, bonuses for good performance, and annual and sick leave policies. It also includes a remuneration schedule listing monthly salaries, EPF contributions, SOCSO contributions and total amounts for various managerial positions.

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    remuneration

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    Remuneration

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    The document outlines a company's remuneration plan including basic salary paid monthly based on qualifications and experience, salary increments and promotions for excellent performance, mandatory contributions to the Employees Provident Fund (EPF) pension plan and Social Security Organization (SOCSO) compensation plan, insurance coverage for employees and assets, bonuses for good performance, and annual and sick leave policies. It also includes a remuneration schedule listing monthly salaries, EPF contributions, SOCSO contributions and total amounts for various managerial positions.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    58 views4 pages

    Remuneration Plans I. Basic Salary

    Uploaded by

    farah izzati
    The document outlines a company's remuneration plan including basic salary paid monthly based on qualifications and experience, salary increments and promotions for excellent performance, mandatory contributions to the Employees Provident Fund (EPF) pension plan and Social Security Organization (SOCSO) compensation plan, insurance coverage for employees and assets, bonuses for good performance, and annual and sick leave policies. It also includes a remuneration schedule listing monthly salaries, EPF contributions, SOCSO contributions and total amounts for various managerial positions.

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    REMUNERATION PLANS

    i. Basic Salary
    Basic wage or salary will be paid monthly in cash. It will be paid at the end of every
    month. The salary will be debited to employee’s account on the 25th of every month.
    Salaries will be given to all employees based on the qualification and working
    experiences.

    ii. Salary Increment & Promotions


    Employees who show excellent performance will be getting salary increment from the
    management. The salary will be increased according to the management decision. For
    promotions, selected employees who shown consistent performance that can convince
    the employers about their abilities will be promoted to higher position.

    iii. EPF
    Employees Provident Fund (EPF) is a contribution plan as well as a pension plan for
    the welfare of employees so that they will have money to support themselves once
    they retired from work. It is a compulsory saving from employee’s monthly salary.
    Employers are required to contribute at least 13% of an employee’s basic salary.

    iv. SOCSO
    Social Security Organization (SOCSO) is a contribution plan to ensure that employees
    will receive compensation of work-related accidents or illnesses. For the scheme, it
    consists of Employment Injury Scheme and Invalidity Scheme. The rate of
    contribution for SOCSO is at 2%.

    v. Insurance
    Employee’s safety and well-being will be protected throughout their employment
    period by insurance company Great Eastern Life Assurance (Malaysia) Berhad. The
    premises bought or rented and transports also will be insured to avoid any failure and
    losses in the business

    vi. Bonus
    For employee’s excellent job performance and services, they will be rewarded with
    bonuses. This includes annual bonus scheme, spot bonus award, staff appreciation
    award and profit sharing.

    vii. Annual Leave & Sick Leave


    Each employee will be given an annual leave of 28 days. In terms of sick leave,
    medical certificate has to be approved by a registered medical practitioner. Employees
    will get paid leaves if he or she being sick for less than 60 days. But if it exceeds 60
    days, the salary will not be paid.
    Remuneration Schedule
    POSITION NO. MONTHLY EPF SOCSO TOTAL
    SALARY (13%) (2%) AMOUNT
    (RM) (RM) (RM) (RM)
    Human Resource 1 4200.00 546.00 84 4830.00
    Manager

    R&D Manager 1 4000.00 520.00 80 4600.00


    Marketing Manager 1 4300.00 559.00 86 4945.00
    Financial Manager 1 4500.00 585.00 90 5175.00
    IT Manager 1 4800.00 624.00 96 5520.00

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