Compensatio

In: Business and Management

Submitted By qaimmahar
Words 2948
Pages 12
nCOMPENSATION AND BENEFITS
OBJECTIVE
SNGPL has lots of expectations from its employees, so they provide them with lots of compensations and benefits, which make them more efficient.
LIST OF COMPENSATIONS AND BENEFITS PROVIDED BY SNGPL * Group Life insurance * Medical benefits * Profit bonus * Annual increment * Promotion in upper grades * Gratuity Provident fund facility * Pension Facility * Educational scholarships * Loans * Uniform for workers * Leaves
GROUP LIFE INSURANCE * INSURANCE POLICY a) The SNGPL provides group life cover to employees. Premium is paid by the organization. The HR department is responsible for coordinating settlement proceedings and providing assistance to an employee in lieu of any claim filed under the scheme. b) This benefit becomes effective from the date of becoming the member of the group insurance scheme. On confirmation, employee is required to nominate names of beneficiaries who would be entitled to receive payments in event of his/her death. c) Payment is made only in case of in-service death of an employee. Death after retirement would not entitle the surviving spouse or family members, as the case may be, to any benefits. One time lump sum payment is made equal to the sum assured. * INSURANCE PROCEDURE Head of HR function * Receive written consent from the employee for becoming member of the life insurance scheme. * Coordinate with the employee intending to avail group insurance facility to fill out and sign the insurance documents. * Receive the signed insurance application form stating the name of persons nominated by the applicant as beneficiaries. Head of HR function * Receive written consent from the employee for becoming member of the life insurance scheme.…...

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