Page 50 - HR Manual 2019

HR MANUAL
CHAPTER 7 BENEFITS EXTENDED TO THE EMPLOYEES
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7.4 Disbursement of Salary

Salary of each Employee will be directly deposited in the Employee’s SB account in the designated
bank. Income Tax, if any, will be deducted from the salary and remitted to the government.

7.5 Employee Welfare Schemes

7.5.1 Employees Provident Fund (EPF)
All Employees on permanent rolls of the establishment will be enrolled under EPF scheme and their

contribution as fixed by the EPFO will be deducted from their pay. Management will make a
matching contribution applicable as per EPF Act.

7.5.2 Employees State Insurance (ESI)
All Employees on permanent establishment who are earning Rs.21000/- and below per month will
be enrolled under ESI scheme and their contribution as fixed by the government will be deducted

from their pay. Management will make a contribution applicable as per ESI Act.

7.5.3 Pension Scheme
A group superannuation pension scheme has been introduced from the year 1998 for the benefit of
the Employees, both Faculty and Staff. The Faculty who has completed 1 year of service and the

staff who have completed 3 years of service will be eligible to become members of the scheme.
7.5.4 Medical Insurance

Any Employee from his Date of Joining is eligible for Medical Insurance.
The scheme covers Employee + 4 Dependents. The Dependents shall be as follows:
 Spouse

 Children
 Parents

 Siblings (under 25 years of age)

The Employee shall opt and choose the combination of Dependents as per his own accord, but not
exceeding the limit of 4 Dependents. Medical expenses up to two lakhs are covered by the Insurance.
Additional Coverage of up to Rs. 5 Lakh is optional where the premium for the additional coverage

should be borne by the Employee himself.

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