HR Policies & Procedures
Salary, Benefits & Rewards
Policy/Procedure
Objective:
This Policy/Procedure is established, forming an integral part of the Corporate Governance principles of ................,
aimed at strengthening its values and long-term strategies. The objective is to have in place a standard procedure for
establishing salaries, compensations, benefits and rewards; grades and principles, in order to motivate its employees
through a fair and structured payment philosophy and be in line with the labour market.
This Policy/Procedure is based on the following principles:
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Performance maximisation
Attracting and retaining talents
Aligning remuneration and rewards to the local job market, profitability and sustainable development
Internal transparency
Hierarchical level and position importance
Seniority
Performance
Outline:
Seeking to maximise the values of ................ ltd, this Policy is consistent with the corporate strategy and supports
performance-driven culture, which brings the organization’s objectives in line with the stakeholders’ objectives and also
motivates employees to continue acting on the Group’s best interest.
It addresses all ................ ltd employees.
I.
Job Grades and respective Salary Ranges & Benefits:
The aim is to ensure a remuneration level and benefits, at the market median, using as benchmark compensation of
comparable roles in comparable activity and size industries, as it is reflected in salary surveys.
An employee's fixed remuneration forms the largest part of his/her total remuneration to such an extent that the employee's
standard of living is not determined by the variable remuneration provided. This seeks to ensure that employees do not
place greater emphasis on variable remuneration in comparison to their total remuneration.
The general elements taken into consideration by defining the above, are:
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Hierarchical level – as defined in the Organization’s Chart
Position’s importance - Higher remuneration is provided to specialised roles, which are of great significance for
the company operation and growth.
Seniority - When the employee salary reaches the maximum level, it will increase with 2% of the monthly gross
salary, after each employment year, and also benefit from flat mass increase, upon Company’s judgement, ie.
Inflation or Other.
Performance – Performance evaluation results
Previous work experiences in other Organizations, of the same level/position covering currently
Qualifications - such as; Master’s Degree, Doctorate, Trainings, matching to the employee’s role in the company.
Human Resources Department
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HR Policies & Procedures
* The below ranges do not apply for Exceptional Cases, due to the employee being identified as talent in the talent mapping
process, cases of exceptional performance and decisions for excessive salary increases made in the past.
SALARY/
JOB
CLASSIF
ICATION
GRADE
EMPLOYEES
CATEGORY
MIN
MONTHL
Y GROSS
SALARY
ALL
MAX
MONTHLY
GROSS
SALARY
ALL
BENEFITS RANGES OFFERED BY
................
1,000,000
AVERAGE
MONTHL
YTH
GROSS
SALARY
ALL
1,250,000
1
Executive
CEO
1,500,000
Deputy General
Managers
450,000
525,000
600,000
3
Heads of
Divisions/Group
of Departments
400,000
415,000
430,000
4
1-st Level
Department
Managers
310,000
345,000
380,000
*Company car up to 3000cc, all
expenses of fuel, taxes, maintenance
and parking, fully covered
* Mobile expenses, unlimited
* Mobile Phone Device value fully
covered
* Lap-top value unlimited
* Business Credit Card with limit 2000
Euro
* Health insurance coverage up to
200,000 euro
* Life insurance coverage up to
200,000 euro
*Company car up to 2000cc, all taxes,
maintenance and parking, fully covered.
Fuel expenses covered up to 30,000
ALL.
* Mobile expenses covered up to
20,000 ALL
* Mobile Phone Device value covered
up to 100,000 ALL
* Lap-top value up to 800 euro
* Business Credit Card with limit 1000
Euro
* Health insurance coverage up to
100,000 euro
* Life insurance coverage up to
100,000 euro
*Company car up to 2000cc, all taxes,
maintenance and parking, fully covered.
Fuel expenses covered up to 25,000
ALL.
* Mobile expenses covered up to
10,000 ALL
* Mobile Phone Device value covered
up to 60,000 ALL
* Lap-top value up to 800 euro
* Business Credit Card with limit 1000
Euro
* Health insurance coverage up to
80,000 euro
* Life insurance coverage up to 80,000
euro
*Company car up to 1800cc, all taxes,
maintenance and parking, fully covered.
Fuel expenses covered up to 15,000
ALL.
* Mobile expenses covered up to 5,000
ALL
* Mobile Phone Device value covered
up to 60,000 ALL
* Lap-top value up to 500 euro
* Business Credit Card with limit 1000
Euro
* Health insurance coverage up to
80,000 euro
* Life insurance coverage up to 80,000
2
Human Resources Department
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HR Policies & Procedures
euro
II.
5
2-nd Level
Department
Managers/Deputy
Managers 1
250,000
310,000
370,000
6
High Level
Experts, Deputy
Managers 2, Unit
Managers
240,000
255,000
270,000
7
Senior:
Supervisors,
Team Leaders
190,000
210,000
230,000
8
Supervisors,
Team Leaders
170,000
190,000
210,000
9
Senior Staff,
150,000
160,000
170,000
10
Senior Specialists,
120,000
130,000
140,000
11
Specialists,
Coordinators
90,000
105,000
120,000
12
Technical
Assistance Staff 1
65,000
77,500
90,000
13
Technical
Assistance staff 2
60,000
70,000
80,000
14
Cleaning &
Maintenance Staff
1
50,000
57,500
65,000
15
Cleaning &
Maintenance Staff
2
45,000
52,500
60,000
" Mobile expenses covered up to 3,000
ALL
* Mobile Phone Device value covered
up to 40,000 ALL
* Lap-top value up to 500 euro
* Health insurance coverage up to
50,000 euro
* Life insurance coverage up to 50,000
euro
* Mobile expenses covered up to 2,000
ALL
* Health insurance coverage up to
30,000 euro
* Life insurance coverage up to 30,000
euro
* Mobile expenses covered up to 2,000
ALL
* Health insurance coverage up to
30,000 euro
* Life insurance coverage up to 30,000
euro
* Mobile expenses covered up to 2,000
ALL
* Health insurance coverage up to
30,000 euro
* Life insurance coverage up to 30,000
euro
* Mobile expenses covered up to 2,000
ALL
* Health insurance coverage up to
30,000 euro
* Life insurance coverage up to 30,000
euro
* Health insurance coverage up to
30,000 euro
* Life insurance coverage up to 30,000
euro
* Health insurance coverage up to
30,000 euro
* Life insurance coverage up to 30,000
euro
* Health insurance coverage up to
30,000 euro
* Life insurance coverage up to 30,000
euro
* Health insurance coverage up to
30,000 euro
* Life insurance coverage up to 30,000
euro
* Health insurance coverage up to
30,000 euro
* Life insurance coverage up to 30,000
euro
* Health insurance coverage up to
30,000 euro
* Life insurance coverage up to 30,000
euro
Other payments:
Human Resources Department
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HR Policies & Procedures
Besides the above benefits,
for local staff also a Food Allowance is granted, at an amount of 7,000 ALL/month.
III.
Bonusses and Reward Schemes:
a.
Bonus for Company’s Annual Revenue:
This bonus is paid quarterly, depending on the level of reaching and exceeding the targeted revenue from its activity, ie.
production.
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Annual percentage for employees pertaining to the grades 1-3 is 8% of their annual gross salary
Annual percentage for employees pertaining to the grades 4-6 is 5% of their annual gross salary
Annual percentage for employees pertaining to the grades 7-16 is 3% of their annual gross salary
b.
Bonus for KPI-s fulfillment:
Each department has its KPI-s which are respectively linked to the duties and responsibilities of each position, and
evaluated through the Annual Performance Appraisal process.
After the completion of the performance appraisal process, the employees who have been evaluated with the grade 3 and
above, for each of the 3 core KPI-s/objectives assigned at the beginning of the evaluation year, by the supervisors, will
have an annual bonus varying from 30%-50% (depending on the average grade of the 3 main objectives, evaluation) of
his/her monthly gross salary.
c.
Reward Schemes for specific departments/positions targeted campaigns:
These kinds of bonuses are paid upon reaching and exceeding targets of specific campaigns, which involve specific
departments and/or positions.
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When the entire Unit/Department is involved in the scheme, the bonus is split equally among all staff,
including its manager/supervisor.
When one or some employees are involved, they will obtain separate bonuses and the
manager/supervisor will obtain a bonus at the range of 5-20% (depending on the number of employees involved)
of the employee/’s bonus.
In both cases, schemes and bonus amounts/percentages are defined on case by case basis, according to the campaign’s
specifics.
d.
Funding of Long-Term studies:
In the framework of the Company’s objective to provide development opportunities to its people, ................ ltd can fund up
to 100% of the cost for employee participation in long-term educational programs, such as Bachelor’s & Master’s Degrees,
or other similar educational programs.
The main prerequisites in order for an employee to be entitled to apply for long-term program funding, are:
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Years of service of the employee within the Company should be at least 3 of uninterrupted employment
as permanent staff (full-time/indefinite period contract).
The performance assessments over the past years and general employment history should be
satisfying.
The quality of the programs offered by the institution where the employee wishes to study should be of
a recognized stature, within the country.
The content of the selected program must be directly related to the employee’s role in the company.
The hourly program of the selected course may not coincide with the working hours.
The employee should be already accepted in the program of interest.
Human Resources Department
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HR Policies & Procedures
The above list of bonusses and rewards is not exclusive. Each time that the Upper Management will consider to
apply an additional element and/or change features of the existing ones, a separate decision will be made, as an
extension to this Policy.
Identity:
o
Policy Owner: Human Resources Department
o
Reviewed by: CEO/Deputy General Manager, GD&CEO’s Advisor, Deputy General Directors, Compliance
Director
o
Approved by: CEO & Managing Director
o
Approval Date: _____________ (To be reviewed every 2 years, following salary survey results)
Forms & Documents:
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Company Cars Policy/Procedure
Lap-Tops Policy/Procedure
Mobile Phones Policy/Procedure
Business Credit Cards Policy/Procedure
Funding of Long-Term Studies Policy/Procedure
Staff Motivational Tools
All staff Positions, Salaries and Benefits, Ranging
Procedure and related content, Communication Method:
Confidential Document for HR and Upper Management use, only.
Human Resources Department
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