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EMPLOYEE COMPENSATION & BENEFITS

Introduction
1.

In an addition to competitive base salaries and incentive opportunities MCB also offers

comprehensive and competitive benefits to both full time and part time employees.
Compensation is one of the top issues which the employees look at when they want to join
organization.
Motivational Environment and Merit Culture
2.

MCB ensures motivational environment and merit culture throughout its operational

units. It is a Bank that encourages its employees to do their best and get equal reward, position
and monetary incentive on performance and merit basis. The incentive-based pay system at Bank
encourages competition among the employees and fosters the talent of staff members to perform
their tasks remarkably with commitment.
3.

MCB deploys KPI-based performance evaluation system to align and measure

deliverables from the leadership to the front line managers ensuring that all employees contribute
to the overall objectives of the bank as one team.
4.

The Bank compensates its employees well in accordance with their work performance

and completion of targets. Hence, employees are rewarded timely and meritoriously that
provides exceptional results in the context of organizational effectiveness and employee
motivation.
Equal Opportunity Employer
5.

MCB Banks recruitment policies provide unbiased criteria for hiring people from any

religion as long as they qualify for the professional criteria required by the Bank. Culture at
MCB Bank also depicts a healthy, team based and cooperative environment. As of 2013, the

Bank held a ratio of 9,142(88%) male and 1,230 (12%) female ratio with approximately 1 % of
the employees from the minority population of the country.
Reward Award Program
6.

In order to provide the due recognition and incentive to the staff and keep them motivated

this Program is successfully being run by SQ. Realizing that employees are a valuable
commodity in todays ever-changing workplace, and recognition is a key component to employee
satisfaction, we feel that Service Awards are an ideal way to ensure that all of our employees
receive the recognition they need to be productive members of the corporate team. In the Year
2013, around 1,175 Employees were given Cash Awards on providing excellent service to the
customers. Moreover, 657 Employees were recognized on monthly performance and were
awarded with Employee of the Month award. Apart from this the collective efforts of Teams
were recognized from all Groups Quarterly and yearly and were awarded with Service Team of
the Quarter and Team of the Year Awards.
Compensation and Benefits
7.

Staff monthly salary is to be disbursed before the end of each month usually on

26th/27th of the month. In order to disburse salary on time, branches are advised to ensure that
all salary amendments must reach HRD latest by 20th of every month as per.
Advance against Salary
8.

Employees in need of funds for an emergency may be allowed advance against salary

for the current month to be adjusted in full on disbursement of salary. Since this facility is only
meant for emergencies, no staff member may be allowed to make a habit for applying for such
advance. Approval shall be obtained from the Departmental Head/ Branch Manager and
forwarded to HRD. As a matter of policy, a staff member may avail this facility only twice
during a calendar year under the following conditions:-

(a)

If the staff member is proceeding on leave and next payday falls during

vacation period.
(b)

In case of emergency.

Effect of Leave without Pay on Salary


9.

Salary deduction on account of leave without pay will apply to the entire salary

package of the concerned employee, including allowances and perks. Moreover, weekends and
public holidays falling during this period will also be considered as part of leave without pay.
Salary & Allowances for Officers & Executives (Minimum starting pay)
Salary and allowances of officers and executives of the Bank is as follows:
(All Amounts in PKR)
Driver

Furnit.

Telep.

s All.
-

Maint. All.
1,500

Resid.
-

1,500

1,500

27,000

1,750

1,500

33,250

4,500

2,500

3,000

47,500

6,000

3,500

4,000

88,500

7,500

5,000

5,500

115,500

Range

Basic House

Util

Conv

I
II
III
IV

3,500
5,500
8,000
12,00

1,400
2,200
3,200
4,800

350
550
800
1,20

500
750
1,000
1,250

0
16,00

6,400

0
1,60

VI

0
20,00

8,000

0
2,00

VII

0
25,00

10,000

0
2,50

VIII

0
50,00

20,000

0
5,00

IX

0
65,00

26,000

0
6,50

Gross
5,750
9,000
13,000
20,750

Salary

&

Allowances

Cadre
Supervisory
Secretary / Protocol /
Any

supervisory

for

Non-Officers

(Minimum

starting

Basic

House

Utilities

Conveyance

Gross

5,000

2,000

500

400

7,900

3,500

1,400

350

300

5,550

2,000*

800

200

200

3,200

pay)

Position
Clerical
Assistant / Cashier /
Typist / Technical Staff
(Maintenance)
Non-Clerical
Peon / Tea / Office Boy
Driver / Guard / NonTechnical
(Maintenance)

Staff
/

Sweeper / Cleaner
Accommodation
5.

At the discretion of the Banks Management, furnished or unfurnished

accommodation up to reasonable rental value may be provided to senior officers, transferred


from their permanent locations to fulfill the Banks requirements. Other staff members when
transferred out of city of the permanent residence to suit the Banks requirements may be entitled
to the following additional allowance (this needs prior approval from HRD before transfer is
implemented.
Fuel Allowance
6.

At the discretion of the management, officers posted in business units such as Car

Finance, Credit Cards, BDO, Home Loans, Agriculture Finance, Credit Marketing are allowed

payment of Fuel Allowance ranging between 50 ltrs. to 200 ltrs. (based on their functional
requirements if recommended by concerned Heads of Division / Departments).
Mobile Phone Facility
7.

Those who are below salary range VII but due to their functional requirement need

mobile phone facility, will be eligible for reimbursement of upto maximum Rs.1,500/- per month
subject to maintenance of their own mobile phone set.
Title Allowance
8.

Branch Managers, Asst. Executives-in-Charge, Product Heads, Area Managers and

Executives-in-Charge may be paid Title Allowance till such time they hold these positions.
Officer Position
Executives-in-charge
Area Managers
Product Heads
Assistant Executives-in-charge
Branch Managers
Chief Cashiers
Tellers/Cash Officers

Allowance in PKR per month


35,000
25,000
20,000
15,000
10,000
3,000
2,000

Bank Car Facility


(a)

Objective.

The objective of the Bank car facility is to provide Banks

maintained transport facility to the Banks senior officers, to be used by them for officecum personal use.
(b)

Eligibility.

Bank cars will be provided to Executives in range VII &

above upon joining the Banks service, or on being promoted to such salary range.

(c)

Entitlement.

Types of cars and fuel entitlement for various salary ranges are

detailed below:
Fuel

Salary Range

Type of Car

VII
VIII
IX

1300 CC
1300 CC GL or Equivalent
1500 CC / 1300 CC

Limit Bank

(In liters)
250
300
500

Maintained
Yes
Yes
Yes

Management of the Bank may allow Bank car facility (1000 c.c.) plus fuel upto
liters per month to officers in salary range VI, based on their functional

200

requirements

if recommended by Executives-in-Charge/Area Manager.


(d)

Second car for Executives-in-Charges and Area Managers.

Executives-in-

Charges and Area Managers will be eligible to have second car (1300 c.c.) based on their
functional requirement. Area Managers may also avail additional 100 liters fuel in addition
to their fuel entitlement mentioned in above (upto maximum 500 liters).
(e)

Repair & Maintenance.

Maintenance costs of Bank cars allotted to the

Executives/Officers will be borne by the Bank.

Profit Bonus/Special Cash Prize/Ex-Gratia


9.

Profit Bonus will be paid to the employees as and when declared by the Banks

Management, based on guidelines provided in the respective bonus circular. Special cash
awards/Ex-gratia/Bonuses may be paid based on outstanding performance with the approval of
CEO.
Provident Fund (PF)

10.

All permanent confirmed employees are eligible for membership of MCBLtd.

Employee Provident Fund Scheme. An employee will contribute an amount equivalent to one
months basic salary in a year (8.33% of monthly basic salary) towards the Provident Fund
Scheme and an equivalent amount will be contributed by the Bank. PF deduction will continue to
be made from monthly salary even if an employee has resigned and is working during the notice
period. Membership of PF Scheme will be automatically cancelled on the last working day of the
notice period.
Staff Insurance
11.

The Bank has arranged the following types of insurance for its full time staff, at its

own expense. The Banks Management may decide, at its discretion, to apply some or all of the
benefits of any of these policies to staff engaged on contractual basis. Various features relating to
these policies are subject to amendment from time to time. Benefits currently available are
briefly introduced below:(a)

Hospitalization Insurance Coverage for Employees and their dependent

Parents, Spouse and Children.

Policy for hospitalization insurance coverage for

employees and their dependent parents, spouse and children is renewed annually. It is
emphasized that only those eligible employees who have sent the requisite Family
Information Form complete in all respect are covered under this policy. Family /
dependents of all regular employees and contractual employees above 60 years of age are
covered. All other contractual employees below 60 years of age are covered for SELF
only. Male children above 25 years of age, male children below 25 years but married or
engaged in a gainful employment, married daughters, working spouse if availing medical
facility from any other source and dependent parents not residing with the employee will
not be covered under banks hospitalization policy.
(c)

Group Mortgage Insurance Coverage.

Lives of Employees of Bank are

covered upto the outstanding balance of House Finance liability (in the name of
concerned employee or spouse) with the Bank would be taken over by the Insurance

Company and no liability will be borne by the family of the deceased (subject to
completion of certain formalities required by the insurance company).
(d)

Group Mortgage Insurance Coverage For Conveyance Finance (for Clerical

and Non-Clerical Staff Only).

Lives of Clerical and Non-Clerical Staff members

are covered upto the outstanding Conveyance Finance liability with the

Bank

which

would be taken over by the Insurance Company and no liability will

be borne by

the family of the deceased.


(e)

Life Insurance Coverage.

All employees of the Bank, who are on Banks

payroll (whether in regular or contractual employment), upto the age of 65 years, will be
covered under the Group Life Insurance arranged through insurance company.
In addition to life coverage, the Bank will has also obtained coverage for permanent
disability due to accident and sickness upto the age of 60 years. In case of disability,
benefit will be paid according to percentage of disability as per schedule provided by the
insurance company.
The insurance policy is subject to conditions and exclusions provided by the insurance
company details of which shall be maintained by the Human Resources Division.

End Service Benefits


12.

MCB employees are entitled to the following end of service benefits:


(a)

Provident Fund

(b)

Gratuity Payment.

If period of service is less than 05 years, no gratuity

will be payable. If period of service is 05 years and above, gratuity will be payable
equivalent to one months basic salary (last drawn) for each completed year of

service. Unpaid study leave or long leave without pay will not be considered for
payment of Gratuity or any other benefit. Encashment of un-availed Privilege Leave
(only in case of death / termination / Voluntary Severance Scheme). The employee or
his/her family may retain Banks car (if provided) on book value or 10% of the
original purchase price whichever is higher (only in case of death or retirement)
provided the employee has spent at least four years service with the bank.
Income Tax Liability
13.

Employees are personally responsible for preparation and submission of their personal

income tax and any other personal taxation returns and reports, and for the payment of taxes, and
of other statutory dues. The Bank undertakes no responsibility or liability in this respect, except
for deduction of taxes at source, depositing the same with the concerned authorities, submitting
required statements to the income tax department, and providing a salary and tax certificate for
the tax year to the concerned employees.

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