Life Insurance Policy
It is the policy of Gold Panel Group to provide group life insurance facility to all workforce. This facility shall start after the completion of probation period of 3 months. In case of death of any employee, the insurance company shall pay Rs: 200,000/- to the legal heirs of the employee. In case of accidental death of any employee, the insurance company shall pay double of the above mentioned amount. Premium will be paid by the company.
It is the policy of Gold Panel Group to register each and every employee with the E.O.B.I (Employee’s old age Benefit Institution) after the probation period of 3 months. EOBI Department pays the pension to the retired employees after completion of the minimum period as per EOBI law. For this facility, the Company has to pay 5% of the total salaries of the employees to the E.O.B.I Department on a monthly basis.
It is the policy of Gold Panel Group that each employee is given gratuity equivalent to one month’s salary (last drawn) for each completed service year at the end of his employment as labor law. In case of death of an employee gratuity is given to his/her legal heirs.
Increment & Up-gradation Policy
Annual increment shall be granted to the employees according to their date of joining each year after performance evaluation.
Only those employees shall be eligible for the annual increment in the salary who had performed well without any misconduct based on the recommendations of the concerned department in-charge followed by the General manager / CEO.
Those employees who had worked less than a period of 3 months would not be entertained with the annual increment.
Special increment & up-gradation shall be given only on enhancement in the employee’s responsibilities.
Final approval of Special increment & up-gradation, the application will go with the approval of Director / General Manager.
Stoppage in increment may be reviewed on his bad performance.