Sample Essay

Incentive plans that can be offered to the CFO in the short term and also in the coming five years have been discussed below.

INSURANCE

  • Medical benefit: The coverage of medical benefit (hospitalization) includes self, spouse and dependant children with an age limit of 21 yrs.
  • Group life and accident insurance

SALARY AND ALLOWANCE

Salary is broken into following four components

  • Basic salary (64.51% of gross salary)
  • House rent allowance (35% of basic salary)
  • Utility allowance (10% of basic salary)
  • Medical allowance (10% of basic salary)

FUEL REIMBURSEMENT

It is provided according to the grades

MOBILE PHONE REIMBURSEMENT

It is provided according to the grades

PROVIDENT FUND

10% of the basic salary is contributed by the employee which is deducted from the salary on a month basis. Only permanent employees are eligible for this.

EMPLOYEE LOAN PROGRAM

  • House loan: set criteria for the entitlement .e.g. minimum numbers of years served, credit ratio etc.
  • Vehicle loan: the confirmed employees after their probation period can enjoy this benefit.
  • Emergency loan :

ADVANCE SALARY

It is applicable only in special circumstances.

PERFORMANCE BONUS

It is based on over all business performance and employee’s individual performance gauged through annual appraisal.

CAR ENTITLEMENT

It is provided according to the grades

EMPLOYEE STOCK OPTION PLANS AND PROFIT SHARING PROGRAMS

The stock options give a certain percentage out of the stocks to the employees annually to which they get a return from time to time and profit sharing programs aim to share a percentage of the profits with the employees.

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Essay: Incentive plans for a job of CFO
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