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Compensation System in Ucbl

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Compensation System (UCBL) Course Title Human Resource Management Course Code MGT (341) Prepared for Mr. Monzoor Morshed Adjunct Faculty Department of Business Administration University of Information Technology and Sciences

Prepared By Md. Rayhan Razib Md. Shahriar Ahned Md. Golam Rasul Md. Rajib Hossain Md. Md najrul islam Date of submission: July 26, 2012

Letter of Transmittal
July26, 2012

MD. Monzoor Morshed

Adjunct Faculty

Department Of Business Administration
University of Information Technology and Sciences Subject: Submission of term paper. Dear Sir,
With due respect it is my pleasure to present the term paper entitled Compensation System in (UCBL). While preparing the report I have tried my level best to focus closely on the topic and try to focus most complete and updated information available. I strongly believe that it will provide a clear idea about Compensation System in (UCBL).
To prepare this report, we have given best effort to accumulate needed information. We will be available to answer any question for clarification. Thank you for your sincere support. Sincerely Yours, Md. Rayhan Razib # 10310019 Md. Shahriar Ahmed # 10310195 Md. Golam Rasul # 10310355 Md. Rajib Hossain # 10310515 Md. Md najrul islam # 10330187
Acknowledgement

We would like to thank Mr. Monzoor Morshed our faculty who has supported us, assisted us and guided us through the preparation of this report. He has been patient and understanding of all our queries and problems, and we are very grate full to him for his help. We would also like to thank all the employees of Dhaka Bank Limited and United Commercial Bank Ltd. They have been very helpful throughout the preparation of the report & responding to all our queries.

Executive Summary

Since
“United Commercial Bank Ltd” is the leading Banks in the Bank business and are efficiently broadening their horizon, we thought it would be interesting took now about their practices and their strategies which they apply in their day to day activities in controlling the compensation system and human resource and also planning policies to reach the goals in time. “United Commercial Bank Ltd”
Followed in their Human Resource Planning is flexibility. We know in compensation system Human Resource planning organization go for reactive HRP. As we know “United Commercial Bank” Is in now Growth stages. To estimate future demand and supply of employees.

United Commercial Bank Ltd” Use Managerial Judgment. To forecasting the internal supply of employees they used their own software which is HRIS. For external supply how employees they take fresh University Graduates.
Banks maintains 100% privacy to their employee’s personal information. „Dhaka Bank Limited”
And “United Commercial Bank Ltd” is now growth stage Company. So, their business has expended dramatically. For that reasons they never face the situation like employees surplus. Dhaka Bank Limited” and “United Commercial Bank Ltd” sometimes faces labor shortage Problem. In that situation the company go for hire temporary employees and employees are given over times. In the case of compensation system they follow all the process like at first they make a plan then develop a strategy after that they go for searching and screening at last the evaluate the whole compensation system process. For this analysis we, focused on the compensation system practiced by two private banks of Bangladesh.
Introduction

Background of United Commercial Bank Ltd (UCBL)

The United Commercial Bank Limited is another private sector Bank in Bangladesh. The United Commercial Bank Limited started from 1983 and, now a day The United Commercial Bank Limited has been able to establish one of the largest networks of 119 branches in Bangladesh. The United Commercial Bank Limited Bank has already made a distinct mark in the realm of Private Sector Banking through personalized service, innovative practices, dynamic approach and efficient Management. The Bank, aiming to play a leading role in the economic activities of the country, is firmly engaged in the development of trade, commerce and industry thorough a creative credit policy. Value for our clients, shareholder and employees and contribution to the society.

Mission Statement To be the bank of 1st Choice through maximizing Annual Guaranteed Cash. Annual Variable Cash Terminal Payments Monthly Cost of Benefits.

Management
The Bank has in its Management a combination of highly skilled and eminent bankers of the country of varied experience and expertise successfully led by Mr. M. Shahjahan Bhuiyan, a dynamic banker, as its Managing Director and well educated young, energetic and dedicated officers working with missionary zeal for the growth and progress of the institution.

Total Compensation and Benefits Package of UCBL

This chapter outlines the rules relating to compensation structure and the benefit package of the Bank and gives detailed procedures for exercising them in order to promote fair treatment and consistency within the organization.

Salary Structure
Refer to the Salary & Remuneration Package Structure for Supervisors and Executive Staff of UCBL for details regarding the structure of salary and allowances for different units under UCBL.

Revision of Pay Elements

The compensation structure may be revised, if necessary, with the approval of the Director, Admin/HR, and Head of the Dept., Finance and the Chief Executive.

Employee Compensation Records
Employee Pay Records are maintained by the Personnel & Admin Department for Workers and Supervisors and by the Human Resource Department for the Executives. These departments maintain personal file of all employees where all records in regards to the employee are kept in addition to any soft copy (in computer database Maintained by the departments. These records are confidential and should not be accessible to any unauthorized persons (authorization defined by HR or Personnel &Admin dept. head).

Basic Employee Benefits for Permanent Employees

Provident Fund
The Company's Provident Fund is a funded scheme. All confirmed and permanent employee sere entitled to be members of the Provident Fund. The employee contribution, equal to 10% of the basic salary, is deducted each month through the pay roll. The Company's Provident Fund is a funded scheme. All long-established and enduring employees are at liberty to be members of the Provident Fund. In the Provident Fund Ledger, both the employee's and the Company's contributions are accredited to the individual employee's account.

Bonuses
All confirmed Permanent employees of United Commercial Bank Limited are entitled to one Annual Bonus each equivalent to “Basic Salary” under the following conditions: Attendance in the Calendar Year Bonus Entitlement
200 days + 100% of the Bonus90 days + 50% of the Bonus

Accommodation
The Bank on the basis of requirements and availability provides accommodation to UCBL Top Executives at their own established facilities in Dhaka city. Outside the Dhaka city, the Bank provides expenses for the accommodation.

Utilities Allowances

Designation Electricity (Limit/Month) Taka

Gas (Limit/Month) Taka Water (Limit/Month) Taka Telephone (Local &NWD) (Limit/Month) Taka

Manager /Sr. Manager 2,500 at Actual at Act EVP and above At Actual Other employees 1500 450 1000 No the Accounts Department will make compensation payment to the employee within 30 days from the date of submission. Telephone bill has to be forwarded to the HR department, and then they forwarded that bill to IT department, so Payments can be made by the company, if it is in the name of the Bank.

Mobile Telephone
Based on the UCBL business need, a mobile telephone provided to a permanent or contract employees. To receive this benefit, a written application should be forwarded to the Department Head, IT upon approvals of the employees Department Head and In charge of the site/factory if applicable. The mobile phone is to be used first and foremost for business purpose, though can be utilities deform being in contact with the family members, if necessary with logical discretion due to the high cost of mobile phone usage.

Medical Benefits

Medical Benefits for the Executive Staff
The bank will compensate the cost of authorized medical treatments in Bangladesh including hospitalization, surgical and childbirth subject to the conditions mentioned here. The Bank reserves the right to approve the Medical Practitioner consulted.
Dental treatment included as defensive measures, the Bank will reimburse for „Upper and Lower dental cleaning twice a year. Reimbursement of the cost will be restricted to the treatment of the executive, spouse and children. Expenditure on medical treatment of Executives is reimbursed by the company. Every employee is not getting the medical benefits.

Car Purchase Scheme

Board of directors is entitled to 24 hours company paid transportation. The company also pays. For the fuel at cost, Drivers salary, and for all necessary maintenance/repair and administrative cost of the vehicle. Car purchase scheme has to be changed into(for the top management, middle management get allowance for driver and fuel cost but need to buy the car with own expense where loan facility is available from the bank/interest redemption)

LOAN SCHEME All employees are eligible to any purpose loan provided they have served the organization for 2 years Leave Entitlements

Basic Leave Types

All Permanent Executives of the Bank are entitled to various types of Leaves that are calculated based on calendar year and prorated from the date of joining the Bank's service for the first year. Leave entitlements of expatriate (Contract) employees shall be governed by their respective terms of employment with the company specified in the Appointment Letter
The following are the Basic Leave entitlements for the Executives at Head Office:

Types of Leave Days per Year
Weekends (with full wages) As per Section 5.5Casual Leave (with full wages) 15Sick Leave (with full wages) 10Earned Leave 15Public Holidays As per list of holidays declared by the Govt .The following are the Basic Leave entitlements for the Executives at Branches:

Definitions of Basic Leave Entitlements

Casual Leave

Entitlement to casual leave for the Executive at Head-Office and Branch Site, it is 15 days based on each calendar year. The employee is entitled to exercise Casual Leave from the very next day of joining; though the Casual Leave is pro-rated for the balance period of the year counting from the joining date. Casual Leave can be taken with Weekends, Public Holidays, Earned Leaves, etc. but be limited to only 3 days. Sick Leave

Entitlement to Sick Leave for the Executives at Head-Office and Branch Site it is 15 days on the basis of each calendar year. The employee is eligible to exercise the Sick Leave benefit from the date of his/her joining. The above entitlements represent the maximum number of days
Sick leave that an employee can avail in a year. If an employee is sick on Weekend or on a Public Holiday, that day will not be counted as a sick day and the number of Sick Leave taken out of his/her allocated days will be excluding those days.

Earned Leave

Entitlement to Earned Leave for the Executives at Head-Office and Branch Site is
15 days On the basis of each completed year of service. The entitlement to Earned Leave is exclusive of Weekends and Public Holidays i.e., Weekends and Public Holidays falling during the annual leave taken will be considered additional to the entitlement .Though Earned Leave is counted from the date of joining but it cannot be taken until the employee passes the probationary period receiving confirmation.

Maternity Leave

The period of Maternity Leave shall be 84 actual days of absence which shall include the Public Holidays and Weekends (non-working days) and including the day of delivery.

Study Leave
Study leave is normally granted if the course of study which the employee intends to pursue is likely to benefit the Banks operations.

Special Leave
Special leave may be granted to the Permanent or Contract employees with or without pay and allowances at the sole discretion of the management.

CONCLUSION

This study research has been focused on the compensation system, practiced by two private banks of Bangladesh. There are some components that are taken into consideration during pay in our country, but it varies significantly among banks regarding pay. It could have been better, if we might have worked with all types of banks. Here in our study we have worked with only one type of bank. In our study we have tried to focus on the pay differences, possible reasons of using different pay components used by the banks in our country. Finally, we came up with some recommendations, which can be used for both of the banks so that they can perform better.

• Human Resource Management --- DR. Atahur Rahman • Website of different restaurant • www.google.com
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