Page 67 - sampelcetak

CHAPTER VII
REMUNERATION
Article 27
Remuneration System

1. Salaries are determined by Job weight and Employee’s title/grade
defined by the experiences, expertise, competency, contribution
and work performance of the Employee by taking into account
the Bank's financial ability and fairness for all Employees.
2. Salaries are disbursed monthly on a net basis, meaning that
Employee’s income tax shall be borne by the Management.
3. Each individual Employee must maintain confidentially his/her
Salary and for any reason he/she is forbidden to divulge his/her
Salary or fellow Employee’s Salary data to other Employees.
4. Salary increase or adjustment shall be implemented annually by
March, and determined through the annual Potential and
Performance Appraisal by the Management and maintained
confidentially.
5. Deviation to clause 4 above, however, the Management may
conduct special adjustment to Employee’s Salary twice a year
when deemed necessary.
6. The Salary scale shall be determined and stipulated in an official
letter by the Management.
th
7. The Salary is disbursed on the 25 of the month. Should the
payday fall on a holiday, the salary shall be disbursed 1 working
day in advance.
8. Salary components consist of basic salary and allowances (please
refer to Chapter VIII).
9. Whereas increase factors must be determined by considering:
a. Employee’s competency appraisal (merit increase);
b. Annual inflation rate (Cost of Living Adjustment) by using a
year on year (YoY) method with an inflation rate figure as of
February.
c. Bank's financial capability.

24