Page 33 - Employee Handbook - India

YOUR REWARD PACKAGE

MMR is committed to providing a fulfilling, rewarding career to all
employees and to supporting them in maintaining a high degree of
personal wellness. This section of the handbook outlines all the benefits
and initiatives available to you during your employment at MMR

BONUS SCHEME SALARY

MMR operates a profit related incentive scheme which new Your annual salary is based
starters may be eligible to join from SRE level onwards. Subject on a 12-month pay period,
to satisfactory personal performance, and to the achievement and is paid monthly in
of the team and global targets, you may be eligible to earn a arrears on the last working
percentage of your base salary as a bonus payment. Should you day of the month to a bank
be eligible to bonus payment, full details of your bonus account nominated by you.
qualification will be stated in your contract of employment. Details of any change to
Bonuses are paid at the end of the financial year, once accounts the account to be credited
have been audited, likely to be at the end of July. Bonuses will must be notified to the HR
be awarded on a pro-rata basis, according to your start date. team as soon as possible.
The scheme is discretionary and subject to shareholder
approval. The amount of bonus (if any) and the method and Your payslip is sent to you
timing of payment will be determined by MMR from time to at the end of every month.
time at its sole discretion.
Tax Declaration MMR Salary Structure

Employees are required to provide a There are three allowances in the MMR salary
declaration at the beginning of the year in structure for which employees need to provide
respect of tax saving expenses (rent/medical supporting documents to claim tax exemption:
expenses/leave travel expenses ) & other
eligible investments to be made during the House Rent Allowance (HRA) – Employee need to
year. Based on this declaration, the submit rent receipts & other supporting documents
employee’s tax liability will be worked out and to claim exemption if residing in a rental house.
the Tax Deducted at Source (TDS) will be The exemption amount is subject to limits
deducted proportionately on a monthly basis. specified as per the provisions of Income Tax Act.
Medical Reimbursement – Medical reimbursement
At the end of the financial year, in January or to the extent of INR 15,000 per annum is exempt
February, employees must submit Form 12BB from tax subject to submission of medical bills.
providing full details of the actual investments Leave Travel Assistance (LTA) - One month basic
& expenses made during the year, along with salary is assigned to this allowance on yearly basis.
copies of all supporting bills and documents The value of any leave travel assistance received
by or due to an employee and his family, in
It is the responsibility of the employee to connection with leave to any place in India is
complete their investment declaration (Form exempt under Income Tax Act subject to
12BB) and send all the necessary documentary conditions specified. The amount exempt under
proof and receipts, in order to support their this clause shall not exceed the
claim for income tax benefit. amount of expenses actually incurred for the
purpose of such travel. Accordingly, employees
MMR partners with BTA Consultants India Pvt need to submit expense bills to claim the
Ltd to finalise this process for you. BTA will exemption
calculate the employee’s final tax liability,
based on Form 12BB and documents submitted.

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