Salary At the Ripple Group all effort is made to ensure all team member’s salaries are not only matched to their experience and qualification but also a fair comparison to the prevailing salaries in comparable markets. Understanding the effort of its team members, Ripple Group ensures to pay equally and accordingly. Apart from the Salary the Team Members also have Sales Incentives, Performance Linked Incentives etc. The Salary for the Team Members is paid on a monthly basis. The salary cycle is from 1st to 30th of the current month. Salary for the preceding month shall be paid out on or before 10th of every month. The salary will be credited into the bank accounts of the Team Members. The Team Members are required to provide their bank account details during their joining. Team Members Salary Information is confidential and is not be shared with any one. Discussions and comparisons especially with Ripple Team Members are strictly prohibited. Any Deviation on this directive will not be tolerated and will lead to severe action including termination.
Salary Components The Key salary components include Basic Pay, House Rent Allowance, Transport Allowance, Medical Reimbursements etc. and Variable Components like Bonus & Performance Linked Incentives which are discussed in the later sections of the handbook.
Advances and Loans A team member may be eligible for Salary advance or loan only for the following purposes only. Education: Children’s Fees only.
Medical: Over and above the medical facilities provided by the company, if an associate requires additional aid he/she may avail the loan facility. This would be applicable for self and dependent family members.
House Deposit: In the event where an associate is transferred to a different location, where he/she has to pay house rent deposit. A maximum of 2 months gross pay will be sanctioned for any of the above criterion which is deductible in 12 equal installments. Only team members on confirmed rolls will be eligible for the same. The Loan taken from the Company will have a flat interest rate @ 6.5% (13 % diminishing) recoverable in 12 equal installments.
Tax Compliance All Team Members are expected to comply with tax, exchange control and other legal requirements applicable, at all times. The company reserves the right to deduct income tax at source/other statutory contributions as required by law on a monthly basis, from your salary. The Team Members who which to avail tax benefits should furnish the required documents as sought by the finance and accounts department within the stipulated time period. The Finance and Accounts Department can add additions or deductions to the monthly salary to adjust for the expenses to be reimbursed to the team member or from the Team Member to the Ripple Group. In cases where a Team Member has been found to have been over compensated, the additional amount will be deducted from the salary in the next cycle. All Team Members are entitled to receive monthly pay slip from the Human Resources Team detailing the various components along with additions and deletions. Any error or discrepancy must be reported to the Human Resources team so that the corrections can be made or the next cycle.