The benefits of career path and career management in Basil Read for the employers and the individual are the following:- Increment in Salaries and Wages: Employees use them as a benchmark to either negotiate a pay increase or a starting salary with a new employer. An increment usually represents a portion of what the employee earns per year. Increment in Shared-based Payment: Share based payments are those payments which are given to employees on the basis of share or equity of company. For instance, employees are the service provider and company is service receiver.
If any payment is given to service provider from service receiver on the basis of shares or equity instrument of company, it is called share based payments. There are two types of Share-Based Payment,which are:- – Equity Settled Payments – It is that type of share based payments in which employees provide service and company gives them his equity shares or other equity instruments. – Cash Settled Payments – Under this system, we pay cash payment to employees for his duty but its price will be based on the share equity of company.
Improved Pension Costs – Defined Contribution plan: Is a plan in which an employee’s benefits during retirement depend on the contributions made to and the investment performance of the assets in his or her account, rather than on the employee’s years of service or earnings history Improved Pension Costs – Defined Benefit plan: is an employer-sponsored retirement plan where employee benefits are sorted out based on a formula using factors such as salary history and duration of employment. Social Security: This may refer to:- – Social insurance, where people receive benefits or services in recognition of contributions to an insurance program.
These services typically include provision for retirement pensions, disability insurance, survivor benefits and unemployment insurance. – Services provided by government or designated agencies responsible for social security provision. In different countries this may include medical care, financial support during unemployment, sickness, or retirement, health and safety at work, aspects of social work and even industrial relations. – Basic security irrespective of participation in specific insurance programs where eligibility may otherwise be an issue.
For instance assistance given to newly arrived refugees for basic necessities such as food, clothing, housing, education, money, and medical care. The Basil Read Group Pension Fund, the Basil Read Group Provident Fund and the Construction Industry Retirement Benefit Plan cover permanent employees of the group and its subsidiary companies. The Pension Fund is a defined benefit plan while the Provident Fund and the Construction Industry Retirement Benefit Plan are both defined contribution plans. All these three funds are registered under the Pension Funds Act of 1965 as privately administered funds.