Reward Management

We are committed to rewarding our employees based on their level of commitment and contribution. We encourage and enforce this through this Policy the spirit of reward management, which is guided by the principle of internal equity and external competitiveness.

The forms of rewards are listed below which are further detailed throughout the policy.

• Compensation

• Benefits

Fixed Compensation can be defined as the cash provided to employees as a reward for their services. Compensation can take different forms: through Fixed or Variable Pay.

Total Salary is made up of (1) Basic Salary and (2) Consolidated Allowance in ratio of 65:35 respectively. For UAE Nationals, a special fixed allowance is allocated according to each grade in addition to their total salary

Variable Pay

Compensation can also be done through variable pay as: 

·      Incentivized Bonus or Annual bonus linked to performance score

This type of bonus, subject to BOD approval, is dependent on the following factors:

·      Individual performance measured by performance rating arrived at their Performance Management Process

·      Overall organizational performance measured by net profit

·      Departmental / divisional performance

The quantum of performance bonus is the absolute amount of bonus to an individual staff member. It is derived by a formula which is applied across Fasset, depending on:

·     The amount in the provision

·      Individual performance rating

·      The job grade of the employee.

The payment of bonus will be made only after the Remuneration Committee and/or the Board’s approval.

Salary Payment

The salary is credited into the employee’s account by the 25th of each month and 20th of the month is the cut off date for all inputs/deductions to the payroll. If a payday falls on a holiday or weekend, salary transfer to Fasset account will be made on the immediate preceding workday.

Salary Administration

Salary administration is a major component of rewards management. 

Salary structure is linked to the Job Grades. Depending on Job Value, Job Grades are allocated from the moment of joining.

To ensure alignment with market progress and changes, salaries for each Grade are fixed and revised on an on-going basis.

The Salary structure includes the range of salary, minimum, mid‐point and maximum, within the grade. Generally, an employee will not be paid less than the minimum or more than the maximum salary of that grade. As mentioned above, the Total Salary is divided into Basic and Allowance in the ratio of 65:35 respectively. The individual’s progression within the salary range of the grade will be based on his/her performance in the current job which is measured by the Performance Management System.

Review & Revision of Salary

An employee’s salary is reviewed and revised for the reasons below:

•      Promotion. 

•      Re-evaluation of job (Job Upgrade) which may result in a higher grade.

•      Salary increase followed by performance review.

•      Correction of salary to address undesirable inequity.

Benefits

Benefits can be defined as programs which Fasset offers to employees as a supplement of cash compensation. Employees are eligible to the benefits as per the company policy.

Recognition

We value our employees and believe that appreciation should be granted as a reward. In fact, recognition is given for:

•      Employee’ contribution towards the betterment of Fasset 

•      Successful completion of special tasks assigned

•      Employees’ outstanding performance during the whole year (Outstanding performance award)

Employee Benefits

At Fasset, we value good performers and therefore we believe efforts should be made to retain them. To do so, we provide competitive benefits to reward the best practices in the market.

Medical Insurance

All employees at Fasset and their eligible members are entitled to private medical insurance through a selected medical insurance company.

Private medical insurance depending on Fasset’s Medical Insurance Policy, is provided to:

·      Employee

·      Spouse with valid UAE residence visa

·      Children with valid UAE residence visa – All children up to 21 years of age.

Annual Airfare Allowance

1.    UAE Nationals’ Annual Airfare Allowance 

All UAE National employees will be entitled to receive Half Gross Salary as annual airfare allowance according to the specified Minimum and Maximum limits below: 

2.    Expatriates’ Annual Airfare Allowance 

Expatriate employees will be entitled for leave air passage for self and, in case they have UAE residence, spouse and children are also covered according to the table below: 

Notes:

•      Family is defined as spouse and up to 3 children up to the age of 18.

•      Dependent children receive different amounts depending of their age. For example, 2 to 12 year olds receive 75% of the amount paid to the employee and children under 2 receive 10%.

•      Female staff members will be provided this benefit for self if they do not receive this through their husband’s employer.

•      Also, female staff will be provided this benefit for their children if they do not receive this from their husband’s employer (if applicable for the grade)

For employees who join during the year, they shall receive a proportionate amount if they have completed 3 months service as of 31stof December. Employees with less than 3 months service as of 31stof December will receive the proportionate amount for the year on completion of 6 months service.

•       For employees who resign from Fasset before completion of the current service year for which the airfare allowance has been paid, a proportionate amount will be deducted from the final dues. No recovery will be made from employees involuntarily separated.

End of Service Gratuity for Expatriates

When employees leave the services of Fasset, Fassetensures end-of-service benefits to all expatriate employees respective of the UAE Labour Law and other local laws applicable to the employees contract and location.

Pension Plan for UAE/GCC Nationals

In compliance with the UAE Labour Law provisions, Fasset’s Policy encourages the provision of the Statutory Pension Plan for UAE and GCC National Employees. Fasset is a member of Federal Retirement Pensions & Benefits Fund. As an obligation, UAE/GCC National employees are entitled to register and contribute to the pension scheme.

Education Allowance

Employees VP & above will be eligible to Educational Allowance.

 Employees who join during the year will be entitled on pro rata basis from the date of joining.

Eligible female employees are required to get a confirmation from their husband’s employer stating that they do not receive this benefit through their husband’s employment.

•      If a child reaches the age of 21 during the year, then allowance will be calculated proportionately until that period.

•      In case of resignation during the year, a proportionate amount will be deducted from the final dues. No recovery will be made from employees involuntarily separated.

•      If the employee is terminated or is asked to resign then there shall be no recovery.

•      For children from the age of 3 to the age of 21, educational expenses will be covered by Fasset. These expenses will be granted until they get married or are employed, whichever occurs first.

•      Among educational expenses, tuition fees, school transport charges and cost of books are included. The payment administered occurs on an academic year basis, meaning from June to July. Allowance will be given on a reimbursement basis upon submission original invoice and original payment receipts.

 Children are required to have valid UAE residence visa, which shall be submitted to HR.