Quarterly Salary Hike Initiative by FinCrif

FinCrif has launched a groundbreaking initiative to tackle the challenges employees face in the telecalling, BPO, and sales sectors, We have introduced a strategic salary increment program to enhance employee well-being and foster professional growth.

Key Features of the Salary Increment Program:

• Quarterly Increments: Employees receive a 15% salary hike every three months, based on a thorough performance evaluation, ensuring regular rewards for individual achievements.
• Annual Growth Potential: The cumulative impact of these increments can lead to an impressive annual salary increase of up to 60%, reflecting our commitment to recognizing and rewarding outstanding performance.

This structured program motivates employees, supports their career development, and contributes to their financial stability.

Impact on Company Growth:

Since the implementation of the quarterly salary hike program, FinCrif has experienced remarkable growth:

• Team Expansion: The workforce has grown to over 600+ employees, with a consistent 20% monthly increase in team size.
• Enhanced Employee Satisfaction: Regular salary increments have significantly improved job satisfaction, reducing attrition rates and boosting morale.

Benefits of ESIC for Employees:

The Employees' State Insurance Corporation (ESIC) provides comprehensive social security to employees and their families, covering various contingencies such as sickness, maternity, and disability. Here are the key benefits:

• Medical Care: Access to extensive medical facilities, including outpatient treatment, specialist consultations, hospitalization, surgeries, and super-specialty treatments at ESIC and tie-up hospitals.
• Cash Benefits: Financial support during sickness or temporary disability, with cash compensation at 70% of average daily wages for certified leave periods.
• Maternity Benefits: Paid leave for female employees before and after childbirth, covering medical expenses related to maternity.
• Disablement Benefits: Compensation and rehabilitation support for employees suffering from work-related disabilities.
• Dependent Benefits: Monthly cash compensation for dependents in case of the employee’s death due to employment-related injuries.
• Unemployment Allowance: Financial assistance for unemployed individuals due to establishment closure, retrenchment, or permanent invalidity.
• Additional Support: Services such as physical rehabilitation, vocational training, and education assistance for employees' children.

These benefits ensure financial security and healthcare access for employees and their families, supporting them during challenging times.

Advantages of EPF for Employees:

The Employees' Provident Fund Organization (EPFO) manages the EPF, a robust retirement savings scheme, that offers several benefits:

• Retirement Savings: Both employee and employer contribute to the EPF account, creating a substantial corpus for retirement.
• Tax Benefits: Contributions and interest earned are eligible for tax deductions under Section 80C. Withdrawals are tax-exempt after a specified period.
• Flexible Withdrawals: Employees can withdraw their EPF balance on retirement or opt for partial withdrawals for specific needs like housing, medical emergencies, marriage, or education.
• Pension Scheme: A portion of the employer’s contribution goes towards the Employee’s Pension Scheme (EPS), ensuring a monthly pension after retirement.
• Insurance Coverage: The Employees’ Deposit-Linked Insurance Scheme (EDLI) provides a lump sum insurance payout to the nominee in case of the employee’s death during the service period.
• Account Portability: EPF accounts are transferable across jobs, maintaining the continuity of savings and benefits.

These provisions offer financial security, retirement planning, and insurance coverage, supporting employees throughout their careers and beyond.

This comprehensive approach to employee well-being and financial stability underscores FinCrif's commitment to creating a supportive and growth-oriented work environment.