Prime Bank Limited

a bank with a dLfference Recruitment & Selection Policy, 2017

li. General Eligibility for Fixed Term Employment
The candidate(s) must be minimum a graduate having intensive exposure in relevant field
with proven track record both professionally and academically. However, academic
qualification maybe relaxed upon the discretion of the Management provided the candidate
(5) has/have relevant experience (supported by documents);
The candidate (5) should be befow the age of 65 years, if not otherwise approved by the
board;
The candidate (5) must not be dismissed for any disciplinary ground by any other banks
/organizations;
The candidate(s) must be physically and mentally fit for the job he or she is seeking which
should be confirmed by pre- employment medical checkup;
The candidate (5) must not have any previous criminal records or conviction by any
criminal court,
For existing reguiar employees transitioning to being a Fixed Term employee, a thorough
audit may be done for his/her entire service with ihe Bank.
ii. Job Offer
Remuneration Package Breakdown will be as per approved Broadbanding pay policy/pay
scale bythe Management.
Job Grade/Band will be specified and any changes inthe terms are subjected to approval of
the Board/MD.
For new hires, employment Letter will be issued to the successful candidate prior to
his/her joining with conditions of background check, medical fitness etc.
lv. The Entitlement of Fixed Term Employment
The initial period of the Fixed Term employment will be decided depending on the need of
the Bank. However, the term period Will not be more than 02 (two) years and not less than
1 year (any exception to this should be approved by the Managing Director & CED).
The Fixed Term employment may be renewable depending on the requirement of the Bank.
Any extension will be upon the discretion of the Management. Any change In terms and
conditions regarding remunerations and benefits shall be upon the discretion of the
Management.
The fixed term employee will be accountable for the specific set of services (if mentioned)
in the contract. New assignment or amendments in the job @escription will require
approval of Board/Management
The fixed term employee shail receive a monthly consolidated salary stated in the
employment contract which will remain constant for the contract period unless otherwise
mentioned Inthe contract.
Income tax shall have to be borne by the employee and shall be deducted at source.
The job Grade/Band of the Fixed Term employment is a standard to determine the Cost to
the Company (CTC) and some other benefits like TE-DA, mobile phone facility, festival
Bonus etc. However, any other benefits a5 per regulatory guidelines (such as Baishakhi
Bonus etc) shall be admissible to Fixed Term employees if not mentioned otherwise.
The Fixed Term employee shail be entitled to 30 days Privilege leave in a calendar year.
Leave shall be calculated on pro-rata basis and no leave will be encashable at the end of the
term period. If the leave ls not availed within the calendar year it will be lapsed and cannot
be carried forward at the end of the calendar year.
Generally Fixed Term employee Below the grade of SEVP will not be entitled to any
incentive/performance bonus unless or otherwise mentioned in the agreement or agreed
by the Board. Employees under contract at SEVP level or above will be entitled to Incentive
bonuses with the regular employees of the bank.
The Fixed Term employee will not be entitled to any Employee House Building Loan, Car
Laan, CCS loan or any other loans available to the requiar employees. However, if a requiar
employee's service |s extended on Fixed Term basis, the existing loans May e continued
upto the end of term.
Provision of car, associated allowance and reimbursements will be in line with same grade
as permanent employee position he/she is being offered.
Fixed Term employee will not be entitied to Provident Fund or Gratuity. No retirement
benefit will be admissible to the Fixed Term employee.
Fixed Term employee will only be entitled to consolidated pay bul due to tax/oonus
purpose and for the benefit of the employee, fi may be broken down as per Broadbanding
Pay Structure Policy.
During the Fixed Term Employment period, the salary or terms and conditions shall not be
reviewed unless and until fis stated In the agreement.
Provision of other benefits will be at the discretion of the Management.
Fixed Term Employment can be terminated by ether party with a 01 (One) months notice
period or submission of 01 (One) months equivalent notice pay (Basic pay or equivalent as
decided by Management) in lieu thereof.
End of Fixed Term Employment wall not be treated as retirement. As such no retirement
benefits will admissiole in this regard
v. Amendments/Extensions of Fixed Tem Employment
If it is necessary to extend the service term for additional period, a performance evaluation
and progress/Status report of the employee/project should be submitted along with the
justification and recommendation of the Management.
Service of the Fixed Term employee will be governed by the terms and conditions of the
agreement, not by the Staff Service Rule ofthe Bank. However, Staff Service Rule may be
referred in case where the agreement does not cover the case properly.
17. = EffectivelAmendments/Extensions of This Policy: This Recruitment & Seiection
Policy, 2017 a5 above thus has been revised with effect from 01 September, 2017
upon approval of Board of Directors of the Bank and voids all prior policies and
amendments regarding recruitment/appointment.
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