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The Management Team The management team of Prime Transformer Inc. is composed of five (5) personnel. The compositions of the team responsible for the management of the operation are the following people with their specific job description: POSITION Manager JOB DESCRIPTION Establish goals and objectives of the organization and ensures the delivery according to the business plan. Manage the performance of the organizations staff and senior management. Analyze organizations performance for the stated objectives. Develop an operational plan such as procurement, assembly, service support, and contract manufacturing, for the growth and launch of the organizations products. Define the product sales & marketing plan, and supervising sales and distribution of a product. Identify, evaluate, and select optimal contract manufacturing, services, and assembly partners. Develop a market customer and entry acquisition strategy, designing, and Assistant building a service and sales capability. Responsible for the tasks delegated by the 47 JOB SPECIFICATION Bachelors degree in Business Management related field. Have knowledge of management principles. Have knowledge of sales and marketing principles. Have possessing confidence, experience, and skills to support organizational activities. Can manage conflicting interests of business partners. Good communicator, active listener, and possess strong decision-making skills. Good team player. Bachelors degree in
Manager
manager. Serves as the manager whenever the real manager is not available. Must keep the manager updated all the time especially when the manager is not around the office. Serves as the overseer of the workplace in order to maintain the smooth operations of the office. Compute taxes which are owed by the company and prepare tax return. Analyze the budget. Modify and maintain different accounting and record keeping systems with the help of computer technology. Advising the management board about financial issues. Investigate the reason of bankruptcy if any.
management. Have leadership skills. Have communication skills. Smart and active.
Accountant
Bachelors degree in accountancy. Certified Public Accountant Have exceptionally mathematical skills. Have strong communication skillsboth written and oral. Have critical thinking ability. Effective decision maker. Responsible and analytical bent of mind. College diploma Skilled in data entry Ability to work under pressure Superior computer skills Proficient working in Microsoft Office.
Clerk
Maintain confidentiality of papers and documents of the business or organization. Perform basic office duties such as answering the telephone, direct calls, emails and fax. Participate on tasks requiring added assistance and help the office secretary if 48
needed. Make accurate reports and effectively present it to anyone who needs it. In charge of some important documents or records and store them for the utilization of the bookkeeping department. Train other co-workers to perform a better work by using computer applications to make their job easy and maintain efficiency of the office procedures. Cooperate with co-workers to maintain a friendly environment and proper interaction within the office. In charge of copying and duplication of manuscripts, letters, documents or other materials on the photocopying machines. Responsible for the operation and maintenance of office machines such as computers, fax machines and photocopying machines. Make travel arrangements for their boss and set up the most convenient time for the appointments. Attend meetings regarding the companys agenda and transcribe those messages for record keeping. Take inventory of the equipment and other supplies for easier monitoring. Help secretaries in preparing invoices and budgets for the business. Make reports about the current standing of 49
the business and prepare the necessary documents for the presentation. Direct and supervise tasks handled by lower-level clerks. HR Manager . Responsible for interviewing of applicants for the Company Liable for interpreting the characteristics and behaviors of each staff. Identify and evaluate the upcoming deserving applicants Female, graduate of BS Psychology or HRDM Major 2-3 years of experience Know how to interview qualified applicants Proficient both in English and Filipino (written and oral) Honest and Hardworking
ORGANIZATIONAL STRUCTURE
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As a service provider, the organizational structure of the business is a FLAT STRUCTURE basis. Wherein the flat structure has two levels with a wide span, this structure permits the general supervision of the manager to its subordinates and in this kind of structure; communication between manager and subordinates is much easier. Figure 5.1 Organizational Structure
Security Guards, Utility Clerk are hired from agencies, the advantage of this is the Company is not the one who will give trainings, benefits to them, and also the agency will give the salaries and wages of Security Guards and Utility Clerks.
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Board of Directors The Board of Directors have the rights and powers over the corporation. The following are the Board of Directors of Prime Transformer Inc.
Name Tanglao, Lloyd Vicera, Peter Sheen Uy, Christian Bernard Mesina, Mardie Serrano, Jade Pajanel, Aiko Marcos, Jennpril Kiseo, Mark Sheem
Address Pasong Tamo, Quezon City St. John, New Era Quezon City Talipapa, Caloocan City New Era Quezon City
Village 4, Valenzuela City Filipino INC Compound New Era Quezon Filipino City Guadalupe, Nuevo Makati City Filipino Kabayanan, San Juan City Filipino
Ownership Prime transformer incorporated has an authorized capital stock of one hundred fifty million pesos (Php 150,000,000.00) in lawful money of the Philippines, with the par value of one hundred pesos (php 100.00) per share. The subscribers are Lloyd Tanglao, Peter Sheen Vicera, Christian Bernard Uy, Aiko Pajanel, Mardie Mesina, Jennpril Marcos, Mark Sheem Kiseo, Jade Serrano. The following person have subsribed for the amount of the capital stock. 52
Subscribe Name Lloyd Tanglao Peter Sheen Vicera Christian Bernard Uy Mardie Mesina Jade Serrano Aiko Pajanel Jennpril Marcos Mark Sheem Kiseo TOTAL No. of share 300,000 300,000 240,000 240,000 150,000 150,000 60,000 60,000 1,500,000
Amount of Paid in capital subscription 30,000,000 30,000,000 24,000,000 24,000,000 15,000,000 15,000,000 6,000,000 6,000,000 P150,000,000 30,000,000 30,000,000 24,000,000 24,000,000 15,000,000 15,000,000 12,000,000 12,000,000 P150,000,000
Personnel Credit Investigation Department POSITION Loan Officer JOB DESCRIPTION JOB SPECIFICATION Process and approve loan applications Bachelors degree within certain limits, above which the application is referred to a higher approving authority. Advice loan applicants of all documentary requirements in the loan application. Check and ensure that all loan application submission are in order and proceeds to process the loan as per banks loan policies. Explain to prospective borrowers the loan application requirements as well as the 53 equivalent commercial bank
or
experience, and at
not less than five years in lending least two years supervisory experience, having graduate studies at a recognized school of banking is preferred. Have ability to resolve unique and complex issues with limited manager assistance.
various loan products, interest charges, Solid processing Analyze fees, penalty charges and payment term options available. applicants financial stability of income sources, credit standing records with previous loans if any and property ownership and other acceptance criteria before approving the loan. Participate in management meeting to gauge market perception on the companys responsiveness to market loan demands prior to designing its loan products. Work with clients and in settling delinquencies accept negotiated
understanding
of
situation, Strong customer service and supervisory knowledge. include: loan documentation, perfection of security interest, lines of credit, financial regulatory statement analysis, cash flow analysis, practices. loan Have analyze statement. Have ability to make lending decisions. proactive approach to providing your customers the best banking and lending products available. Management experience (you will lead a team of 5 ability to read and complex financial compliance and confidentiality
settlement or send delinquent accounts to collection agencies. Coordinate with bank lawyers to initiate court loans. proceedings for garnishment property collateralized in the delinquent
of Aggressive,
Credit Investigator
commercial lenders). Conduct low profile site investigations under A degree in accounting is a credit investigation Investigate suspicion of embezzlement in job applicants, Coordinate with local authorities to recover damages awarded by a court in theft or 54 must while a post graduate course management experience in or in a business and related another administration
fraud cases. Assist corporate clients in due diligence corporate assets and provide financial profiles of organizations related to prospective acquisitions or mergers. Assist the internal auditor in assessing cash disbursements Maintain records of investigation profiles and security.
company is an employments edge. have level of an eye for in computational details with a high accuracy evaluating Must have financial exhibit high level records high of
and documents. organizational skills. patience to delve into deeper levels of analysis. Must be able to work under high pressure, long work hours and comply with deadlines. Must have strong and decision Science accredited communication with high level of
interpersonal skills to interact makers. Estimate parts and labor to repair Bachelor damage, using standard automotive labor and parts cost manuals and knowledge of automotive repair.
Appraiser
Degree institution.
from
Have skill to manage their time and the time of others that are part of their department.
Have ability to listen to and understand information and ideas presented through spoken words and sentences. Able to use logic and
Examine determine
damaged extent
vehicles
to body, as
structural, of 55
Evaluate
practicality
repair
to
identify
the
strengths and weaknesses of solutions, conclusions or approaches to estimates and Have skill to actively look for ways to help their clients, as well as, keeping a budget for the company.
Must determine salvage value on total loss vehicles. Prepare insurance forms to indicate repair cost recommendations.
Arrange to have damage appraised by another appraiser to resolve disagreement with shop on repair cost.
Needs to be able to use the power of persuasion at times in order to achieve their goals.
Have
ability
to
Compensation Package Salaries and Wages Position No. of Employee Monthly Salary P 50, 000.00 P 30, 000.00 P 30, 000.00 P 30,000.00 P 20, 000.00 P 20, 000.00 P 20, 000.00 56 Annual Salary P 600, 000.00 P 360, 000.00 P 360, 000.00 P 360,000.00 P 240, 000.00 P 240, 000.00 P 240, 000.00
Manager 1 Assistant Manager 1 Accountant 1 Human Resource Manager 1 Credit Investigator 1 Appraiser 1 Loan Officer 1
5 2 2 16
Note: The salaries and wages of an employee are not yet deducted by any taxes. See the salaries and wages deduction table.
Employment Rights, Restrictions and Policies I. Rationale Financing company depends to large extent of teamwork, excellent service and maintenance of the trust and confidence of its clients. To maintain an atmosphere conducive to productive work, it is necessary that order and discipline be kept in the work place. Likewise, to maintain the patronage of our clients, employees should provide excellent service and conduct themselves beyond reproach.
This Rules of Conduct therefore, have been issued to promote discipline, encourage excellent service, and discourage conduct detrimental to customer trust and confidence.
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A. Minor Offenses 1. Violation of Financing Companys policy/ies or office order(s), or guideline(s) or personnel circular(s) or memorandum on hours of work or coffee-snack break periods or attendance monitoring. Examples by way illustration, but not limited to: a. Failure to log/register in or out on the Biometric System, Branch Time Keeping System or My time System. b. Extending snack/office breaks beyond the allowed time. 2. Tardiness describe in the Financing Companys office order(s), or policy or guideline(s) or personnel circular(s) or memoranda as a minor offense. 3. Failure to wear the prescribe uniform or attire in accordance with office order(s), or guideline(s) or personnel circular(s) or memoranda. 4. Failure to wear the prescribed Financing Company identification card while in the premises of the Financing Company. 5. Loafing or loitering in places other than ones work station during office hours. 6. Repeatedly receiving personal visitors during office hours.
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B. Less Serious offenses 1. Tardiness described in the Financing Companys office order(s), policy, guideline(s), personnel circular(s) or memoranda as a less serious offense. 2. Vending or peddling or engaging in personal business within the Financing Companys premises irrespective of whether any part of the business or transaction is carried outside the Financing Companys premises. 3. Unauthorized use of the Financing Companys equipment or vehicles. 4. Any violation of the Financing Companys established
procedures in handling transactions which do not result in damage or loss to the Financing Company or its clients.
C. Serious Offenses 1. Absences from work without official leave (AWOL0 or permission of superiors. 2. Misconduct or misbehavior. Examples by way of illustration, but not limited to:
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a. Inflicting or attempting to inflict bodily harm or fighting with any person within the Financing Companys premises, or outside the Financing Companys premises while the employee is in the course of performing his duties. b. Mischief or horseplay resulting to injury or death or persons within the Financing Companys premises or outside of the Financing Companys premises while the employee is in the course of performing his duties. c. Damaging or destroying, whether intentionally or
unintentionally, the Financing Companys property, or any other persons property within the Financing Companys premises, or any other persons property located outside the Financing Companys premises while the employee is in the course of performing his duties. d. Disclosure to any unauthorized person of confidential information in violation of the secrecy of Deposit Act (RA 1405), of Sec. 87-A of the Ra 337 or any other privileged communication. e. Violation of Computer Use Policy. f. Starting or relaying rumors prejudicial to the interests of the Financing Company, its staff, its officers or its clients.
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g. Rudeness, arrogance, discourtesy, in speech or behavior toward Financing Company clients. h. Causing a commotion or disturbance within the Financing Companys premises or outside the financing Companys premises if the commotion or disturbance tends to cause a disruption of the operations of the Financing Company. i. Gambling within the Financing Companys premises. 3. Dishonesty Examples by way of illustration, but not limited to: a. Making any false entry in, or tampering with any entry in ones time card or daily time record, or in the overtime authorization slip. b. Allowing others to fill in, or log ones ID card in the Biometric System or Branch Timekeeping System, swiping in or out or registering in or out for another employee. c. Malingering, or claiming to be sick to avail of sick leave benefits, when in fact the employee is not sick. d. Robbery, or theft, or attempted robbery, or attempted theft, committed against the Financing Company, or its officers, or its employees, or its clients.
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e. Estafa or any fraud committed against the Financing Company, or its officers, or its employees, or its clients. f. Misrepresentations or falsification of personal data or records or status or health or qualification to gain employment with the Financing Company. g. Making false money claims or making any misrepresentation to claim benefits from the Financing Company. h. Falsification or unauthorized alteration of records or documents of the Financing Company. 4. Soliciting money or other valuable consideration from clients or suppliers of the Financing Company, for personal gain. 5. Borrowing money from clients or repeatedly borrowing from or lending to Financing Company officers and employees. 6. Accepting employment other than with the Financing Company without securing the Financing Companys approval. 7. Insubordination Examples by way of illustration, but not limited to: a. Disobedience to lawful order of ones superior. b. Refusal to perform duties with the Financing Company assigned by ones superior. 62
c. Disrespect by work or deed to any superior. 8. Holding or attending a meeting or activity on Financing Company premises not authorized by the Financing Company. 9. Inciting to participate, or participating in an illegal strike, or any illegal concerted action or slow down against the Financing Company. 10. Abuse of authority of officers for personal gain or advantage. 11. Negligence of duty. Examples by way of illustration, but not limited to: a. Withholding of information from superiors or any
representative of management, or failure to immediately report to such any violation of policy, or procedure, or any anomaly or irregularity coming from the employees
knowledge which result in loss or damage to the Financing Company. b. Failure to inform superiors or higher authority of any solicitation, inducement or illegal order of a superior to violate the Financing Companys rules, procedures or policies.
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c. Any violation of the Financing Companys established procedures in handling transactions or work assignments which results in loss to the Financing Company clients. d. Losing or misplacing Financing Companys
records/documents or records/documents of clients which may cause loss to the Financing Company. 12. Taking alcoholic beverages or intoxicating liquor or possession of prohibited drugs or taking or selling or inducing other persons to take prohibited drugs within the Financing Companys premises, or reporting to work while intoxicated or under the influence of alcohol or prohibited drugs. 13. Conviction of a crime for which the penalty is imprisonment. 14. Violation of the Financing Companys rules and policies on security and safety. Examples by way of illustration, but not limited to: a. Failure or refusal to obey orders or directions or fire or safety officers during emergencies. b. Carrying of explosives or fire arms or other deadly weapons into the Financing Companys premises, without
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c. Entering any restricted area of the Financing Company without the permission of the authorization officers. 15. Immorality, or carrying on an illicit relationship or engaging in indecent behavior. 16. Committing any act or offense which constitutes just cause for termination from employment under the Labor Code or pertinent regulations. The cited examples of minor, less serious or serious offenses are not intended as an exclusive enumeration. Other acts or offense not cited in the examples shall be subject to the penalties or offenses analogous thereto.
III. Due Process Due process shall be accorded to any officer or employee charged with violating the Rules of Conduct.
IV. Authorities to Impose Disciplinary Actions A. Minor Offenses Immediate superior of the erring officer/employee. The Brach Manager/ Department Head of the erring employee shall
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be the authority to impose the disciplinary action if the penalty to be imposed is suspension or termination. B. Less Serious Offenses Branch Manager or Department Head of the erring officer or employee. C. Serious Offenses Group Head or Senior Supervising Officer of the erring officer or employee. All decisions imposing the penalty of suspension or termination shall be subject to review by the Financing Companys Human Resource Committee, which may affirm, reverse or modify the same
V. Penalties For Minor Offenses 1st Offense 2nd Offense 3rd Offense - Written reminder - Written Reprimand - Written reprimand with Warning of Suspension 4th Offense 5th Offense - Suspension for three (3) days - Suspension for four (4) days
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6th Offense 7th Offense 8th Offense 9th Offense 10th Offense warning of 11th Offense For Less Serious Offenses 1st Offense
- Suspension for five (5) days - Suspension for six (6) days - Suspension for seven (7) days - Suspension for eight (8) days - Suspension for nine (9) days with termination - Termination
- Suspension for three (3) days - Suspension for five (5) days - Suspension for seven (7) days - Suspension for nine (9) days with warning of termination
- Termination
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The penalties mentioned in the Rules of Conduct shall be in addition to any civil or criminal liability resulting from the offense and shall not preclude the institution of any other court action.
A. Reminder A written reminder calling the attention of the erring employee to the violation is issued to the employee. The violation is discussed with the employee and solutions are determined to avoid a repetition of the violation.
B. Written Reprimand The erring employee is given a written admonition that the commission of the same or another offense will be dealt with more severely.
C. Warning of Suspension
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The erring employee is given a written admonition that the commission of the same or another offense will merit a suspension.
D. Suspension The erring employee is barred from work for the stated number of workdays without pay and benefits. E. Termination Dismissal from the Financing Company with forfeiture of all benefits.
VII.
Employee penalized with suspension shall not be eligible for any merit increase, or promotion for a period of one (1) year from date of serving the penalty. Serving any of the penalties mentioned in this Rules of Conduct does not extinguish the civil or criminal liability resulting from the offense.
VIII.
Management Prerogatives
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Management, in the exercise of its prerogative, may add, delete, amend or revise this Rules of Conduct from time to time as it may deem fit and proper. Penalties for other offense not included in the Rules of Conduct shall be set down by Management on a case to case basis and once issued the same shall become an integral part of these Rules. Provisions of office orders, policies, guidelines and work rules not inconsistent herewith shall supplement these Rules. Non-enforcement of the provision of these rules of conduct or any leniency granted by the Financing Company to any officer or employee shall not be considered as a consideration of the offense or a waiver of the Financing Companys prerogative to enforce the appropriate penalty later.
IX. Separability Clause If any portion of this Rules of Conduct should be declared illegal or unenforceable by competent authority, the other parts on provisions not so declared shall remain valid and enforceable.
The prime Transformer Inc. provides its employees with numerous benefits 70
LEAVE PRIVILEGE A. Vacation Leave A permanent employee is entitled to a yearly vacation leave of at least fifteen (15) working days earned at rate of 1.25 days per month.
All
application
for
vacation
leave
should
be
approved
by
The unused vacation leave credits for rank and file employees shall converted to cash not later than January 31 of the following year. Unused vacation leave credits are also encashed upon resignation, provided you filed the required 30-day notice prior to resignation and are cleared of all accountabilities. B. Sick Leave
Permanent employees are also entitled to fifteen (15) days sick leave credits every year earned also the rate of 1.25 days per month. You should, however, inform your Department/ Branch Head not later than the first hour of the workday if you cannot report for work due to illness. You will be required to submit a doctor's certificate if you are absent from work due to illness for more than five (5) days. Sick leave credits may not be
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Accumulative sick leave credits exceeding thirty (30) working days shall converted to cash not later than 31st day of January of the following year. Upon resignation, all unused sick leaves will also convert to cash provided you filed the required 30-day notice prior to resignation and are cleared of all accountabilities.
Emergency Leave
Permanent employees may avail of the emergency leaves of seven (7) days which shall be non- cumulative and non-commutable, provided such leaves shall not be granted in excess of six (6) days for any single purposes.
1. destruction of dwelling due to fire, earth quake, typhoon, flood, or lahar: 2. sickness of immediate family member (i.e. parent, child or spouse, or within the first degree of consanguinity, declared guardian or an unmarried dependent brother/sister below 21 years old where the covered employee is the head of the family), requiring the personal presence of the employee. 3. Upon declaration of typhoon signal #3 by PAG-ASA in affected
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work place declared residence and related areas only : 4. Impassable/ flooded street going to the financing company as recommended by the Branch / Department Head and confirmed by the Branch group head / Human Resources Department. 5. Declared general transportation strike in affected workplace, declared residence and related areas only; 6. Quarantine leave (as per DOH guidelines) in affected work place, de4clared residence and related areas only; 7. In case of robbery, if supported by an authenticated police report. D. Maternity Leave / Maternity Assistance
All female employees are entitled to a maternity leave with pay of sixty (60) calendar days for normal delivery and seventy eight (78) calendar days for deliveries by caesarean section for the first for the first four (4) pregnancies only. Once you learned that you are pregnant, you should inform HRD and you will be guided on how to submit SSS Maternity Notification Form.
Maternity assistance also be given to covered female employees first four (4) legitimate children
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miscarriages
A married employee may avail of eight (8) working days paternity leave with pay, subject to guidelines of R.A. 8187, each year his legitimate wife gives birth, for the first (4) deliveries. A paternity assistance shall also be given to permanent male employees for the first (4) legitimate children.
An employee who has been with the financing company for at least (1) year and who is single parent, as defined under R.A. 8972, shall also be entitled to seven (7) days leave with pay. In order to avail of this benefit, however, the employee has to provide HRD with a copy of his/her single parent identification card issued by the Department of Social Welfare and Development (DSWD).
The Solo Parent Leave is non-cumulative and not convertible to cash. Availment shall be similar to vacation leaves and requires prior approval from the appropriate Department / Branch Head.
G. Study Leave
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The Financing Company may give consideration to employees, who in relation to his work, need to take professional accreditation examinations or to prepare for comprehensive tests which would lead to a Masteral Degree, or completion / defense of post graduate dissertations. Employees may be allowed up to one hundred twenty (120) calendar days leave without pay as Study Leave. The Financing Company reserves right to disapprove the request if such will hamper efficient operations of the Financing Company.
To avail of the benefit, a written request duly endorsed by your Department / Branch Head should be presented to Human Resources Committee (HRCOM) for approval.
Upon returning to work, the employee must present a certification of completion to HRD.
H. Birthday Leave
All regular employees are entitled to one (1) day employees birthday falls on non-working day or if the employee so request, he may enjoy the birthday leave on another date mutually agreed upon by the Financing Company to work on his actual Birthday, he shall be compensated with
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overtime pay in accordance with the policies on overtime. In this case, it is understood that he is no longer entitled to a birthday leave.
I. Wedding Leave
All unmarried regular employees shall be entitled to a one (1) day wedding leave to be used on the day of employees wedding date. The wedding leave may be availed of only once during the employees employment with the financing company and is non-cumulative and non- commutable.
J. Bereavement Leave
All regular employees shall be given three (3) days bereavement each year. The Bereavement leave is applicable for the death of a relative
up to third degree of consanguinity, second degree of affinity and declared guardian only.
Rank and file employees enjoy a significantly higher premium pay for work done during rest of the days and holidays than that provided under the Labor Code.
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Overtime pay premium shall also be given in the following situations: 1. when an employee is asked to stay and work during days of calamity (such as typhoon or floods) and after announcement of no work day by the Financing Company or by the national government and 2. When an employee is required, in writing, to attend seminars, workshops meetings, or other activities related to regular administrative and operational functions of the Financing Company on non-working days.
NIGHT DIFFERENTIAL
All regular employees who perform work from 10pm to 6am shall be entitled to 25% night differential pay based on their hourly rate.
The Financing Company shall grant an allowance to all permanent Credit Investigators, Appraisers, Document assistance, Roving Tellers, Armoured Car Drivers and Messengers/Janitors to help defray the cost of footwear considering the nature of their job and the frequency of their field assignments. This allowance shall be released in advance and availment shall be subjects to Financing Company guidelines.
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B. Tellers Allowance
In order to cover any shortages that may occur, all tellers (including roving tellers and relievers) shall be given Tellers Allowances. The said allowances shall be given annually even when the teller is on leave except when such teller is on leave without pay.
C. Hazards Pay
In view of the responsibilities and risks shouldered by personnel assigned to armoured cars, a monthly cash premium is given to armoured car drivers and Roving Tellers, Any other employee who shall also be given hazard pay.
The Financing Company shall grant an overtime meal allowance for overtime work of at least an aggregate of three (3) hours per regular working day and an aggregate of four (4) hours on a non- working day.
The Financing Company provides an overtime transportations allowance for overtime work of an aggregate of at least three (3) hours on a regular working day provided that the overtime is until 8:30 p.m.
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However, employees who are required to work on rest days and holidays shall also be given overtime transportation allowance regardless of the number of hours of overtime rendered.
BONUSES
A. Mid-year Bonus
Rank and File employees, who are classified as permanent as of April 30, shall be entitled to a midyear bonuses equivalent to one (1) month basic salary payable in May.
Rank and File employees who are classified as permanent as of October 31, shall be entitled to a Christmas Bonus & Thirteenth Month Pay equivalent top two (2) months basic salary payable in November.
C. Special Bonus
The Financing Company also provides a special bonus to each permanent rank and file employee equivalent to 75% of your monthly
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OTHER BENEFITS
A. Life Insurance
Upon permanency, employees are covered by Group Life with Accident Death and Dismemberment Insurance Plan. The Financing Companys Insurance plan is non-contributory; meaning the total premium payments for the insurance plan is paid for by the Financing Company.
The Financing Company shall provide all employees with coverage from a republic Health Maintenance Organization (HMO). For rank and file employees, they shall be covered with the basic medical and hospitalization plan (private room) at no cost to the employee.
C. Rice Subsidy
The Financing Company also provides a monthly rice subsidy to its permanent employees.
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D. Salary Loan
Subject to the Bangko Sentral ng Pilipinas rules and regulations and the Financing Companys existing procedures, a permanent employee may avail of salary loan for any of the following purposes:
o Education o House renovation / improvement / repair o Equity on acquisition of house and lot or lot only o Insurance premium payment o Out-patient / hospitalization of employee / dependents o Appliances acquisition o For purposes other than the foregoing, a maximum loan equivalent to two (2) months salary may be availed of by each employee. The maximum loanable amount of the salary loan is equal to five (5) times the gross monthly income salary with minimal interest and payable monthly for a maximum term of forty two (42) months.
E. Emergency Loan
equivalent to the employees two (2) months gross monthly compensation. This shall be payable in twenty four (24) months through salary deduction, also with minimal interest.
Hospitalization for any illness or out-patient services dreaded disease as defined by HMO for the employee or his immediate dependents;
For repair / reconstruction of employees residence destroyed by lahar, earthquake, fire, flash, flood, typhoon, and other natural calamities.
F. Housing Loan
The Financing Company shall assist qualified and deserving employees who have rendered at least 7 years of satisfactory service with the Financing Company in owning a house and lot under Pag-ibig. 82
The amount shall not exceed P 500,000.00 and shall consist of a combination of:
o A loan from Pag-ibig, subjects to the rules and requirements of Pag-ibig and the Financing
Company, and which shall carry with it an interest rate at the pass-on-rate of Pag-ibig plus 2%; and
o An equity portion loaned by the Financing Company not exceed to 25% of the total loan subject to the rules and requirements of Pag-ibig and the Financing Company, and which shall carry with it an interest rate be equivalent to the pass-onrate of Pag-ibig plus 2%.
Pass-on-rate shall be defined as the rate charge to the Financing Company by Pag-ibig for funds made available by Pag-ibig to the Financing Company for the purposes of extending housing loans to its employees.
G. Car Loan
The Financing Company provides car loan to its permanent rank and
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file employees not to exceed P200,000.00 subject to the minimum lending rate and to the usual credit requirements and / or policies of the Financing Company.
H. Funeral Assistance
The Financing Company also extends funeral assistance to the heirs of a deceased employee, for the death of the employees spouse or child and for the death of an employees parent or an unmarried dependent brother / sister below 21 years old appearing on the employees personnel file shall be recognized.
Subject to the provisions of the Financing Companys Retirement Plan, permanent employees who are retire are entitled to a separation or retirement pay after the stated length of service in accordance with the Financing Company policies.
It is understood that an employees length of service includes such employees probationary period of employment.
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Subject to BIR regulations, retirement benefits are tax exempt provided that the employee has rendered at least 10 years of service and is at least 50 years old.
The Board of Directors, officers and staff have committed themselves to the principles and best practices contained in the Manual on Corporate Governance, in the belief that good corporate governance is a necessary component of sound strategic business management.
The Manual establishes the company's compliance system and plan of compliance. It states that compliance with the principles of good corporate governance starts with the Board of Directors. To this end, a director must act in a manner characterized by transparency, accountability and fairness. The Manual further enumerates the general responsibilities and specific duties and functions of the Board, as well as those of the Board Committees, Corporate Secretary, and the external and internal auditors.
The Manual mandates the conduct of communication and training programs on corporate governance. It further provides for the rights of all shareholders and the protection of the interests of minority stockholders. The Manual likewise sets the penalties for non-compliance 85 with its provisions.
Best Transformer Inc. revised its Manual on Corporate Governance, in accordance with the SEC Revised Code of Corporate Governance. significant changes to the Manual are summarized as follows:
The
The Compliance Officer shall be appointed by the entire Board of Directors and not merely the Chairman of the Board.
The Board of Directors must at all times have at least two independent directors.
In addition to its original duties, the Board will formulate and implement policies on related party transactions and establish and maintain a dispute resolution system to settle conflicts involving the company.
An independent director whose beneficial equity ownership in a company or its subsidiaries and affiliates exceeds 2% of the subscribed capital stock is temporarily disqualified from being a director of the company, until his/her beneficial equity ownership reverts to the 2% limit.
The Audit Committee shall be chaired by an independent director. The stockholders' right to appoint a proxy is expressly provided.
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