Report on Employee Benefits

Topics: Employee benefit, Employment compensation, Bank Pages: 8 (2348 words) Published: August 6, 2011
Table of Contents
Topic Page Number
1. Profile of AB Bank6
2. Organizational Objectives 9
3. Employee Objectives 9
4. Employee Benefit10
5. Categories of Employee Benefit in AB Bank10
6. Required or Mandatory Security10
7. Provident Fund11
8. Holiday Pay-11
i. Vacation11
ii. Leave of Absence11
9. Health and Insurance Benefits-12
i. Life Insurance and Auto Insurance12
10. Transport Facilities 13
11. Loan 13
12. Bonus 13
13. Recreation Facilities13
14. Neat and Clean Working Environment 13
15. Non-financial Benefits-13
i. Stock Benefits13
ii. ESOP (Employee Stock Ownership Plan)14
iii. Educational Benefit14
iv. Cafeteria Plan14
16. Reasons of Providing so many Benefits14
17. Comments and Recommendation 15

Executive Summery
This report is on the employee benefits of AB bank. Employee benefits are various non-wage compensations provided to employees in addition totheirnormal wages or salaries. AB Bank commits to nation to take a lead in the Banking sector through not only its strong financial position, but also through innovation of products and services. It also ensures creating higher value for its respected customers and shareholders. The bank has focused to bring services at the doorstep of its customers, and to bring millions into banking channels those who are outside the mainstream banking arena. This bank is serving their employees to fulfill the employee’s need. Young employees tend to favour benefits that can be frequent or immediate use such as vacation days, holydays, and flexible working hours. Older employees are usually security conscious, preferring life insurance and retirement related benefits. AB bank’s purpose of giving the benefits is to increase the economic security of employees. All the benefit is really convenient to retain its human resource and motivating. AB Bank Limited is committed to focus to all its energy not only on its customer as well as its employee.

Profile of AB Bank

AB Bank Limited, the first private sector bank was incorporated in Bangladesh on 31st December 1981 as Arab Bangladesh Bank Limited and started its operation with effect from April 12, 1982. AB Bank is known as one of leading bank of the country since its commencement 29 years ago. It continues to remain updated with the latest products and services, considering consumer and client perspectives. AB Bank has thus been able to keep their consumer’s and client’s trust while upholding their reliability, across time.

During the last 29 years, AB Bank Limited has opened 82 Branches in different Business Centers of the country, one foreign Branch in Mumbai, India and also established a wholly owned Subsidiary Finance Company in Hong Kong in the name of AB International Finance Limited. To facilitate cross border trade and payment related services, the Bank has correspondent relationship with over 220 international banks of repute across 58 countries of the World.………………………………………………………………….

In spite of adverse market conditions, AB Bank Limited which turned 28 this year, concluded the 2008 financial year with good results. The Bank’s consolidated profit after taxes amounted to Taka 230 cr which is 21% higher than that of 2007. The asset base of AB grew by 32% from 2007 to stand at over Tk 8,400 cr as at the end of 2008. The Bank showed strong growth in loans and deposits. Deposit of the Bank rose by Tk. 1518 cr ie., 28.45% while the diversified Loan Portfolio grew by over 30% during the year and recorded a Tk 1579 cr increase. Foreign Trade Business handled was Tk 9,898 cr indicating a growth of over 40% in 2008.…………………………………………………………..

The Bank maintained its sound credit rating in 2008 to that of the previous year. The Credit Rating Agency of Bangladesh...
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