Chapter # 1: Introduction

1.1: Definition of Benefits:

The term benefits are indispensable part in todays competitive Human Resource
Management. Different authors have defined the term benefits in different ways. Some of the
definitions are given below:
Decenzo and Robbins: Todays worers e!pect more than "ust an hourly wage or a
salary from their employee# they want additional considerations that will enrich their lives.
These $onsiderations in an employment setting are called employee benefits.
Gary Dessler: %enefits are indirect financial payments given to employees. They
may include health and life insurance& vacation& pensions& education plans etc.
A.A. Sloane: %enefits may be define as remuneration from the employer to employee
beyond wage or salary.
Dale oder: %enefits are supplementary hidden cost of the employees which are
given to employees.
!erther and Da"is: %enefits are indirect compensation& which are usually e!tended
as a condition of employment and are not directly related to performance.
#ro$ the abo"e discussion% we can say that %enefits are forms of value& other than
payment& that are provided to the employee in return for their contribution to the
organi'ation& that is& for doing their "ob.
1.&: 'ype of Benefits (lans:
Most companies today offer a wide variety of benefits& especially larger companies. Some of
the benefits are compulsory. (or the composition of benefit plans there are many ma"or categories
which may be offered. They are as follows)
*. Re+uired or mandatory security
,. -oluntary security
.. Retirement)related security
/. Time)off security
0. Health insurance
1. (inancial service
2. Social 3 recreational service
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Chapter # &: Co$pany (rofile
&.1: Bac)*round of the +r*anization:
,ational Credit and Co$$erce -,CC. Ban) /td. bears a uni+ue history of its
own. The organi'ation started its "ourney in the financial sector of the country as an
investment company bac in *450. The aim of the company was to mobili'e resources from
within and invest them in such way so as to develop country6s 7ndustrial and Trade Sector and
playing a catalyst role in the formation of capital maret as well. 7ts membership with the
browse helped the company to a great e!tent in these regard. The company operated upto
*44, with *1 branches and thereafter with the permission of the $entral %an converted into
a full fledged private commercial %an in *44. with paid up capital of T. .4.88 crore to
serve the nation from a broader platform.
Since its inception 9$$ %an :td. has ac+uired commendable reputation by providing
sincere personali'ed service to its customers in a technology based environment.
The %an has set up a new standard in financing in the 7ndustrial& Trade and (oreign
e!change business. 7ts various deposit 3 credit products have also attracted the clients)both
corporate and individuals who feel comfort in doing business with the %an.
&.&: 0ission 1 2ision:
0ission:
To mobili'e financial resources from within and abroad to contribute in ;griculture6s&
7ndustry 3 Socio)economic development of the country and to play a catalytic role in the
formation of capital maret.
2ision3
To become the %an of choice in serving the 9ation as a progressive and Socially
Responsible financial institution by bringing credit 3 commerce together for profit and
sustainable growth.
&.4: Goal and +b5ecti"es of ,CC Ban) /i$ited :
The ma!im of the 9$$ %an :imited is to discover a new hori'on of innovative
contemporary baning creating an automated and computeri'ed environment providing one
stop service and prepare itself to countenance the new challenges of globali'ation and ,*th
century. <ne of the main ob"ectives of the ban is to be a provider of best and effective
products and services to cater to the needs of its corporate clients and provides a
comprehensive range of financial services to national and multinational companies.
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&.6: Corporate 0ana*e$ent:
The %an maintains transparency in its entire wors. ;ll decision of the Management
comes through discussions in appropriate forum and re+uired follow)ups are also made to see
their effectiveness. To train up the fresh appointees& the %an undertaes various training
programmers in its Training 7nstitute. (urther& training are arranged for maing other officers
ac+uainted with changing atmosphere of the sector so as to enable them to be on the race. The
%an is always concerned to eep up its good image through various promotional measures.
&.7: (roducts 1 Ser"ices of ,CC Ban) /i$ited:
The products of ,CC Ban) are Deposit& :oan 3 ;dvance& $ards and Remittance.
Deposit ;ccounts offered by 9$$% are Savings %an Deposit& $urrent& Special
9otice Deposit =S9D>& Term Deposit& ?remium Term Deposit& 7nstant @arning Term Deposit&
Special Savings Scheme& Special (i!ed Deposit Scheme& Money Double ?rogram& 9($D and
R($D.
:oan and ;dvance schemes of the ban are as follows:
Aoring $apital (inance
$ommerce and Trade (inance
:ong Term =$apital> (inance
House %uilding (inance
Retail and $onsumer (inance
SM@ (inance
;gricultural (inance
7mport and @!port (inance
,CC Ban) launched its -isa $redit $ard on ,, ;ugust& ,880. Bou may choose from
three types of cards which are -isa $lassic& -isa Cold =:ocal> and -isa Dual $urrency $ard
=:ocal and Clobal>.
,CC credit card service is available at a low interest rate =,D ?M>. The ban provides a
supplementary card free of cost for the spouse. 7t taes shortest processing time for a dual
card =,/ Hrs>. %ill of roaming cell phone is payable through this card. ;dditional */, ;TM
booths and 188 ?<S of Dutch %angla %an are open for the cards of ,CC Ban).
Remittance products presented by ,CC Ban) are shown below:
Special 7nterest rate on Savings and Term Deposits
Aage @arners Aelfare Deposit ?ension Scheme
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:oans (or Real @state =:and purchase and House $onstructionERenovation>
;dvance against Regular Remittance
Ser"ices Rendered by ,CC
The services you may have from ,CC Ban) are:
%roerage House
Treasury Service
Remittance Service
;s a member of Dhaa Stoc @!change and a Depository ?articipant ,CC provides full
broerage house services to you.
,CC Ban) is a primary dealer of all government approved securities. So you may have the
related services from it.
,CC Ban) maintains correspondence with more than ..8 financial institutions all over the
world for providing you remittance services. More over it has agency arrangement with *,
reputed e!change houses touching almost all ma"or locations of our e!patriates.
The $redit Rating ;gency of %angladesh :imited =$R;%> has completed its grading for
,CC Ban) up to .* Dec& ,8*8. ;ccordingly the ban has been rated as ;* in long term and
ST), in short term performances.
; commercial ban rated ;* is defined to be strong enough to meet its financial
commitments. %ut its somewhat susceptible to the adverse effect of changes in
circumstances and economic conditions than the bans obtaining a higher grade. ;* is "udged
to be of high +uality and are sub"ect to low credit ris.
$ommercial bans having rated ST), are considered to have enough strength for timely
repayment. %ans of this category are with commendable position in terms of li+uidity&
internal fund generation and access to alternate sources of funds.
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Chapter # 4: 8u$an Resources Benefits of ,CC Ban) /i$ited
4.1: 'ype of Benefits (lans of AIB/:
*. Re+uired security
,. ?rovident (und
.. Retirement security
/. Time)off security
0. Medical (acilities and Health 7nsurance
1. (inancial service& Social 3 recreational service
1. Re9uired Security:
Covernment re+uires that employers provide a certain limit of protection or a security
floor for each employee. There are three primary areas of compulsory security:
Aorers $ompensation
Fnemployment compensation
Social Security benefits.
,> (ro"ident #und:
There is a fund called G9$$ %an @mployees ?rovident (undH which is governed by
a separate ?rovident (und Rules approved by the %oard. ;ll permanent employees
compulsorily are the member of ?rovident (und.
4. Retire$ent security:
@very confirmed and full time employee who has rendered seven years continuous
service in the %an or more& a gratuity e+ual to one month basic salary for each completed
year of service may be granted to him on retirementEresignationE termination or to his family
in the event of his death while in service. The dismissed employee is not entitled to any
gratuity. -arious attractive retirement benefits are in place.
/> 'i$e3off related benefits:
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Holiday ?ay
-acations
:eave of absence
../.*: Holyday ?ay: 9$$ %an provides pay for all established holidays such as 9ew
Bear day etc.
../.,: -acation: 9$$ %an offer paid vacations that range from one to five wees per
year. Depending on length of time with the company.
../..: :eave of absence: :eave are given for military service& election& sicness&
disability.
0> 0edical #acilities and 8ealth Insurance
Doctors of selected recogni'ed hospitals time to time chec up employees. 7f the employees
are sic they give suggestions for treatment. <fficers of the %an en"oy health insurance
policy for himself. The %an pays the premium. ;gain& before starting their "ob as a
?robationer <fficer they should be certified from the bans recogni'ed medical center as he
fit for successful performance. Staff welfare fund has been created for securing the
employees from accidental loss.
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4.&.:. ;$ployee Safety 1 health:
(or employee safety and health the company give medical %enefit for ;ll ?ermanent Staff:
*. 7n case of hospitali'ation of the staff& spouse or any dependent child& in any
recogni'ed hospital or clinic& the $ompany will reimburse 08D of the hospitali'ation
charges& which will include bedEcabin rent& doctors fees and laboratory tests 3
medicine re+uired during the period of hospitali'ation. ;ll other charges will be borne
by the staff.
,. 7n case of surgery& the $ompany will reimburse 20D of the total operation charges
comprising of surgeons fee& anesthetists fee 3 <.T. charges and cost of medicine
related to the surgery.
.. ?rior approval from the Head of the %usiness is necessary before hospitali'ation or
surgery. The name of the patient and the name of the hospitalEclinic need to be stated
while taing the approval.
/. Department Heads will approve advance against surgery for staff on a case)to)case
basis.
0. @!penses for Delivery under $aesarean Section will be reimbursed as per clause ,.
Reimbursement of more than two children will not be allowed.
These rules will be sub"ect to modification from time to time at the discretion of the
$ompany.
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4.&.<. ;$ployee 0oti"ation:
?rofit Sharing:
The most significant employee benefit offered by ,CC Ban) /td is ?rofit Sharing. The
profit sharing taes place once a year: Iuly. <nly the senior employees who are around two or
more years get ,8D share of the profit earned. <ut of this ,8D profit& 20D is distributed in
terms of seniority and designation and the rest ,0D is distributed on performance in that
period.
?erformance %onuses:
?erformance bonuses are given on the basis of performance in a given year. This happens
after the yearly appraisal. The reviewer =usually the immediate boss> notes down the
performance of the employee on a given set of characteristics and sends it to the MD. The
MD then taes the decision on the performance bonus. However& all decisions regarding
performance bonuses by the MD needs to be approved by the %oard of Covernors.
Rewards:
This reward system does not have any fi!ed criteria. This is basically an additional reward
system& which provides financial incentives to employees for e!traordinary performance in
any area of their "ob.
Services %enefits:
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Soft <ption has a number of service benefits which is typically not found in other companies.
;mong the benefits are:
) (le!ible woring hour: one can start their office on *8am in the
morning and leave by /pm.
) provide transport or transport bills while attending a client
meeting
) ?rovide lunch from the office which is prepared in the office.
) have provision for the employees to participate in different
training program and as well fund any professional certification
e!am from 7%M& Sun& Microsoft& <racle& etc at companys own
cost.
Bearly ?icnicETours:
9$$ %an :td bears the e!pense of one tourEpicnic per year for each employee. The
company troop for them to interact and now each other better.
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Chapter # 6
Reco$$endation:
Conclusion:
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BIB/IGRA(8 1 R;#;R;,C;S
a> Te!t %oos
*> Human Resource Management
) Dr. . ;taur Rahman
) Julfi+ar Hasan
) Md. Rabiul 7slam
b> Aebsite
*> http://www.nccbank.com.bd/
,> http://www.dsebd.org
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