Please accept our best wishes on your new venture.
Your intentions and ideas are very good and noble however we would like you to address the following issues :
Taking maximum number of workers on a contractual system may pose a problem and please check on the same with your local labour law consultant. Contractual workers may be allowed if the nature of the work is seasonal and not on the core area of the business like production.
Even if you take the contractual workers You being the Principal Employer are responsible for all the statutory dues like PF, ESI , insurance etc. You have to ensure the contractors satisfy all the obligations otherwise the onus/liability is on your company.
Also, check the local laws if the contractual employees exceed 180 working days then they are deemed to be employees.
Co-relate the proposed gross salary with local minimum wage per day pertaining to the specific industry with respect to skilled/semi-skilled/unskilled category as applicable. This would assist you to arrive at an appropriate gross salary.
Attendance Bonus payout as per the actual 100 % physical attendance Rs. 1,000/- is good. However 25%/50%/75 % cuts with respect to absence to 1/2/3 days is a bit harsh as there is no incentive for the workers to be present on all working days if they miss two days on account of illness or personal work. This cut can be rationalized to 10%/15%/20 % respectively. Also, you can have this scheme if they adhere to 100% attendance for consecutive three months they would get additional Rs. 3000/- bonus. Have a different slab of bonus who are absent for 1/2/3 days in a month for a quarter as well.
Incentive on monthly target would work only if their individual contribution is quantifiable on a shift basis and documented. Also, provide the group incentive to foster team work.
Hope this helps.
From India, Pune