Hi All
I am working with Public Ltd (Automobiles) Company. (Company has done good profit in FY 13-14)
In FY 2013-14 I've been rated during my appraisal as Praise Worthy (Very Good) and Performance Pay awarded is 125% of Variable Pay.
When comes to CTC Revision Part I've got Reduction in my CTC (Fixed Pay i.e. Basic Salary) by 4%..
I would like to know if a person is one of the best performer (awarded two times in last financial year) then how company can reduce the Basic Salary (Over all package reduction by 4.2%)?
Please guide.
Regards
Sunil
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Dear Sunil
Two possibilities for a basic pay reduction are:
1. Changed in job scope - specifically a reduction in scope
2. Changed in the company's reward strategy - curb on basic pay (which is a fixed cost for company) but compensated by a performance-based variable plan (which is tied to company's bottom-line).
Good to have a chat with your HR or bosses to clarify your concerns.
Regards
Autumn Jane
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