Personnel Policy & Procedure Manual

PERSONNEL
POLICY
&
PROCEDURE
MANUAL
Version 1.001
MCB Asset Management Company Limited

Use and Maintenance of the Manual
Philosophy behind the Structure
MCB Asset Management Company Limited (MCB AMC) is a growing business, accordingly
this manual is intended to be a living document, meant to evolve and grow with the company as
it moves towards its vision. Policies may need to be amended from time to time to enable the
company to keep pace with changing market practices or to reflect internal shifts in direction.
The growth of the company may also necessitate the addition or deletion of certain policies or
benefits.
The structure of the manual has been designed to permit maximum flexibility in this regard.
There is provision to incorporate policy amendments within the existing framework of the
manual such that the overall ‘shape’ of the document does not deviate substantially from its
current form.
Structure
The paramount consideration is to allow flexibility for future changes and the other prime
objective of the design is ease of reference. The manual articulates the company’s underlying
values and principles, which govern how it conducts business.
MCB AMC human resource philosophy is also elucidated, together with its view of the
partnership between the employees and the company as an ongoing commitment and its
determination to strengthen this bond by providing an open and equitable working environment.
In addition, the importance of having a Human Resource Policy Manual, which formally
documents the principles and policies adopted, is explained.
The manual has been divided into various components such that a viewer would be able to locate an
item of reference with relative ease. It comprises of four distinct segments which provide the overall
framework of the manual; these are outlined as follows:
1. User Guide
The logic of the structure adopted as well as continuing guidance for upkeep of the manual is
expounded upon here. The presentation of the manual has been organized in an easy to
access and logical format. The narration, notations and illustrations all have a specific
purpose which would play an important role in the maintenance of this document.
This section sheds light on access and guardianship parameters, as well as detailing the
authorities and related responsibilities of ongoing maintenance of the manual.
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2. Table of Contents
The table of contents provides at a glance a visualization of the framework adopted.

There is a comprehensive listing of all the individual sections with page numbers for easy
reference.
3. Policies and Practices
Each policy is built around five broad components. A brief explanation of these is
presented as follows:
- Summary of the Policy
Some of the policies will have a summary. The summary is useful for policies which are
largely concerned with benefits that are objective and quantifiable. This section is
structured in a tabular format to provide a quick reference to the viewer at a glance. It is
essentially outlines the entitlement and its limits for various grades of employees.
- Statement of Intent
A statement of intent precedes the descriptive section of each policy. The purpose is to
define the core thought behind the policy so that it may be interpreted in the correct
context and that decision making authorities can be facilitated.
- Eligibility
Where applicable, this section articulates the categories of employees that qualify for a
certain benefit, based on their gender, grade, years of service or other qualifying criteria.
- Entitlement
Overall limits for a perquisite and entitlements within different cadres are defined within this
section. In certain cases unusual situations and ensuing changes in entitlements are also
articulated in this section.
- Dispensation and Practice
A prescribed process or procedure for the dispensation of an employee benefit (where

applicable) makes up the content of this section. Usually the approval discretions and
authorities are also laid out here.
4. Formats
This section comprises of sample formats of all the standard forms and application
documents which are used for effective and organized documentation of the human
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resource process as it applies to each individual. Some examples include the leave
application form, job description format, performance appraisal form etc.
Maintenance of the Manual
As stated earlier, the human resources policy manual is a ‘living’ document, meant to keep pace with
MCB AMC’s growth. Ongoing amendments and additions of policies will entail the need for an
effective procedure for maintenance and upkeep of the manual.
Maintenance
Amendments and additions may only be approved by the Exception Committee (see Exception
Committee). Once a policy amendment has been approved and is ready to be incorporated in the
manual, the responsibility will shift to the Head of Operations. In order to advise staff of specific
changes, he/she will issue circulars to the custodians of the manual, along with a copy of the
amended policy for review. This circular should be returned to the Head of Operations with the
initials of all employees within each department to ensure that proper dissemination of this
information has occurred. The Head of Operations will then ensure that the amendment is
incorporated into all the copies of the manual. It will be crucial that the amendment is assigned
the proper numbering and is dated accurately, as prescribed in the earlier paragraphs of this
section.
Exception Committee
Although every attempt has been made to anticipate all situations requiring formalized policies,
circumstances may arise which are not covered in the manual or a situation may warrant
deviations from the stated policy. These cases will be resolved by a decision taken by the
Exception Committee in order to prevent the appearance of prejudice or bias which may occur if the
decision is taken by any one individual.
The Exception Committee will comprise the incumbents of the same Management Committee
namely:
- Chief Executive Officer

- Chief Investment Officer
- Head of Operations
- CFO / Company Secretary
- Head of Marketing
- Head of HR or any other representation from HR (if, any)
These five (6) individuals may review the facts of an unusual situation affecting an employee
and make an independent decision regarding its outcome. This is a fair and impartial process
which will ensure that any resolutions reached have wider acceptability among the employees.
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Confidentiality
This policy manual is the property of MCB AMC for the exclusive use of its employees to
facilitate understanding of the rights, responsibilities and obligations in their employment
relationship with the company. Under no circumstances should it be removed from the office
premises, or copied with a view to disseminating the information contained herein to outsiders.
Employees have an obligation to respect this element of confidentiality regarding the manual and its
contents.
Copyright
This manual has been created by MCB Asset Management Company Limited for the exclusive use
of its management and employees. Any reproduction, distribution, sale or use of this material for any
purpose other than outlined above, without the express written authorization of MCB AMC is
strictly prohibited.
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PERSONNEL
POLICY
AND
PROCEDURE
5
Table of Contents
POLICY PAGE NO.
Employment Policy 12 -19

Statement of Intent 12
Job Description Document 12
Recruitment 13
Selection Procedure 13
Internal Selection 13
External Recruitment 13
Appointment 14
Probationary Period 14
Notice Periods 14
Transfers 14
Trainings 15
Succession Planning 15
Hours of Work & Public Holidays 16
Retirement 16
Exit Policy 16
Personal Information and Privacy 17
Attendance Register 17
Employee Recognition Tools 17
Dress Code 18
Safety & Security 18
Personal Telephone Calls/E-Mail 18
Variations to Terms of Employment 19
Equal Opportunity Employment 19
Authority 19
Compensation Policy 20-22

Compensation 20
Payment of Salary 20
Salary Advances 20
Deductions from salary 20
Promotions Salary Reviews 21
Year-End Evaluations 21
Vehicle Policy 23-26

Summary 23
Eligibility 24
Entitlement (Vehicle & Process) 24
Initial Registration / Insurance & Taxes 25
Repair & Maintenance Expenses 25
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Withdrawal of Company Vehicle 26
Cessation of Service 26
Cell Phone Policy 27-29

Summary 27
Entitlement and Eligibility 28
Equipment 28
Connection Charges/Security Deposit 28
Insurance 28
Settlement of Bills 29
Employee Responsibilities 29
Replacement & Disposal 29
Leave Policy 30-34

Summary 30
Eligibility 31
Annual Leave 31
Annual Leave Schedule 31
Minimum Leave Requirement 31
Advance Annual Leave 32
Annual Leave Accumulation and Encashment 32
Alternate Saturdays Off 32
Sick Leave 32
Prolonged Illness 32
Maternity Leave 32
Paternity Leave 33
Hajj / Umrah Leave 33
Iddat Leave 33
Leave With out Pay / Extraordinary Leave 33
Leave Preparatory to Retirement 34
Overstay of Leave / Unauthorized Absence 34
Mode of Applying for Leave 34
Subsidized Loans 35-44

Housing Finance - Summary 35
Car Finance - Summary 36
Eligibility 37
Housing Finance
Entitlement 38
Purpose of the Finance 39
Repayment 39
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Number of Loans 39
Renewal 39
Additional conditions 40
Disbursement 40
Purchase of Plot 40
Purchase of a constructed house / apartment 40
Documentation 40
Insurance 41
Municipal Taxes 41
Permissions for Various Transactions 41
Car Finance
Eligibility 43
Entitlement 43
Repayment 43
Renewal 44
Documentation 44
Disbursement 44
Provident Fund 45
Details of Provident Fund 45
Provident Fund Loans 45
Hospitalization Benefits 46-47

Eligibility 46
Entitlement 46
Scope of Coverage 47
Dispensation Process 47
Travel Policy 48-53

Statement of intent 48
Approval for Travel 48
Eligibility 48
Air Travel 48
Travel by Train 49
By Road 49
Boarding & Lodging Arrangements

Personal Arrangements 50
Company provided Accommodation 50
Daily Expense Allowance 51
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Transportation Allowance 51
Overseas Travel 52
Laundry & Dry-Cleaning 52
Telephone Calls 52
Entertainment 52
Training Related Travel 52
Advance against Traveling 53
Approval Authority 53
Group Insurance (Life) 54
Disciplinary Policy 55-60

Scope of Policy 55
Conduct and Performance Expectations 55
Inadequate Performance 55
Absenteeism and Tardiness 55
Misconduct 56
Gross Misconduct 56
Suspension from Work 56
Option to be represented 56
Stages of the Disciplinary Procedure 56
Formal Oral Warning 57
Written Warning 57
Letter of Charge / Final Written Warning 57
Principles for the Disciplinary Procedure 59
General 61-62
Personal Finances 61
Outside Employment 61
Communicating with the Media 61
Employment of Relatives 61
Use of MCB AMC Computer Resources 62
Discipline 62
Obligation after Employment 62
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Annexure 64-77
‘A’ Job Description Document 64
‘B’ Performance Evaluation Form 66
‘C’ Appointment Letter 71
‘D’ Confirmation Letter 73
‘E’ Anticipated Annual Leave Schedule 74
‘F’ Leave Application 75
‘G’ Travel Allowance Request Form 76
‘H’ Gift Report Form 77
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POLICIES
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Employment Policy
Statement of Intent
MCB AMC’s most important assets are its people, capital and reputation. It is the people of MCB
AMC who make the organization unique and define its reputation for excellence and
professionalism.
MCB AMC will always strive for excellence and believes that continuous improvement must be
fostered as an integral part of its organizational culture. The Company is committed to provide an
open and honest work environment that enables every employee to reach the highest possible level of
professional and personal fulfillment. In return, it expects that every employee will put forth
maximum effort towards the performance of their jobs and the achievement of the
Company’s goals.
The primary aim is to build MCB AMC from within, promoting and rewarding people on the basis
of performance alone. MCB AMC’s ability to continually identify, recruit, develop and motivate
our most precious resource in an increasingly competitive marketplace will be its greatest
strength.
MCB AMC’s human resource philosophy is its defining conviction in this regard. It acts as a
guideline that helps to highlight and clarify the Company’s various aspirations, objectives and
ethical parameters.
Job Description Document
MCB AMC recognizes that the cornerstone of a meaningful employment relationship with each
individual employee is a clear description of responsibilities and performance objectives. The
manner in which these are documented impacts on every aspect of employment with the
Company and therefore merits greater analysis.
This objective is fulfilled by a job description document, which is a formalized statement of the
responsibilities, duties and qualifications of a job based on information obtained through an
objective job analysis. Its purpose is to identify a specific job with clarity and precision and to
describe its scope and content. It should be as accurate, concise and complete as possible. It is
important to bear in mind that the document describes the position and the skills and
qualifications needed to satisfy that position; it is not meant to describe the incumbent.
MCB AMC maintains updated job descriptions (refer to Annexure A) for each position in the
organization. The document aims to measure and record the three critical elements of the job,
namely:
- Know-How, which refers to the sum total of all skills necessary for acceptable performance
including educational qualifications and relevant experience.
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- Problem Solving, the requirement of the position to function independently and take
decisions.
- Accountability, the quantum of impact or contribution made by a job to the overall

organizational objectives.
A job description document is prepared whenever a new position is established and a grade level is
assigned following the job evaluation process (refer to Compensation Policy). This is an
invaluable management tool and is a prerequisite for effective recruitment and selection (refer to
Recruitment), an equitable compensation structure (refer to Compensation Policy), meaningful
performance evaluations and forecasting training needs.
Recruitment
MCB AMC’s recruitment decisions are based upon a careful selection process in order to
determine the individual best qualified for the position to be filled.
Wherever feasible, recruitment and selection will be made as a first preference internally, based on
the availability of suitable candidates. External candidates will come as a second preference through
advertisements, search agencies, market contacts, universities/institutes etc.
Selection Procedure
The Company’s normal method of selection will be interview based. The Department Head shall
discuss the selection procedure with the Chief Executive when the vacancy first arises. Due
consideration will be given to appropriate testing (aptitude/ability) if the position warrants. Each
applicant will be considered on the basis of his/her skills, knowledge and abilities.
Internal Selection
If an internal candidate is selected to fill the vacancy, both Department Heads affected shall
agree on a date of transfer. It may fall at the end of a four (4) weeks ‘notice period’ or before.
If the candidate is successfully appointed to a higher graded position, it is at the Company’s

discretion, depending upon relevant skills and experience to promote the individual on
appointment. Or alternatively, management may elect to delay promotion until completion of a
suitable training period, so that the employee is performing fully at the appropriate level of the
new post.
External Recruitment
In the event that an external candidate is being considered, he/she would be required to provide
comprehensive information via an employment application. An offer of employment would be
subject to the receipt of satisfactory employment and personal references.
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The Company may also require proof of original certificates pertaining to academic or
professional qualifications. Subsequent discovery that a candidate has provided false or
misleading information may lead to a withdrawal of an offer of employment or if employment has
already commenced, disciplinary action up to and including dismissal.
Appointment
On commencement of employment, all new employees will be provided with a formal letter of
appointment (refer to Annexure C) which will be co-signed by the CEO/ Head of the Department and
Head of Human Resource outlining their basic terms and conditions of employment.
As soon as possible after joining, a new employee will be briefed about his/her responsibilities
performance objectives, Company’s procedures and systems and other relevant administrative
matters.
Probationary Period
Confirmation of an employee after appointment is preceded by a probationary period of six (6)

months. The probationary period should be regarded as an extension of the selection process and
will be utilized for close observation and evaluation of the employee’s performance in the role
assigned to him/her as well as the behavioral attributes related to the position. It will be used to
determine whether an employee demonstrates the ability and qualifications necessary for service
with MCB AMC.
The probationary period may be waived, reduced or extended at the sole discretion of the
management. Extension in probationary period must be seen as an exception that expresses
management dissatisfaction on performance of that employee, if unable to meet defined
expectations, could face termination at the end of this period, or earlier.
On satisfactory completion of the probationary period, the employee will be confirmed in his/her
employment with the Company (refer to Annexure D).
Notice Periods
During the probationary period, either party can terminate employment without assigning any
reason, subject to a notice period of fifteen (15) days, or payment/surrender of basic salary in lieu of the
same.
Following confirmation, the notice period requirement will be three (3) months written notice
from either side. Adjustment of un-availed annual leave is permissible for this purpose; however,
management may waive or reduce the period at its own discretion in case of unusual cases.
Transfers
It is the management’s discretion to transfer an employee from one department to another if

business conditions or employee’s skill merit such an arrangement.
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The services of an employee may also be transferred to any branch/office within Pakistan or
abroad, or any associated/sister concern, whether existing or established in the future, at
management’s discretion. If such transfer is affected at the request of the employee, then the
relocation expenses will be borne by the employee. If the transfer is at behest of the management
company, then the expenses will be borne by the company. In such cases, the limit will be up to one
salary of the employee or such amount at the discretion of the CEO.
Training
MCB AMC will support reasonable initiatives to improve the technical and professional know
how of its employee. Every effort will be made to create a conductive environment in the
company to let employees learn from their superiors and also through formalized training
courses.
In-house training sessions will be conducted where trainers from within the organization’s talent pool
or outside industry experts will be invited to polish the skills of staff members. Employees who
appear for Chartered Financial Analyst programs will be able to claim their fee back upon
successfully passing the exam.
For external courses, approvals will be granted to employees on case by case basis after looking at
their training needs and the relevance of the training course. The recommendation of
immediate supervisor will be must before the application is forwarded to the CEO for approval. An
employee will be eligible for a maximum of two (of which not more than one could be out of country
visit) training courses/seminars/conferences during an accounting year. This limit will not apply on
short (not exceeding 1 day events), inter-city courses.
The company will bear the expenses of the training exercise, including course fee, travel and
boarding and lodging (see travel policy for more details). However, in cases where the
cumulative training expense is more than 50% of the employee’s gross salary, the amount will
be initially booked as an advance and will be written off in equal installments over the next six
months.
I f an employee leaves prior to the written off period, he/she will be required to pay the
remaining advance amount back to the company.
Succession Planning
Succession planning is an essential tool used by MCB AMC to develop people for future
management positions and to focus on employees with high potential. Consistent performers who
demonstrate flexibility and adapt well to the dynamic business environment will find the best
opportunities for developing their career with MCB AMC. Other factors affecting career
development will include; professional qualifications, experience, training, ability and aptitude and
the availability of suitable vacancies within the Company.
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Retirement
The normal retirement age for male employees is sixty (60) and female employee is fifty five
(55) years. However, employees who complete thirty (30) years of service with MCB AMC may
apply for early retirement.
Exit Policy
Employees who resign from the service of MCB AMC will be required to serve the requisite
notice period as per their employment contract. This notice period can be relaxed in exceptional
cases by the CEO upon recommendation from the relevant departmental head. Out-going
employees may adjust their unutilized annual leaves in the notice period if their request for grant of
leave is accepted by their supervisor.
All out going employees will be required to surrender all office property in their possession to
their immediate superior and ensure that all pending work is complete or appropriately assigned to
another individual. The HR department will be responsible to ensure that out-going employee has to
obtained clearance from the head of department, HR and Office Administration before his/her
case is submitted for clearance of dues to finance department.
If an employee leaves during probationary period and the company had booked a car or any other
asset for him/her, the booking will be cancelled and any cancellation charges will be recovered
from the employee.
Hours of Work & Public Holidays
Employees are responsible for good attendance and punctuality. Employees are expected to
abide by the existing working hours of the MCB AMC which are as follows:
Sunday Off Days

09:00 a.m. to 5:30 p.m.
Monday to
(Lunch & Prayer Break: 1:30 to 2:30 p.m.)
Thursday Friday 09:00 a.m. to 5:30 p.m.
(Lunch & Prayer Break: 1:00 to 3:00 p.m.)
Saturday 9:00 a.m. to 1:30 p.m.
The management has a right to change the working hours without any notice or without
assigning any reason.
The office timings during the month of Ramadan would be announced before the
commencement of the holy month each year. On occasion it may be necessary for employees to
work beyond these hours, on weekends or on public holidays to meet business or operational
requirements.
Regular attendance is essential to the Company’s efficient operation and is a necessary condition of
employment. Employees should report to work as scheduled and on time.
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Sunday is a closed paid holiday. All employees will be entitled to gazetted public holidays, as
announced by the Federal Government of Pakistan.
Personal Information and Privacy
All personal information provided to MCB AMC will be kept confidential and used purely for the
maintenance of personnel records, payroll and benefit administration, provident fund scheme and
routine human resource planning and career development purposes.
Employees should provide accurate and up to date personal information and notify the Company
about changes to any of the following:
- Home address and telephone number

- Marital status
- Legal name
- Dependant details
- Emergency contact details
- Next of kin
- Professional qualification
- Membership in a professional organization
Attendance Register
All employees are requested to sign the Departmental Attendance Register, manually or
electronically. The aim is to have the times of arrival duly noted. This is to ensure proper record
keeping and ease of reference. The Register should also be signed with a notation of the arrival
times if an employee comes into the office on a holiday.
MCB AMC immensely values time, and thus emphasis is laid on punctuality. Employees coming
after 9:30 am will be marked late. Two late arrivals in a week will result in deduction of one
annual leave. Employees coming after 12 noon will be marked absent unless there has been a
prior notification of late arrival to their immediate supervisor and the supervisor agrees to mark it as
late arrival instead of an absence.
Employee Recognition Tools
MCB AMC follows a policy of actively taking steps to maintain and enhance levels of
motivation and commitment of employees. These include but are not limited to:
* Service Excellence Awards
Employees who demonstrate true service excellence in dealing with either internal or
external customer, either for a specific project or on a consistent basis, may be
eligible for a service excellence award/letter, at management’s discretion.
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* Long Service Awards
MCB AMC values staff loyalty and commitment. To this end, employees who
have completed continuous service will qualify for an award as follows:
One Umrah ticket at the end of five (5) years of service and the same at the end of
each subsequent five (5) year period.
In addition, the Company sponsors sporting activities for employees to foster camaraderie and
team spirit and organizes social events, which gives employees from different departments an
opportunity to interact in a casual atmosphere.
Dress Code
Employees should be aware that their attire is a reflection of their professionalism as well as that of
the organization. A professional business appearance together with a high standard of personal
hygiene is expected of all employees.
An appropriate dress code for men includes at the very least dress trousers, collard shirt and
dress shoes. The management however, has the discretion of allowing on a case to case basis,
shalwar kameez with waistcoat on Fridays. Dress shoes are a must with any dress code; sandals
and other types of foot wear are strictly prohibited.
Employees should be conservatively dressed, neat and well groomed while on duty. Employees
may opt for smart casual dress code on Saturdays but clothing of informal nature, for example
jeans, collarless T-shirts, sneakers etc., is not acceptable office attire.
Safety & Security
MCB AMC believes in creating and maintaining a healthy environment for its employees.
Smoking is strictly prohibited within the premises of MCB AMC.
The Company is also committed to ensuring a safe and secure working environment for all
employees and visitors. Every effort will be made to ensure office equipment and all safety
devices are in proper working condition.
Employees have an equal obligation to adopt safe working practices and to familiarize
themselves with the emergency procedures in case of fire or other emergency requiring
evacuation. In addition, employees are strictly forbidden from bringing any firearm on
Company’s property.
Personal Telephone Calls/E-Mail
MCB AMC understands that it is occasionally necessary to attend to personal matters during
office hours. However, employees should restrict their personal use of telephones upto 50 local
calls per month. On exceeding this limit, the excess calls and outstation calls would be charged
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from their salary. And also should restricts their personal use of computers at the workplace and
only use these for urgent and unavoidable issues.
E-Mails received through MCB AMC’s mail facilities are considered company property and may be
opened as deemed appropriate. Employees should avoid having their personal mail addressed to the
Company. Storage and dissemination of immoral, unethical and objectionable material, including
texts with racial and/or sexual content, is strictly forbidden. Violators could face severe disciplinary
action, including demotion or termination of employment.
The Company may grant internet access to those employees who need this facility to perform
their duties. However, employees are expected to use this facility responsibly unethical and
objectionable material and on-line trading/betting on the Internet is strictly forbidden. Violators
could face severe disciplinary action, including demotion or termination of employment.
Variations to Terms of Employment
At any time, MCB AMC may need to alter the terms and conditions of employment, including
the duties and responsibilities of an employee. The employee may be required to undertake
reasonable duties, other than those for which he/she was originally hired. Any such changes will
be communicated in writing with suitable amendments to the job description document. A
change in a position’s duties and responsibilities does not necessarily dictate a change in the
position’s pay level if similar skills, knowledge, and level of responsibility continue to apply.
Equal Opportunity Employment
MCB AMC is committed to ensuring that all staff is treated fairly and with dignity, and that no
discrimination or harassment occurs in the workplace.
The Company is an equal opportunity employer, which means that it is the aim of all their
policies and procedures to ensure that all decisions made in relation to appointments,
promotions, transfers, training opportunities and performance assessments are made entirely on the
basis of merit alone. The objective of the policy is to ensure that no applicant or employee is
discriminated against on the grounds of race, nationality, ethnic/social origin, religious or
political beliefs, age, gender, marital status, disability or family responsibilities. All human
resource decisions are made by utilizing objective standards based on the individual’s
qualifications and experience as they relate to the particular job vacancy.
Authority
All appointments, confirmations, promotions or internal transfers will require the final approval of
the Chief Executive Officer.
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Compensation Policy
Statement of Intent
MCB AMC pursues a compensation philosophy of establishing and maintaining consistency and
equity within the organization as well as aligning its overall remuneration policies with the
marketplace. It believes in attracting and retaining talent through a combination of monetary and
non-monetary rewards and incentives. Accordingly, MCB AMC places itself amongst the better
paymasters within the industry and continuously endeavors to improve the level of job
satisfaction of its employees through learning, development and making MCB AMC the best
place to work.
Compensation
In order to formulate and establish a competitive compensation structure, MCB AMC evaluates
its remuneration package viz. a viz. competitors and aligns compensation to the market on
regular basis. The market survey findings represent average remuneration offered by major
players in the market for various jobs and are interpreted in terms of MCB AMC’s size and
structure.
Payment of Salary
Salary is paid monthly in arrears and is deposited by direct credit transfer to the employee’s bank
account. Payment is generally made by the 28th day of each month.
Salary Advances
As Company policy, salary advances are not granted. Exceptions would be in situations where an
employee is expected to be out of station on annual leave when salaries are normally credited, and
does not anticipate returning before the first of the following month. Other unusual situations would
also be given due consideration, purely on the merit of the situation.
Deductions from Salary
The salary payable is subject to statutory deductions (e.g. income tax and provident fund
deductions). In addition, the following deductions may be made from the salary:
- For repayment of loans, salary advances etc.

- For adjustment of any over payment.
- For an employee’s unauthorized absence from duty or leave without pay.
- Upon termination of employment where annual leave taken exceeds the pro-rate
entitlement.
- Any losses, deductions or damages due to employee.
- Any other legitimate deductions.
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Promotions Salary Reviews
Salaries are normally reviewed each year with effect from July first, following the performance
appraisal process. All increases are awarded on the basis of merit and are paid entirely at the
discretion of the Company. MCB AMC reserves the right to amend the review date in future if
required.
Promotions are done once a year after the completion of annual evaluation exercise and are
effective from the time they are announced. In order to be eligible for the promotion to the next
grade, employees must have performed well in their current grade for at least two years, should not
have any disciplinary action initiated against them in the last two years and should not have a “C” or
below grade in the last two evaluations. The management can relax these rules under exceptional
circumstances.
For promotions up to SVP grade, the CEO along with departmental head or an EVP/SEVP will be
authorized to make the necessary recommendations. For promotions above SVP grade,
recommendations of at least two directors, one of them being the CEO, will be required.
All MCB AMC employees have an equal opportunity for promotion based upon their
performance; qualifications and demonstrable merit. However, it is imperative to recognize that
promotion is not a function of seniority alone. All promotions are entirely at the discretion of the
management and all decisions will be final.
Year-End Evaluations
In order to assess the contribution of each employee towards the organization and to help
employees assess their development needs and strengths, MCB AMC has a policy to conduct a
thorough year end evaluation. This is an important exercise with ramifications on promotions,
salary revisions, bonus payments and personal development and hence should be treated very
seriously.
This exercise entails a full 360 degree approach where each employee will be assessed by atleast three
people, including his sub-ordinates, peers and supervisors. Employees can choose to conduct a
self-evaluation for discussion purposes but it will not have any weight in the grading exercise. The
Evaluations will start in June every year and will progress as under:
• Each permanent employee (either confirmed or not) who has completed six months of service
will be evaluated.
• Each employee will have an appraisal manager who will choose his/her appraisers - one of
whom must be his/her immediate supervisor.
• The names of appraisers will not be disclosed at any level and to anyone. However, it is the
duty of the appraisal manager to maintain a record of all evaluation forms and share all the
grades with the employee if he/she asks for details.
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• The appraisal manager will summarize the three evaluations for each employee and conduct an
appraisal interview. The employee and his/her immediate supervisor must be present in that
interview.
• The employee shall also determine his/her goals and development needs for the next year in
consultation with the supervisor during this exercise.
• The whole exercise should be completed by end July with each employee signing his/her
evaluation form and agreeing on next year’s targets/goals and other deliverables.
22
VEHICLE POLICY Policy Summary
ELIGIBILITY ENTITLEMENT / DESCRIPTION OF BENEFIT PAGE

NO.
Vehicle Monthly Fuel Limit
Chief Executive Officer As per employment contract As per employment contract

Senior Executive Vice President Lease rentals up to PKR 1.7 mil financing and 600 Litres
interest free booking advance of PKR 0.3 mil 24
Executive Vice President Lease rentals up to PKR 1.36 mil financing and 450 Litres
interest free booking advance of PKR 0.24 mil
Senior Vice President Lease rentals up to PKR 1.0625 mil financing and 260 Litres
Vice President Lease rentals up to PKR 0.85 mil financing and 230 Litres
Repair & Maintenance According to entitlement 25
Insurance & Taxes Company’s responsibility 25
Cessation of Service Employees may purchase the assigned vehicles at Net Book Value, provided the vehicle is 26
over three (3) years old calculated from the date of purchase.
23
Vehicle Policy
Statement of Intent
MCB AMC provides vehicles to certain members of management as a key component of their
overall compensation package. The provision of this benefit is in line with the Company’s
remuneration philosophy of utilizing a competitive emolument package to attract and retain
critical talent.
The principal criterion in determining eligibility is the appropriate recognition of an individual

employee’s position based on his/her skills, experience and market practice. Alternatively,
vehicles may be assigned where mobility is a requirement of the daily business functions of a
position.
Eligibility
Permanent employees of MCB AMC outlined in the entitlement section below are eligible for getting
vehicle lease payments. In some instances, lateral entrants to the specified positions may be provided
this facility even before confirmation.
If the company decides to give a vehicle to an employee and already has a relatively new car (less
than one year old and driven less than 15,000 kms) in good working condition, a new car will not
be booked and the existing car will be offered to the employee.
Entitlement and Process
The entitlement for vehicles and related fuel limits is outlined in the following table:
Position Vehicle Fuel Monthly Limit
CEO As per employment contract As per employment

contract.
SEVP Lease rentals up to PKR 1.7 mil financing and interest free 600 Litres
booking advance of PKR 0.3 mil
EVP Lease rentals up to PKR 1.36 mil financing and interest free 450 Litres
SVP Lease rentals up to PKR 1.0625 mil financing and interest 260 Litres
free booking advance of PKR 0.1875 mil
VP Lease rentals up to PKR 0.85 mil financing and interest free 230 Litres
Every employee who is eligible under the above mentioned criteria will be required to make a
request to the HR department for the grant of this facility. The HR department will then forward his
case to the departmental head and eventually to the CEO for final approval.
24
The booking advance will be given as loan and will be recovered over a period of five years from the
employee. The booking advance loan will be payable in full immediately if the employee leaves
the company - whether through resignation or termination. The company reserves the right to
adjust the outstanding loan amount from any payment due to the employee.
The lease rentals will be paid to the employee every month with salary and will be prorated for any
incomplete month. The car will be in employee’s name unless decided otherwise by the
company. No lease rentals will be due once an employee leaves the organization.
Employees who have been provided company maintained cars will revert to the lease rental
policy when they move to the next grade or after completion of the 5 year tenor of their cars,
whichever is earlier.
Initial Registration / Insurance & Taxes
MCB AMC is responsible for the initial registration of the vehicle and provide insurance
coverage and for payment of all taxes. However, the employee also has an obligation to ensure that
these requirements are met and payment deadlines are adhered to.
Repair & Maintenance Expenses
The Company will bear the repair and maintenance expenses incurred on the vehicle till such time
the ownership will remain with the Company. If the maintenance expense in one year remains
under the maximum limit allowed it can be carried forward to the subsequent years, provided the
maintenance expense does not exceed the total limits allowed for five years. A log of total expense
incurred will maintained by Administration Department.
Before formally accepting the vehicle, the employee should examine it carefully and report any fault
or defect.
Position Entitlement
Chief Executive Officer To be maintained by the Company
Senior Executive Vice President Rs. 40,000 p.a.
Executive Vice President Rs. 30,000 p.a.
Senior Vice President Rs. 25,000 p.a.
Vice President Rs. 20,000 p.a.
Tyre change after every 30,000 kms for all vehicles.
Withdrawal of Company Vehicle
In case of company provided vehicles, a vehicle assigned to an employee is subject to

withdrawal at the sole discretion of the Company, in case of abuse of the privilege. Abuse may
include repeated accidents due to bad driving, the vehicle not being maintained at an acceptable
standard, unauthorized usage etc.
25
Cessation of Service
In case of cessation of service (other than summary dismissal) the employee can exercise the
option to purchase the vehicle at market value, provided that he/she has completed three (3) full
years of service. Market value will be determined by Administration Department by calling in
three quoted from the authorized dealers, the average price of the three quotes will be considered
the market value.
In the event of summary dismissal due to misconduct, the employee will not be entitled to avail
this option.
The Company has the right to amend the vehicle policy as and when it deems necessary.
26
CELL PHONE POLICY Policy Summary
ENTITLEMENT DESCRIPTION OF BENEFIT PAGE NO.
Equipment Monthly Bill Limit

Chief Executive Officer Black Berries / PDA Company responsibility
Senior Executive Vice President Black Berries / PDA Rs. 8,500/= or actual whichever lower
Executive Vice President Black Berries Rs. 5,500/= or actual which ever lower 28
Senior Vice President Black Berries Rs. 3,000/= or actual whichever lower
Vice President CEO’s discretion Rs. 2,000/= or actual whichever lower
Connection Charge/Security Deposit Company’s responsibility 28
Insurance & Taxes (if any) Company’s responsibility 28
Replacement Period Not before 3 years 29
Monthly Billing Company’s responsibility / entitlement 29
Disposal Option to purchase at written down value in the Company’s books 29
upon completion of three (3) years.
Eligibility VP & above / need-based eligibility to employees 28
Cessation of Service Option to purchase, provided phone set is at least one (1) year old 29
calculated from the date of purchase.
Monthly bill limits may be altered at the CEOs discretion
27
Cell Phone Policy
Statement of Intent
Cell Phones and cell phone allowances are provided to senior executives of the Company to
enable them to remain in touch with their respective offices, thereby, promoting smooth
functioning of the business. If applicable, the cell phone allowance is mentioned in the offer
letter of employees and is dispensed as part of salary every month.
On top of the allowance, the company has a policy to provide e-mail access to senior employees via
Blackberry service. Under this service, the company provides a blackberry set (once in two years),
sim card/connection and pays for the line rental (blackberry package), including taxes every
month. All requests for blackberry connection need to be endorsed by the CEO.
Entitlement and Eligibility
The entitlement for cell phone facility is as follows:
- Departmental Heads
- All other eligible employees, determined by the CEO/Management on need basis.
Equipment
MCB AMC provides maximum flexibility to employees in choosing a mobile telephone set to suit
their individual preference. An employee may purchase a set of his/her choice and the
Company will reimburse this cost, up to the sanctioned limit. If the cost of the set exceeds this
limit, the concerned employee would be responsible for the additional monies. The telephone set
remains the property of the Company. MCB AMC encourages employees to purchase a
telephone set within the established limit. The asset would be recorded in the Company’s books at
the actual price or the authorized limit whichever is less.
Connection Charges/Security Deposit
The Company will be responsible for all charges related to the activation of connection for a
telephone line, which will be in the Company’s name. The specific payment package chosen for
each individual employee will depend on the expected usage and pattern of calls to be made.
The security deposit or the under written assurance for credit limit required for the connection, if
applicable, will be the responsibility of the Company.
Settlement of Bills
The company will reimburse the monthly bill up to the maximum limit allowed as per each
employee entitlement. For blackberry service, employees will get an additional payment equal to
blackberry’s line rental, including taxes. Any expense exceeding the entitled limit will be borne by
the employee.
28
Employee Responsibilities
Employees should exercise diligence in their use of this facility. The priority should be to always use
land lines wherever possible and at all times when the employee is in office.
Replacement & Disposal
Mobile telephone sets will normally not be replaced before three (3) years calculated from the
date of purchase.
When the telephone set is due for replacement, the employee will have the option of purchasing the
set at the written down value in the Company’s books.
Upon Cessation of Service all outstanding bills over and above the entitlement must be settled by
the employee immediately. In case, of any dues kept pending, the company has the right to settle
the outstanding amounts by deducting from any and all dues which may be payable to the
employee of the Bank. The balance if any will be recovered from the employee concerned. If
more than one year old, the cell phone will not be recovered from the employee upon leaving the
service
29
LEAVE POLICY Policy Summary
Annual Leave 30 calendar days for each completed year of service 31

Sick Leave 12 days 32
Alternate Saturdays Off Off schedule will be decided by the respective HOD’s 32
Accrued Leave Can be carry forward up to 60 days 32
Maternity Leave 90 days (twice during the entire length of service with the Company) 33
Paternity Leave 7 days (twice during the entire length of service with the Company) 33
Hajj / Umrah Leave 30 days / 7 days leave once during the entire length of service 33
Iddat Leave 130 days for a female employee 33
Retirement Leave 30 days prior to date of retirement 34
Leave without pay In exceptional circumstances 34
Minimum Continuous Annual Leave 7 days uninterrupted leave during each calendar year. 31
Requirement
Eligibility All confirmed Employees 31
30
Leave Policy
Statement of Intent
MCB AMC appreciates the importance of rest and recreation for the well being of all employees
in order to benefit the employee both physically and mentally. It also recognizes that there may
be contingencies arising from illness and unforeseen eventualities that requires the employee to
be temporarily absent from duty. The Company allows a leave of absence to the employee in
such situations and to cater the requirements, MCB AMC has the following Leave policy.
Eligibility
All confirmed employees are eligible to avail leave in accordance with the policies contained in
this manual. Employees appointed during the year will be entitled upon confirmation on a prorata
basis, calculated from the date of appointment.
Annual Leave
All Employees are entitled to thirty (30) calendar days of annual leave with pay in a year, for
each completed year of service. When public holidays or weekends (Sundays) fall within the
leave period requested, they shall be included as part of leave.
Annual Leave Schedule
All employees should submit anticipated annual leave schedules (refer to Annexure E) to their
Department Heads at the beginning of each year in order to streamline and effectively
accommodate their varying leave requirements.
If an employee’s requested leave cannot be accommodated, he/she should be advised as soon as

possible and asked to submit revised dates. Leave should be scheduled in such a way that it does not
hamper the normal operating efficiency of the department.
It is important to note that an accepted leave schedule does not imply approval of the requested
period of leave. Although every effort would be made to adhere to the departmental leave
schedule, unexpected operational requirements may necessitate postponements. A completed leave
application Form (refer to Annexure F) should be submitted for approval at least two (2) weeks in
advance prior to the anticipated start of the leave period.
Minimum Leave Requirement
Annual leave may be availed at one time or may be divided and availed at various times during the
year, subject to appropriate approvals. Assuming earned eligibility, employees are required to take one
period of annual leave equivalent to fifteen (15) working days uninterrupted leave, during each
calendar year. Deviation from mandatory requirement will be allowed only in exceptional
circumstances and with the approval of respective Departmental Head or where other prolonged
absences (sickness, maternity leave etc.) fulfill this requirement.
31
Advance Annual Leave
Annual leave shall not normally be granted in advance. The exception would be in the case of
newly confirmed employees who have not completed a full year of service. Advance annual
leave allowed in such case would not exceed seven (7) days and would be approved solely at
management discretion.
Annual Leave Accumulation and Encashment
The intent and purpose of policy is defeated if annual leave is not availed each year. Therefore,
carry over of leave is discouraged under normal circumstances. Under exceptional circumstances
that warrant carry over of leave, a maximum of up to fifteen (15) calendar days can be carried
over to subsequent year. However, once the employee has accumulated sixty (60) days of leave,
future leave accumulation will not be allowed and any leave accruing over sixty (60) days will
automatically lapse.
Encashment of accrued annual leave will not be allowed.
Alternate Saturdays Off
In lieu of casual leave all employees will be allowed alternate Saturdays off. The alternate
Saturday off schedule / roster will be decided by the respective Head of Department at the
beginning of the year with a copy given to HR.
Sick Leave
Employees are entitled to leave during illness, up to maximum of twelve (12) calendar days
during a year. Sick leave can neither be accumulated nor encashed. Sick leave in excess of
entitlement will be treated as leave without pay, except in case of prolonged illness. Any
employee who is absent for more than two consecutive days on account of sick leaves must
submit a doctor’s certificate.
Prolonged Illness
In cases of prolonged/serious illness, including conditions arising from an accident and

supported by a medical reports and certificates, extending beyond the normal entitlement for sick
leave, the balance of annual leave will be adjusted against the absence. In case the illness
continues after all the leaves have been utilized, the employee would be allowed leave with full
pay for a maximum of three (3) months. During this time, the employee should provide regular
updates to management on his/her medical prognosis and make every effort to return to work as
soon as possible.
At the end of this time, the employee would be allowed a sabbatical leave of absence for a
maximum of six (6) months. This would be unpaid leave during which no benefits would accrue
to the employee. Approval of such leave will be at the management’s discretion. Whilst every
32
effort would be made to accommodate an employee upon his/her return to work, it is
understandable that positions cannot be left vacant indefinitely in an ongoing business.
Accordingly, in case of prolonged illness, it may be necessary for the Company to make
temporary or permanent arrangements to fill the ailing employee’s position. Therefore, situations
may arise where a suitable position is not available for the employee upon his/her return.
Maternity Leave
Maternity leave will be available for female employees for a maximum of ninety (90) days, twice
during the entire length of service with the Company.
Paternity Leave
Paternity leave will be available to male employees of the Company for a maximum of seven (7)
working days, twice during the entire length of service with the company.
Hajj / Umrah Leave
Pilgrimage leave is available to employees for performing Hajj. For performance of hajj, the
Company allows up to thirty (30) days. Hajj leave may be availed only once during an
employee’s entire length of service with the Company.
For performance of Umrah a maximum of seven (7) days leave will allowed once during the
entire length of service.
Iddat Leave
In case of demise of a female employee’s spouse, leave of absence is sanctioned up to a

maximum of one hundred and thirty (130) days leave, which will also fulfill the religious
requirement of the period of iddat.
Note:
In case of demise of a male employee’s spouse, leave of absence of up to fifteen (15) days may be
allowed to the employee in order to allow him sufficient time to adjust to the tragic loss and to make
necessary arrangements in the household for children and other dependants.
Leave With out Pay / Extraordinary Leave
Leave without pay is not a matter of right but may be considered in exceptional circumstances such
as unusual family obligations or unforeseen situations. It will only be granted, once the employee
has exhausted all other accrued leave.
No leave or other benefit will accrue during leave without pay.
33
Leave Preparatory to Retirement
Employees attaining the retirement age of sixty (60) years (fifty five (55) years for female) or
having completed thirty (30) years of continuous service and opting for early retirement are
eligible to avail leave preparatory to retirement to the extent of one (1) month immediately prior
to retirement, in order to allow sufficient time to organize and prepare for this significant event
in life.
Overstay of Leave / Unauthorized Absence
Employees overstaying their sanctioned leave except under circumstances that are deemed
beyond their control (for which satisfactory explanation / evidence must be provided) shall not be
paid salary for the period of overstay. Any deliberate or intentional overstay, without
reasonable justification, would render an employee liable to disciplinary action.
Employees are expected to be present at their place of work and contribute all their energies
towards fulfilling their duties during normal working hours. Any unauthorized absence from
work may result in a deduction from salary and / or disciplinary action.
Unauthorized absence from work for a continuous period of ten (10) working days (including
absence in the case of leave applied for but not granted), or when overstayed for the same period
after expiry of sanctioned leave, may as per management discretion, constitute grounds for
disciplinary action which may lead to summary dismissal.
Mode of Applying for Leave
The employee’s line manager has the authority to approve or deny all leave requests after
consultation with his/her own immediate supervisor, subject to work exigencies. Applications for
all kinds of leave of absence should be made on the prescribed leave Application Form
(Annexure ‘F’) as far in advance as possible. Where circumstances for absence could not be
foreseen the form must be completed immediately on resumption of duties. The completed
application form should be submitted with proper documentation (wherever required) to the
approving authority.
34
HOUSING FINANCE Policy Summary
ENTITLEMENT ENTITLEMENT / DESCRIPTION OF BENEFIT PAGE NO.
Chief Executive Officer Rs. 15.0 million

Senior Executive Vice President Rs. 15.0 million
Executive Vice President Rs. 12.5 million
Senior Vice President Rs. 10.0 million
Limits Vice President Rs. 7.50 million 38
Assistant Vice President Rs. 5.00 million
Officer Grade I Rs. 4.00 million
Officer Grade II Rs. 3.00 million
Office Assistant Rs. 2.00 million
Eligibility Employees having completed minimum 1 years of service 38
Repayment Period Maximum of 240 monthly installments 39
No. of Loans Only one (1) Housing Finance facility during the entire service tenure 39
Cessation of Service Entire amount becomes payable 42
35
CAR FINANCE Policy Summary
Maximum Amount / Entitlement Rs. 2,000,000/- for purchase of car

43
Restrictions Car in Company’s name till repayment of entire loan 43
Re payment Maximum of 60 monthly installments 43
Eligibility - All confirmed employees.

- Minimum service period : 1 years 43
Purpose Purchase of car 43
Cessation of Service Entire loan becomes payable immediately 44
36
Subsidized Loans
Statement of Intent
MCB AMC is cognizant of intrinsic human desire to secure one’s future. Accordingly the
Company’s compensation philosophy caters to the essential need of asset building through the
provision of subsidized loans for housing and motor vehicle.
However it is important to make clear that the purpose is not to provide an opportunity for staff to
enrich themselves at the expense of such facilities.
For the purpose of the foregoing, MCB AMC provides the facility of four types of loans to its
employees:
a. Housing Finance
b. Car / Motor Cycle Finance
c. Advance Salary
Eligibility
MCB AMC has complete discretion over granting of loans to its employees and the management
reserves the right to restrict the facility or amend it at any time.
Only full time, permanent employees who have been in continuous employment with the
company for at least one year are eligible to apply for these loans. CEO has the authority to relax these
conditions in special cases.
All loan applications need to be forwarded by the departmental head and finally approved by the
CEO. Where financing is arranged through an agreement with MCB Bank, any conflict in MCB
AMC’s policies with the bank’s policies will be resolved by giving preference to the bank’s
policy.
37
Housing Finance
MCB AMC offers housing finance under an agreement with MCB Bank. The bank’s policy is
followed while determining the amounts, tenor, repayments and other details. The mark up rate
is equal to the rate charged by MCB Bank to its employees plus a premium of 50 basis points.
Confirmed MCB AMC employees with an overall continuous service of at least one (1) years are
eligible to avail the Housing Finance.
Lateral entrants with a minimum of three (3) years of professional experience are eligible to avail the
Housing Finance.
Refinancing the existing loans of lateral entrants is also an option exercised by the Company,
provided the finance amount falls within the Company’s prescribed limit for a respective grade.
The Housing Finance / Refinance facility may not be claimed as a matter of right and
management may exercise discretion when allowing such facility. MCB Bank or MCB AMC
may refuse any loan which does not fulfill the credit criteria laid down for disbursement of such
loans.
Entitlement
The housing finance limits are mentioned in the table below. These limits can be modified from time
to time at the Company’s discretion. Moreover, in case of existing property, the entitlement will be
restricted to 80% of assessed fair Market Value.
Grade Limit
Chief Executive Officer Rs. 15.0 million

Senior Executive Vice President Rs. 15.0 million
Executive Vice President Rs. 12.5 million
Senior Vice President Rs. 10.0 million
Vice President Rs. 7.50 million
Assistant Vice President Rs. 5.00 million
Officer Grade I Rs. 4.00 million
Officer Grade II Rs. 3.00 million
Office Assistant Rs. 2.00 million
Note: Irrespective of finance entitlements tabulated above, at any point in time during
service the total deductions on account of finance repayments should not exceed fifty
percent (50%) of the employees net salary, including the finance applied for. This
also includes loans availed by any other financial institutions and the employee will
be asked to disclose all loans outstanding in his name and sign a declaration to that
effect.
38
Purpose of the Finance
The Housing Finance facility may be granted for any of the following purposes:
a) Purchase of a plot of land (up to 50% of entitlement or assessed value whichever is

lower) and construction of a house thereon. Construction must commence within 18
months of the draw down date.
b) Purchase of a constructed house / apartment.
c) Construction of a house on a plot of land which the employee or his / her spouse is
already the owner, lessee or allotee.
d) For home improvement, home upgrades, construction, renovation when the entitlement
limit of the employee increases as a result of promotion to a higher grade.
Repayment
The Housing Finance facility is repayable over the remaining years of service of employee with the
Company or 240 monthly installments whichever is lower from the date of disbursement in case of
purchase of house. Where construction of the house is concerned, the first installment of finance
commences one (1) year after the draw down date.
Number of Loans
Only one (1) Housing Finance facility may be availed by an employee during the entire service
tenure. This does not affect the additional loan taken on account of promotion to higher grade.
Renewal
As employees are promoted to higher grade their entitlement limit increases. The employee can
avail differential by either:
- Paying the previous loan and executing fresh documents for new house; or
- If the assessed value of the existing property is sufficient to cover the revised entitlement,
the employee may avail the differential by applying for home upgrades such as additional
construction or renovation.
For home improvement the loan will be sanction against an approved estimated cost and the
disbursement will take place progressively on the submission of actual bill.
Note: Employees will be allowed renewals thrice during entire service.
39
Additional conditions
Employees are required to execute a Memorandum of Deposit of Title Deeds to create mortgage over
the property to be finance in favor of the Company. All documents will require prior legal clearance
from the Company’s legal council.
The forced sale value of the property to be purchased has to be assessed by the Company’s
approved architect / appraiser at the expense of the employee.
In case where the Company employs both husband and wife, the housing finance can be availed by
both on the same property, provided the fair market value of the property offered as security is more
than the combined loan entitled entitlement.
Disbursement
The disbursement of finance shall be subject to completion of the relevant documents. One
approval, the disbursements of the finance will be as follows:
Purchase of Plot
Up to 50% for purchase of plot upon submitting a valuation certificate, a certificate of non-
encumbrance, vetting of the property documents as per Company’s legal department and
advance (Biyana) payment as per sale agreement or any other documents as required by the
Company.
The remaining finance amount will be disbursed in three (3) equal installments as follows:
(i) For making advance payment for starting the construction work
(ii) Upon completion of plinth level
(iii) On completion of the structure for financing the finishing
Purchase of a constructed house / apartment
In case of purchase of a constructed house / apartment, the disbursement will be released

through pay order made for accounts payee or the seller at the time of sale deed after
obtaining all necessary documentation / charges forms.
Full particulars of the property are to be given on payment order and particulars of the
same are to be mentioned in the sale deed. Payment order will be delivered at the time of
execution of the sale deed, lease deed or sub-lease deed before the sub registrar.
Documentation
Standard documentation of the Housing Finance facility includes:
40
- Mortgage deed in case where facility is allowed through registered mortgage
- Memorandum of Deposit of Title Deeds in case where facility is allowed through equitable
mortgage
- Letter of lien for Staff Provident Fund Trust
- Power of Attorney
- Demand Promissory Note
- Original property documents along with details of previous owners
- Any other documents required by the Company
In addition to the above, following documents are also required to be submitted:
Constructed House Open Land Apartment

1. Lease Deed 1. Allotment Letter 1. Sub lease
2. Sale Deed or Conveyance 2. Possession Certificate. 2. Sale Deed
Deed 3. Transfer Order 3. NOC from builder
3. Search Certificate 4. Lease Deed 4. Permission to mortgage
4. Valuation Certificate / Bill 5. Approved building plan favoring MCB-AMC from
of Quality, from Company’s 6. NOC from KDA/KMC leasee
Architect Or Cantonment board 5. Approved building paln 6.
5. Approved building plan / map 7. Valuation certificate from Property tax challan for
6. Permission to mortgage Company’s architect the current year
favoring MCB-AMC from 7. Valuation certificate from
KMC/KCA/DHA company’s architect
7. Property tax challan for 8. Possession for
current year Confirmation of apartment
All documents will be vetted by the Company’s legal Department and kept in safe custody of the
Company.
Insurance
As an additional benefit of this policy, the Company will arrange mortgage insurance coverage on
behalf of employees to cover the outstanding house finance.
Municipal Taxes
Payments relating to ground rent, municipal and other levies, taxes, rates and other dues payable in
respect of land and / or the building or any services connected therewith, shall be the sole
responsibility of the employee.
Permissions for Various Transactions
The employee shall not, except with the prior written permission of the Company, sell mortgage,
gift, exchange or otherwise transfer or encumber the land, buildings and other constructions until
41
he / she has repaid in full the principal sum of the finance together with the accrued mark-up and /
or other dues applicable, if any.
In the event of the employee’s services are terminated for any reason from the Company,
outstanding finances with accrued mark-up will become payable immediately. The Company
will deduct the outstanding loan amount from any monies that are payable to the employee on
account of terminal benefits, salary, retirement dues or others. A signed declaration of the above
is to be obtained from the employee as part of pre-condition to the finance being sanctioned.
42
Car Finance
MCB AMC offers car finance under an agreement with MCB Bank. The bank’s policy is
followed while determining the amounts, tenor, repayments and other details. The mark up rate
is equal to the rate charged by MCB Bank to its employees plus a premium of 50 basis points.
Eligibility
All confirmed employees after completing one (1) years of full time service with the Company, shall
become eligible for the Car Finance facility.
Lateral entrants with a minimum of three (3) years of professional experience are also eligible to avail
the Car Finance facility.
It must be understood that this facility may not be claimed as a matter of right and management may
exercise discretion when allowing such facility. MCB Bank or MCB AMC may refuse any loan
which does not fulfill the credit criteria laid down for disbursement of such loans.
The Car will be in the lender’s name till such time the entire Finance is repaid.
Entitlement
Grade Limit
CEO-SEVP Rs. 2.0 million

EVP-SVP Rs. 1.5 million
VP-AVP Rs. 1.0 million
Officer Grade I-II Rs. 0.75 million
For purchase of a used car, the model should not be older than three years. The employee shall pay
10% of the cost of the vehicle in case of a new car and 20% in case of a used car.
Repayment
The Car Finance facility is repayable in a maximum of 60 monthly installments. Repayment of

Car Finance shall commence immediately, following month after disbursement of the finance.
In case where an employee’s remaining years to retirement do not allow for a repayment
schedule spread over 60 equal monthly installments, the recovery shall be so regulated that the
advance is fully recovered at least 12 months before the retirement of the employee.
43
Renewal
Employees will be allowed to avail Car Finance after every five (5) years from the date of the
first disbursement of the previous facility, subject to adjustment of previous Finance along with up
dated markup, if any. The car financing can be availed for a maximum of three times during the
entire length of the service.
Documentation
Standard documentation for a Car Finance facility will comprise of the following:
- Letter of hypothecation of vehicle before purchase

- Letter of undertaking for the joint ownership of the vehicle
- Letter of hypothecation of vehicle after purchase
- Letter of undertaking for Staff Provident Fund Trust
- Demand promissory note
- Copy of the registration documents
- Any other documents required by the Company
However the Company may require additional documentation if considered necessary, in its sole
discretion.
Insurance
MCB AMC is responsible for providing insurance coverage of the vehicle.
Disbursement
The payment of loan shall be subject to completion of the relevant documents or suitable
undertaking to this effect. Disbursement of the loan may be made in lump sum or in installments to
suit the requirements of each case.
In the event of separation from service for any reason, the entire amount of the loan will become
payable immediately. The Company will deduct the outstanding loan amount from any monies that
are payable to the employee on account of terminal benefits, salary, retirement dues or others.
A signed declaration of the above is to be obtained from the employee as part of precondition
to the finance being sanctioned.
44
Provident Fund
Statement of Intent
MCB AMC commitment to its employee’s well being extends to recognizing the importance of
retirement planning and to identify ways to promote greater opportunities for savings for its
employees. One such initiative is the Provident Fund Scheme in which MCB AMC’s monthly
contribution to the employees account is an important component of its overall remuneration
package.
Details of Provident Fund
MCB AMC manages an approved Staff Provident Fun Scheme. Under this scheme, employees who
have successfully completed their probationary period with the Company, upon
confirmation become members of the Staff Provident Fund.
Equal contributions to the fund are made by the employee and the Company at the rate of 8.33% of
each employee’s monthly basic salary. The employee has the option of contributing a larger
percentage of his / her basic salary each month (maximum up to 15%), however the Company’s
contribution will be limited to 8.33%. The Fund will invests in Government securities, shares open
ended funds, TFC’s, Bond and other best available options.
Upon separation from service after completing three (3) years the employee, or in the event of
the employee’s demise his / her nominated beneficiary, receives both the employees own as well
as the Company’s contribution, together with the profit thereon. If an employee resigns or in the
event of demise before completion of three (3) years his / her nominated beneficiary will receive
only the employee’s contribution. All rights and obligations of the Fund members are defined in
the Staff Provident Fund Trust Deed, available for reference with the Human Resources
Department.
Provident Fund Loans
All employees who are members of the Fund and have completed three (3) years of service with the
Company are eligible to apply for a loan from the Provident Fund Scheme. The maximum amount
that may be borrowed under this scheme is the amount of the employee’s own contribution
to the Provident Fund.
This loan is governed by the rules and regulations of the Staff Provident Fund Scheme, details of
which may be obtained from the Human Resources Department.
45
Hospitalization Benefits
Statement of Intent
MCB AMC regards its employees as its most valuable resource and is concerned about their and their
family’s health and well being. The Company recognizes hospitalization benefits that give
employees the peace of mind to focus on their job functions without having to worry about
financial risks in the event of hospitalization. Hospitalization coverage forms an integral
component of the total rewards package offered by MCB AMC in keeping with its stated
compensation philosophy of offering a balanced and competitive remuneration package in order to
attract and retain talent.
To this end, MCB AMC has instituted a hospitalization and maternity benefits plan by arranging for
medical cover through leading insurance companies.
Eligibility
All confirmed employees and their spouse and dependant children (son and daughter up to the age
of 23 years and 28 years respectively, who are unmarried) are covered under the Company’s
Hospitalization Benefits Policy.
Entitlement
The entitlement for various grade levels is as under:
Position Insured Sub-Limit for

Room Rent/day
Employee
Chief Executive Officer Spouse As per employment contract
Children
SEVP/EVP Employee
Spouse A
Children
SVP/VP Employee
Spouse A
Children
Employee
AVP Spouse
Children B
OGI/OGII / OGIII & Office Employee

Assistants Spouse C
Children
46
Scope of Coverage
Please refer to your medical insurance policy for up-to-date material on scope of coverage.
Dispensation Process
Upon confirmation, each employee will be required to provide information to the Insurance
Company on the particulars of their immediate family (spouse and dependant children) and to
continue to notify the Company of any changes that may occur over time.
47
Travel Policy
Statement of intent
MCB AMC aims to provide employees traveling on company business with a reasonable level of
comfort in their boarding and lodging arrangements at the lowest possible cost to the
organization. Being mindful of the resources expended, travel should only be considered as an
option when alternative modes of communication for conducting business (e.g. tele-
conferencing, electronic mail) are considered impractical or in effective.
The principal intent of the travel policy is that employees who incur travel expenses as a result of
the required business travel should neither gain nor loss personal funds as a result of such travel.
Approval for Travel
Employees should fill out the travel request form and get it signed by their supervisor. For
domestic travel, the form needs to be approved by an SEVP or above grade employee. For
international travel, it should be approved by CEO.
Eligibility
All Company employees proceeding on approved travel either for company’s business or for
training are eligible for re-imbursements as per terms of this policy.
Air Travel
The entitlement for air travel undertaken by employees is detailed in the following table.
Position Domestic International International

Travel Travel for Travel for
Business Training
Chief Executive Officer Business Business Business

Senior Executive Vice President Business Business Business
Executive Vice President Business Business Economy
Senior Vice President Economy Plus Economy Economy
Vice President Economy Plus Economy Economy
AVP and below Economy Economy Economy
All reservations for air travel should be made through the office and the approved travel
agencies. Requests for reservations should be forwarded to the Human Resource Department as early
as possible by submitting an approved travel request form prior to departure to ensure sufficient
time for making suitable arrangements, but in any case not later than four (4) days before the
anticipated date of travel.
48
In case of non-availability of seats in the Economy Class and if the travel plans cannot be altered,
approval may be granted for an upgrade from the travel approving authority. In case an employee is
traveling with a senior colleague, the class of travel will be the same as that of the senior
colleague. This is only true if both of them are traveling in the same flight.
Where air travel is not an option, executives / officers can use the following modes of
transportation.
Travel by Train
Grade Entitlement
Executives (AVP & above) A/C Sleeper
Officers Lower A/C
By Road
If the only option of travel is by road then for VPs and above the preferred mode will be the use
of Company provided car. Where Company provided car can not be used, the Company will
arrange rented cars for VPs and above. However, AVPs will be required to take prior approval
from their immediate supervisors which will be given on a case to case basis. For Senior Officer
and below, road travel can be via personal car / hired taxi / public transport, and the
reimbursement of fuel expenses would be as follows:
Entitlement
Assistants to Senior Officer (If using personal car or hire taxi) Rs. 15 per kilometer
Traveling by Coach / Public Transport At actual
49
Boarding & Lodging Arrangements
Personal Arrangements
Boarding will only be allowed if the employee is required to stay overnight. If employees choose to
arrange for their own accommodation, they are entitled to a per diem allowance, as outlined in the
table below. The Daily Allowance would be in lieu of hotel accommodation, meals,
incidentals and any other expenses incurred as a result of the travel.
Position Domestic International

Travel-Per Diem Travel-Per Diem
Chief Executive Officer Rs. 5000 US$ 500

Senior Executive Vice President Rs. 4000 US$ 400
Executive Vice President Rs. 3000 US$ 350
Senior Vice President Rs. 3000 US$ 300
Vice President Rs. 2500 US$ 275
Assistant Vice President Rs. 2000 US$ 200
OG I and below Rs. 1500 US$ 100
Company provided Accommodation
MCB AMC has negotiated corporate rates with quality hotels in most of the cities where
business travel may be required. After travel dates have been finalized, reservations should be
made centrally through the office in order to ensure proper rates and credit billing. List of
approved hotel in selected cities is attached (Refer to Annexure J)
Grade Entitlement
CEO - VP Actual room rent of 5 star hotels
AVP - OG I Actual room rent of 4 star hotels.
OG II and below Actual room rent of 3 star hotels
Note: The above is only the room rent entitlement. Hotel room service or mini-bar charges are not
allowed. Meals and other incidentals must be paid from the per diem allowance. They will form a
ceiling for actual room rents in the current year and will be regularly updated.
Note:
1. Women employees, who are not entitled to a 5-star hotel, will be accommodated in a
hotel which is not less than 4-star standard.
2. CEO and SEVP are entitled to get a room on the Executive Floor
3. All others to get standard rooms
50
Rates for hotels will be negotiated by Administration Department
Daily Expense Allowance
Employees will be entitled to a daily allowance to cover for expenses incurred on meals and
minor incidental expenses during the course of their stay. These are outlined in the table below.
Position Domestic International

Travel-Per Diem Travel-Per Diem
Chief Executive Officer Actual bills US$ 350

Senior Executive Vice President Actual bills up to Rs. US$ 300
3,500
Executive Vice President Actual bills up to Rs. US$ 250
3,000
Senior Vice President Actual bills up to Rs. US$ 200
2,500
Vice President Actual bills up to Rs. US$ 200
2,500
Assistant Vice President Actual bills up to Rs. US$ 100
1,500
OG I and below Actual bills up to Rs. US$ 75
1,000
Note
1. For international travel, per diem allowance will be given prior to the journey. Domestic
per diem allowance will be reimbursed against presentation of actual bills upon return. All
such expenses need to be approved by the CEO.
Transportation Allowance
For VP and above the Company will provide rented cars for transportation to and from the
airport / training centers / seminar halls etc. for cities other than the city of residence. All such
arrangements should be made through Administration Department. However, for AVP and
below transportation expenses will be reimbursed where actual receipts are provided. Where bills are
not available the transportation charges will be allowed at Rs.15/= per km.
Employees who have been provided with a company car are not entitled to claim transport
charges from their residence to the airport and back except for the flights departing or arriving
during late nights. Where possible and available, the Company’s pool car and driver can be
called.
Reimbursement will generally not be made for travel from the airport to the hotel and back, as
most hotels offer a pick and drop service and this facility should be utilized. However, this will
51
be an admissible expense if personal arrangements for lodging have been made or if hotel in the
city of travel does not have this arrangement.
Employees are expected to utilize the vehicles available, if any, at the company office in the city
being visited. If this is not possible, transportation expenses for travel within the city may be
reimbursed.
Overseas Travel
The per Diem entitlements are applicable for short trips only. Short trip is defined as five or less
days, which means that Daily Allowance can be claimed for a maximum of five days only.
For long trips lasting more than five days, special approval is required for per diem
allowance. The recommendation must come from the respective Departmental Head and
forwarded to CEO for approval.
Laundry & Dry-Cleaning
Employees are entitled to utilize the laundry, Ironing charges and dry-cleaning facilities at the
hotel if their total travel time exceeds two nights. The overriding principle when incurring
expenditures of this nature should be that they are reasonable and necessary.
Telephone Calls
Employees should be mindful of the high cost charged by hotels for telephone usage. All long
distance telephone calls should be made from the company’s office, wherever possible. Unless
nominal, phone charges will not be reimbursed by the company.
Entertainment Expense
In the course of business travel if clients or guests had been entertained, re-imbursement of
entertainment expense must be claimed by mentioning the name of the client or any other guest in
the details column of the expense claim form. (See appendix for the format). The original bills must
be attached with the expense claim form.
Training Related Travel
For training visits abroad such as seminars, courses etc, where accommodation and all meals are
provided by the training organizers, the Daily Allowance entitlement will be as follows
Grade Entitlement
Chief Executive Officer US$ 200
SEVP - EVP US$ 150
SVP - VP US $100
AVP - OG I US $ 75
OG II and below US $ 50
52
Where only accommodation is provided by the training organizers and meals are not provided for,
in all such cases 50% of Daily Allowance would be allowed to officers and executives up to SEVP
level. For CEO the Daily Allowance would remain unchanged at US$ 200.
Advance against Traveling
An employee traveling on Company’s business is permitted to draw advance to meet his / her
traveling expenses. The advance amount will be equivalent to the entitled per diem allowance by
the Company. However, all training advances will be processed through Human Resources.
Approval Authority
Before the commencement of all business travel, proper approvals should be in place through the
Travel Authorization Form (refer to Annexure G). No expenses or allowances will be paid if the travel
is not properly authorized by the relevant authority.
53
Group Insurance (Life)
S.no. Benefits Amount Insured

1 On Death (Due to Any cause) 48 times gross monthly salary
Maximum of Rs. 10 Million
2 On Accidental Death (Additional) 48 times gross monthly salary
3 On Permanent Total Disability (Accident) 48 times gross monthly salary
4 On Permanent Partial Disability (Accident) As per schedule
5 On Temporary Total Disability (Accident) 100% of gross monthly salary
6 On Permanent Total Disability (Natural) 48 times gross monthly salary
7 On Diagnosis of Terminal Illness 50 % of Life sum insured, subject to
maximum of Rs. 500,000.
54
Disciplinary Policy
Statement of Intent
MCB AMC believes in promoting fairness, transparency and consistency within its human
resource policies. The Company aims to promote behavior in terms of acceptable standards
amongst all its employees in order to foster an organizational culture defined by excellence and
professionalism.
The Disciplinary Policy has been developed to provide a framework within which improvements in
performance and conduct can be managed. Its primary aim is to ensure that employees are
aware of the standards expected of them in the work place and to assist management in
implementing and maintaining discipline with fairness and consistency.
Scope of Policy
The Disciplinary Policy is applicable to all MCB AMC employees. It is the policy of the
Company to ensure that all employees are aware of the contents of the policy and related
procedure is not contractually binding on the Company, MCB AMC’s human resource
philosophy dictates that it will normally be followed, wherever possible. For the avoidance of
doubt, however, employees should have no contractual expectation that this will automatically be
the case.
Conduct and Performance Expectations
Breaches of MCB AMC’s standards of conduct or required performance, which could justify
disciplinary action, tend to fail into four major categories:
1. Inadequate Performance
After receiving on-the-job training, employees are expected to achieve and

maintain performance standards that are satisfactory for the job concerned. These
performance standards are defined as part of the Company’s performance
management process. Consistent failure to achieve stated job objectives could lead
to disciplinary action.
2. Absenteeism and Tardiness
In the event that an employee has an unacceptably high level of absence, has
regular patterns of absence or is consistently late for his / her assigned work
schedule, action may need to be taken.
Unauthorized absences should be investigated immediately by the line manager and

the employee asked to provide an explanation. If the evidence or explanation
provided is unsatisfactory, it should be dealt with as a misconduct issue under the
disciplinary procedure.
55
3. Misconduct
Any deliberate or reckless breach or non-observance of MCB AMC’s rules and

policies may constitute misconduct. Alternatively, lapses in the expected
standards of reasonable behavior and conduct may also be considered as
misconduct. Examples include but are not limited to:
- Failure to carry out management instructions, written or oral.

- Deliberate or careless breach of the Company’s policies.
- Any act or threat of physical violence or abusive behavior towards either
people or property.
- Bullying or harassment.
- Intimidation or incitement of others to disorder or disobedience.
- Engaging in immoral behavior and / or sexual harassment.
This list is not exhaustive and other instances of behavior may also constitute
misconduct, at the discretion of management.
Misconduct outside the Company (e.g. conflict of interest, immoral / unlawful

activities) may also render the employee liable to disciplinary action and would
certainly do so if this constituted a criminal offence involving dishonesty.
4. Gross Misconduct
Acts that constitute gross misconduct are those that result in a serious breach of
the Company’s rules, policies and standards of behavior or the law of the land. In
addition, persistently failing standards of a less serious nature, for which formal
warnings have already been given, may also constitute gross misconduct.
The following examples of gross misconduct are not ranked in order of

importance and the list is not exhaustive:
- Theft, fraud and deliberate falsification of records.

- Deliberate damage to or misuse of the Company’s equipment and
resources, including abuse of the e-mail or telephone systems or access to
internet sites (e.g. pornographic or gambling sites).
- Serious and willful insubordination.
- Taking or giving bribes or any illegal gratification.
- Bringing the Company’s name into disrepute or acting in a manner
harmful to the Company’s interests.
- Serious incapability whilst on duty brought on by alcohol, illegal drugs or
other substances.
- Serious negligence which causes or might cause unacceptable loss,
damage to property or injury to others.
- Serious breach of confidence, including insider dealing in securities.
56
- A deliberate and serious breach of employment policy, policies and
procedures.
- Absence without approved leave for more than ten (10) working days.
- Conviction for an offence, which the Company considers is detrimental to
its reputation, or considers, may adversely affect relationships of the
Company with both employees and / or clients.
Suspension from Work
If circumstances dictate, careful consideration will be made as to whether a suspension from

work may be requiring, while investigations are carried out. This suspension is not part of the
disciplinary action, and should not be construed as such, and the suspended employee will
continue to be paid and will retain all associated terms and benefits.
The suspension will be for a maximum of four (4) continuous days at any one given time.
However, the suspended employee must be available to attend the office for disciplinary
meetings.
Option to be represented
Employees have the option to represented by a colleague during the third stage (refer to
Stage 3 - Letter of Charge / Final Written Warning below) of the disciplinary procedure.
This individual will participate in all inquiries, if any, that may be conducted to investigate the
disciplinary issue at hand at this stage.
Employees should inform the line manager that they wish to be represented and the identity of
the individual. Although employees may nominate a colleague of their choice for this
purpose, they should bear in mind that it may not be appropriate to insist on being
represented by a person who may have a conflict of interest.
Stages of the Disciplinary Procedure
These are three stages in the formal disciplinary procedure.
It is advisable that an initial discussion with an employee to ascertain the problems and
possible causes for the shortcomings in standards of behavior take place before issuing
warnings. The formal procedure will normally be used only when informal discussions have
failed to resolve matters, or when the misconduct is of a serious nature and requires
immediate investigation and action.
Depending on the nature of the misconduct or failure in performance the

disciplinary
procedure may be enacted at any stage. Dismissal will not normally be an option
in the
event of a first breach of discipline unless the infraction is very serious. However, the
Company has discretion over which stage of the procedure to initiate in any given
circumstance and an employee should have no expectation that all stages will be followed in
order.
57
Stage 1 - Formal Oral Warning
When a disciplinary matter arises, the Human Resources Department should

establish the facts promptly, and if appropriate, obtain any witness statements.
Once the evidence has been presented to the incumbent a formal oral warning
may be given to the employee as Stage 1 of the disciplinary procedure. The
reasons for the warning should be clearly outlined together with the conduct or
performance improvement required.
The Human Resources Department will prepare a written record of the

meeting. This record should be signed by the employee and a copy of this
record included in the individual’s personal file. The employee’s signature on this
record does not indicate agreement with the action taken; it only
acknowledges receipt of the corrective action. If the employee refuses to sign the
corrective action, it should be noted that a copy was given to the employee but he /
she refused to sign.
Stage 2 - Written Warning
If performance or conduct has not improved to the required standard then the
procedure will move to stage 2. If the alleged misconduct or performance
issue is more serious, then the disciplinary procedure may be initiated at stage
2. In the event of the latter situation, there will be an appropriate inquiry to
verify the allegations at this stage. If the inquiry results prove the infraction, the
Human Resources Department in consultation with the Line Manager /
Departmental Head, will issue a written warning to the employee which will
detail the transgressions, stipulate the improvements required, provide time
frames, as well as give an indication as to the likely penalty if there is no
satisfactory improvement.
The employee should acknowledge the letter in writing and a copy placed in the
personal file.
Stage 3 - Letter of Charge / Final Written Warning
This will apply where an employee:
(a) has received a written warning for misconduct or inadequate

performance and it is alleged that conduct of performance
remains unsatisfactory; or
(b) is alleged to have committed a serious breach of law or of

standards of conduct and behavior expected of Company’s
employees; or
58
(c) is alleged to have committed a serious breach of the
Company’s rules and / or policies.
At this stage, the employee will be issued a letter of charge detailing the
alleged misconduct and given an opportunity to present his / her case in
writing. Based on the evidence presented and if needed an inquiry may be
conducted, co headed by the Human Resources In charge and an impartial
member of the management team appointed by the Chief Executive Officer. The
inquiry team will include the Line Manager, the concerned employee and the
employee’s representative, if any.
If the findings of the inquiry exonerate the employee, no further action to the
detriment of the employee will be taken. If however, the allegation is proven, the
Line Manager in consultation with the Departmental Head will have
discretion over whether to:
(a) take no further action and declare the matter closed; or
(b) issue a final written warning, which will include a stipulation of

further action which may lead to dismissal from service if there is no
satisfactory improvement; or
(c) recommend downgrading the employee, with an appropriate

reduction in salary and associated terms and benefits; or
(d) recommend dismissal of the employee without notice.
In the case of dismissal, the employee will be given a letter of dismissal

detailing the reasons for the dismissal, and any other circumstances that
apply.
Principles for the Disciplinary Procedure
- MCB AMC will ensure that each case is investigated as fully as

circumstances permit before any action is taken.
- At every stage of the procedure, the reasons behind the disciplinary action
will be fully explained.
- The employee will be given sufficient time to present his / her case and
explain any mitigating circumstances.
- The employee will have the option of being represented by a colleague at
stage 3 of the proceeding.
- Written records of each stage of the disciplinary procedure will be
maintained and retained in the employee’s file.
- All disciplinary proceedings, witness statements and records will be kept
confidential, subject to any legal or regulatory requirements binding on the
Company.
59
Where allegations of misconduct or inadequate performance prove to be
unfounded on investigation, all written material relating to the matter will be
removed from the files. The employee will be immediately reinstated (if
suspended) and thereafter will not be discriminated against or suffer any
detriment as a result of such allegations having been made.
60
GENERAL
Personal Finances
MCB AMC expects all its employees to conduct their own personal financial affairs with a high
degree of integrity. Employees must use business-like judgment so that the
Company’s reputation is not compromised. Employees are strongly discouraged to borrow
money from or lend money to colleagues.
Outside Employment
No other employment or occupation, paid or unpaid, or any personal business venture,

should be entered into by any employee without the prior written approval of the Chief
Executive Officer.
A service by employees in a voluntary capacity for charitable organizations does not

require approval if there is no conflict with their work, and such service is encouraged. If an
employee is a trustee or director of a Company or a partner in a firm, the arrangements for
dealings by the trust, Company or partnership in question must be approved in advance by the
Chief Executive Officer.
Communicating with the Media
As a general rule, employee should not talk to media representatives, give interviews and
write anything pertaining to the company or its operations. Unauthorized contact with the
media or any public agency is a serious offence.
If an employee wishes to write any article or give an interview that may be construed as
representing MCB AMC’s position, prior written approval must be obtained from the Chief
Executive Officer or a director in case of CEO’s absence. All contact with media should be
reported to the Company immediately and must remain within the bounds of approval.
Employment of Relatives
MCB AMC permits the employment of relatives of employees provide they do not directly
supervise, control or influence the work of one another and have no responsibility for the
other’s performance evaluations, salary recommendations and disciplinary actions.
The above restrictions are in place in order to eliminate any actual or potential conflict of
interest in the exercise of the above authorities.
All such relationships should be disclosed in writing to the Human Resources Department at
the time of recruitment of the relative. A relative is defined as follows: husband, wife, child,
parent, brother, sister, parent-in-law, brother / sister-in-law, son / daughter-in-law as well as
individuals residing in the same household.
61
Use of MCB AMC Computer Resources
Use of MCB AMC computer resources is strictly limited to business requirements.

Employees should be aware that emails are not confidential and may be accessed for
monitoring purposes. Any breach of IT security protocol which involves private business use
or unsuitable material will be a disciplinary matter.
Employees will be accountable for all activities created under their password. Unauthorized use
of a password will be treated as gross misconduct.
Discipline
MCB AMC will follow a zero tolerance policy with regards to personal dealings if they in
any way endanger the reputation of MCB AMC. If employees’ dealings breach the letter of
spirit of these rules, they will render themselves to disciplinary action, which may include
instant dismissal.
MCB AMC reserves the right to require an employee to reverse a deal at his / her own
expense if it has been affected in breach of any part of these rules.
Obligation after Employment
As discussed earlier, during the course of their employment, employees might obtain
confidential information with regard to MCB AMC’s business or the business interests of
Company clients. Upon cessation of employment, employees will have a moral obligation to be
bound by the following restrictions:
o For a period of three months after cessation of service, an employee may not
without MCB AMC’s prior written consent, on their own account or on behalf of
any other entity, canvass or solicit business from any client of the Company, in
respect of the services provided by MCB AMC.
o Upon separation from service, employees should not use or disclose any
confidential information concerning MCB AMC’s business, which may have been
acquired by them during the course of their service.
o Upon separation from service, employees should not solicit employment interest
or poach any of the Company’s permanent or contractual employees for a period
of twelve months after they have left MCB Asset Management Company’s
payroll.
o Employees may not at any time after separation from service use any of MCB
AMC’s corporate, trading or other names of the Company to suggest that they are
then connected with the Company and they must not behave in any way that may
suggest they have such a connection.
62
ANNEXURE
63
Annexure ‘A’
The following template has been designed to solicit information that would be helpful to
someone trying to understand the nature, scope or purpose of your position. If you feel that
the template does not offer sufficient flexibility to capture the essence of your role, please
attach additional information.
Job Title:
Job Family:
Department/Location:
Contents Agreed by Line Manager:

(Name & Signature)
I. Summarize your role in the Organization
II. Outline the dimensions of your role by quantifying the work/business volume handled by your
position. Use last year’s figure as supporting date.
III. Indicate the minimum educational / professional qualification, formal training and
practical
experience required to satisfactorily perform the functions of your role.
Academic
Professional
Formal Training
Practical Experience
64
IV. Highlight the most important components / functions of your job in order of
priority and also
indicate the time allocation to each these functions.
Job Accountabilities Time Performance Measure

(Briefly explain 4 to 5 main Allocated (list 2 to 3 key objectives of each
accountabilities of your role) (%age of) accountability area.)
V. Describe the authority permitted to your position by indicating which

decisions you are
expected to make and which you are expected to recommend.
Decisions Expected Recommendations Expected
VI. List the titles of individuals, departments and organizations with whom you have
the most
frequent contact. This should include contacts both inside and outside the
company.
Contact’s Job Title Department Organization Purpose

65
Annexure ‘B’
PERFORMANCE EVALUATION FORM

FOR THE PERFORMANCE YEAR
EMPLOYEE NAME EMPLOYEE'S FUNCTIONAL TITLE
EMPLOYEE NUMBER DEPARTMENT
GRADE (OG1, VP etc) CITY
BASIC PAY AS OF JUNE 30, 200_ DATE OF JOINING
QUALIFICATION
ACADEMIC PROFESSIONAL
LEAVE AVAILED DURING PERIOD UNDER REVIEW
PL PL BALANCE
OTHER LEAVE LEAVE WITHOUT PAY
NAME OF APPRAISER APPRAISER'S FUNCTIONAL TITLE & GRADE
DATE OF APPRAISAL PERIOD COVERED
RATING SCALE
Performance significantly below standard in a number of critical aspects,

immediate warning and rectification needed E = Below 40
Performance slightly below standard; requires improvement in one or more

critical areas of job D = 41-55
Performance meets standards in all important aspects of the job

C = 55-70
Performance well above standard in many important aspects; usually exceeds
normal expectation B = 71-85
Outstanding or Exceptional performance in most areas of the job
A = 86-100
66
FUNCTIONAL TITLE Name :
Employee Number : 0
JOB DESCRIPTION
PART A : COMPETENCIES CONTRIBUTING TO PERFORMANCE (50% WEIGHTAGE)
Rating
From 1-100
Leadership : Displays leadership qualities; motivates and builds teams. For
1 Officers: Able to rally those around him/her as well vendors and outside parties.
Decision making: Able to take effective and timely decisions in handling everyday
2 work situations
Relevant Knowledge & Technical Expertise: Has an appropriate level of business
3 awareness, experience, knowledge and skill required by the job
4 Customer Focus : Aware of the importance of customer needs
5 Teamwork: Effective as a team member and willing to assist other staff

Communication: Able to clearly communicate with others verbally and in written
6 form
7 Planning & Organizing: Plans ahead and demonstrates good personal organization
8 Time Management : Efficient management of time on the job

Analytical & Reasoning Skills: Able to handle and interpret data, identify key
9 issues, resolve problems and derive solutions
Initiative : Able to come up with ideas to improve business and work practices
10 where opportunity arises
Amount of direct supervision or guidance required: Sufficiently confident
and able to operate competently without an ongoing need for close
11 supervision
Knowledge & Skills : Possesses basic skill and knowledge to perform the relevant
12 functions
13 Behavior with superiors, colleagues and subordinates
14 Responsibility & Commitment: Efficient disposal of work
15 Attendance & Punctuality

Total Ratings
PART A
PLEASE SUPPORT WITH CRITICAL INCIDENTS IN CASES WHERE EMPLOYEE HAS BEEN RANKED EITHER BELOW 40
OR OVER 85 ON THE RATING SCALE
67
Name :
Employee
Number : 0
PART B : PERFORMANCE RATING (50% WEIGHTAGE)
Ratin
g
from
1-100
Goal Financial Goals:
1: - Did the assessee meet budgetary goals/performance
standards
- Did the assessee help others in meeting their goals
- Did the assessee contibute towards managing costs and
improving efficiency
Goal Operational Efficiency:

2: - Adhere to efficiency standards for the department
- Service the clients with zero error within prescribed turn around
time
Goal Processes & Controls:
3: - Ensure compliance with all internal and regulatory policies /
procedures
- Did the assessee contibute towards improving and
strengthening the procedures
Goal Client Management:
4: - Targets :
1. Did the assessee meet the client service and
retention targets
2. Has the assessee shown enough drive and
motivation to meet targets
- Service :
1. Did the assessee understand the demands and
needs of clients
2. Has the assessee build up a decent franchise
value with clients?
Goal Service to internal clients and franchise value:
5: - Did the assessee provide adequate support to other
departments and those dependent on him/her
- Did enough to build alliances with outside parties and promoted the
franchise
TOTAL WEIGHTED PERFORMANCE RATING - PART B 0
PLEASE SUPPORT WITH CRITICAL INCIDENTS IN CASES WHERE EMPLOYEE HAS BEEN RANKED EITHER
BELOW 40 OR OVER 85 ON THE RATING SCALE
68
Employee Name:
Employee Number:
Needs Immediate Improvement Marginally meets standard Meets Above Standard Exceptional
Standard
71-85 Over 85
Below 40 41-55 56-70
OVERALL PERFORMANCE OF STAFF MEMBER
Total Rating of Competencies x 0.5

Competencies (50%) No. of Competencies Considered
Total Rating of Performance x 0.5
Performance Rating (50%) No. of goals scored
OVERALL RATING (Performance Rating) + (Competency Rating)
PART C : TRAINING & DEVELOPMENT PLAN
IDENTIFIED TRAINING NEEDS
COMMENTS ON ANY EXTRA ORDINARY ACHIEVEMENTS
DISCIPLINARY ACTION, IF ANY
COMMENTS
APPRAISER (MANAGER)
NAME: SIGNATURE DATE :
APPRAISEE (EMPLOYEE)
NEXT SENIOR LEVEL OF APPRAISING MANAGER
69
GOAL STATEMENTS FOR THE YEAR 2006
Fill as many needed.
Minimum of 3 goals
required
EMPLOYEE NAME EMPLOYEE NUMBER
FUNCTIONAL TITLE PLACE OF POSTING
GRADE REPORTS TO
Weightage %
GOAL 1 :
Indicate relevant key performance measures

(Quantity, Quality, Timeliness, Cost, Revenues,
Communications, Others…… )
GOAL 2 :
GOAL 3 :
GOAL 4 :
GOAL 5 :
APPRAISER (MANAGER)
APPRAISEE (EMPLOYEE)
70
Annexure ‘C’
Appointment Letter
Ref. No. Date
LETTER OF EMPLOYMENT
Dear Mr. / Ms. ________________,
1. Thank you for your employment interest in MCB Asset Management Company Limited
(hereinafter referred as “MCB AMC” or the “Company). In terms of authority vested in me by
the Company, I am pleased to offer you a position with the Company as
_________________ in our __________ Grade at ____________ level.
2. The commencement date of your contract shall be the day you actually join the
employer’s job location. At present, this date is expected to be XXXX.
3. Your assignments will be at MCB AMC head office in Karachi. However, it is a pre-
requisite for the employment with the Company that all employees agree that while their
appointment us to a specific office, the Company has a right to post an employee to any of
the Company’s offices within Pakistan or abroad, where his/her services may be required.
4. Your appointment is also subject to the Company receiving a full medical report certifying
fitness for employment and satisfactory references.
5. Your appointment will be according to the Company’s Staff Service Rules currently in
force. You will entitled to
• Medical Benefits as per Company’s Policy

• Participation in the Company’s Employees’ Provident Fund as soon as this fund is
launched
• The monthly remuneration payable to you shall be as follows:
Basic Salary
House Rent
Utilities
Any Other benefit
Gross Salary
The Company may revise employee salary package from time to time based on
(Company’s/your) performance.
71
Appointment Letter
6. The remuneration package does not include any and all income taxes applicable in Pakistan
and the above stated Remuneration Package Clause 5 will be subject to the income tax laws of
Pakistan.
7. You will be placed on probation for a period of six months. This probationary period can
be extended or reduced at the discretion of the Company. The services of an employee can be
terminated at any time during the probation period. The provident fund deductions will be
applicable upon confirmation of service with the Company.
8. Should you wish to terminate your employment with the Company, you will be required to
give three month’s written notice in advance of the last working date, failing which you will
be required to make payment equivalent of three month’s gross emolument that you were
receiving from the Company at the time of notice. Similarly if the Company wished to
terminate your employment with or without any reason, it will give you three month’s notice
in advance, failing which it will make similar payment in lieu thereof.
9. The Company’s Service Rules are subject to revision/modification at the Company’s

discretion.
10. The retirement age for personnel is currently 60 years.
11. It is a condition of your employment that you will not divulge any information relating to
the Company or any of its constituents or employees received by you in the course of your
employment. Also while you are in the employment of the Company you shall not be
entitled to accept any other employment.
12. You are expected to follow the Company’s policies, rules and regulations set forth from
time to time. Please read and duly sign the enclosed Statement of Ethics.
13. You are requested to submit all the requisite documents/references to Human Resource
Management Group at least three days prior to your date of joining as per instructions
attached.
14. Please note that any statement given by you and information provided by you, if found to
be incorrect or in case of failure on your part to comply with any of the above terms of
appointment, will render your services liable to termination without any notice or any
salary in lieu thereof.
(Name)
Chief Executive Officer/ Head of the Department Head of Human Resource
I agree with the terms conditions mentioned above.
72
Annexure ‘D’
Confirmation Letter
Ref. No. Date
Dear Mr. / Ms. ________________,
Subject: Confirmation of Your Appointment as ______________________________
I am pleased to inform you that with effect from XXX, you will be a permanent employee of the
Company and will be entitled to all the benefits reserved for that cadre.
Please refer to your appointment letter for primary rules governing your employment as well as
MCB AMC Human Resource Manual to acquaint your self with your rights and responsibilities
during and after employment at MCB AMC. Please refer queries to your line manager or Human
Resources Department who should be able to answer them from you.
I sincerely hope that you will keep up with your good performance and set even higher
benchmarks. I wish you a long and fulfilling career at MCB Asset Management.
Yours faithfully,
(Name)
Chief Executive Officer
73
Annexure ‘E’
Anticipated Annual Leave Schedule
To be completed by all staff members within a department:
Department Name Period

Name of Staff Location
Month 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31
July
August
September
October
November
December
January
February
March
April
May
Signature (Dept. Head) Date
Signature (Approver) Date
Note: Please refer to the MCB AMC Leave Policy in the Human Resource manual for
details regarding eligibility, entitlement and other rules governing leave.
Distribution & Filing:

• Original to be retained by Human Resources for leave record & salary processing
74
Annexure ‘F’
Leave Application
Date: ____________
Name: ________________________________________ Designation: ____________________________
Period of Leave applied for:
For _______ day(s) From: ______________ to ____________ (including holidays)
Purpose of Leave Supporting Documents, if any
Address during long leave During my absence ___________________ will be

responsible for taking care of my work
responsibilities and I will hand over the necessary
material and information to him/her.
Signature of Applicant Signature of Person Taking Over
Leave record position:

Available Requested Balance
LFA Applicable: Yes / No
Recommendations/Remarks: ______________________________________________________
Approved Not Approved
Head of Department / CEO
Note: Please refer to the MCB AMC Leave Policy in the Human Resource Manual for
details regarding eligibility, entitlement and other rules governing leave.

• Original to be retained by Human Resources for leave record & salary processing
• Copy of approved application to staff member for personal record.
75
Annexure ‘G’
Travel Allowance Request Form

TRAVEL ALLOWANCE REQUEST FORM
To be completed by employee
Name:_____________________________________________________
Designation:_____________________________
Date:
Date of Travel Mode Payment
Hotel stay Hotel stay Payment
Traveled to of
From To Travel Self Co. Y N From To Self Co.
SUMMARY OF CLAIM
Amount
To be paid to
Travel fare Travel Agent
Allowance
Hotel To be paid to Hotel
Misc. To be reimbursed by the client
Others To be paid to Rent a Car Travel Hotel Stay
Total Y N Y N
Remarks, if any:
Payment Required
Travel Agent
Hotel
Employee
Signature of Employee Approved / Not Approved
76
Annexure ‘H’
Gift Report Form
To be completed by the applicant
Full Name
Designation
Department
Description of Gift Approx. Value PKR Received From3 Occasion

Item
Current1
Cumulative2
Current1
Cumulative2
1. Approximate value of the current gift item received.

2. Total accumulated value of all gifts received from a respective party including current gift.
3. Please state name of the organization as well as the person.
Approval comments by the line manage (if any) & disposal instructions.
Signature (Proposed) Date (Signature (Approved)
Note: Please refer to the MCB AMC Business Code of Conduct in the Human Resource Manual for
details regarding acceptance of gifts.
• Original to be retained by Human Resource for record in employees personal file.

• Copy of approval to staff member for personal record.
77

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PERSONNEL

MCB Asset Management Company Limited

Philosophy behind the Structure

The table of contents provides at a glance a visualization of the framework adopted.

3. Policies and Practices

- Summary of the Policy

- Dispensation and Practice

A prescribed process or procedure for the dispensation of an employee benefit (where

Maintenance of the Manual

- Chief Executive Officer

POLICY PAGE NO.

Employment Policy 12 -19

Compensation Policy 20-22

Vehicle Policy 23-26

Cell Phone Policy 27-29

Leave Policy 30-34

Subsidized Loans 35-44

Hospitalization Benefits 46-47

Travel Policy 48-53

Boarding & Lodging Arrangements

Group Insurance (Life) 54

Disciplinary Policy 55-60

Job Description Document

- Accountability, the quantum of impact or contribution made by a job to the overall

If the candidate is successfully appointed to a higher graded position, it is at the Company’s

Confirmation of an employee after appointment is preceded by a probationary period of six (6)

It is the management’s discretion to transfer an employee from one department to another if

Hours of Work & Public Holidays

Sunday Off Days

Personal Information and Privacy

- Home address and telephone number

Employee Recognition Tools

* Service Excellence Awards

Safety & Security

Personal Telephone Calls/E-Mail

Variations to Terms of Employment

Equal Opportunity Employment

Deductions from Salary

- For repayment of loans, salary advances etc.

ELIGIBILITY ENTITLEMENT / DESCRIPTION OF BENEFIT PAGE

Vehicle Monthly Fuel Limit

Chief Executive Officer As per employment contract As per employment contract

Repair & Maintenance According to entitlement 25

Insurance & Taxes Company’s responsibility 25

The principal criterion in determining eligibility is the appropriate recognition of an individual

Entitlement and Process

Position Vehicle Fuel Monthly Limit

CEO As per employment contract As per employment

Initial Registration / Insurance & Taxes

Repair & Maintenance Expenses

Tyre change after every 30,000 kms for all vehicles.

Withdrawal of Company Vehicle

In case of company provided vehicles, a vehicle assigned to an employee is subject to

ENTITLEMENT DESCRIPTION OF BENEFIT PAGE NO.

Equipment Monthly Bill Limit

Entitlement and Eligibility

The entitlement for cell phone facility is as follows:

Connection Charges/Security Deposit

Replacement & Disposal

ENTITLEMENT DESCRIPTION OF BENEFIT PAGE NO.

Annual Leave 30 calendar days for each completed year of service 31

Eligibility All confirmed Employees 31

Annual Leave Schedule

Personnel Policy & Procedure Manual

Personnel Policy & Procedure Manual