TARANG
ADM Salary Restructure
FY 2020 - 21
Current Salary structure of ADM
Our Advisor Development Manager (ADM) who is the key to TARANG
who converts business from the opportunities created by the Financial
Advisor (FA)
Initially looking into the market conditions and competition we have set
their compensation as fixed only along with fuel and mobile
reimbursements and later realized two things
• People are motivated by variable pay than 100% fixed component
• Performers and non performers are treated equally and there is no
motivation to the performers
Hence changed the complete structure as below
Current Salary structure of ADM
Salary Components SLIC's Offer • In this model the net take home
Description PM (INR) PA (INR) salary for the position would be
Basic Salary 8993 107916 16399
HR Allowance 4497 53964 • An additional amount of 3000
Conveyance Allowance 1611 19332
would also be given for mobile
Medical Reimbursement 1250 15000 and fuel expenses
*Statutory Bonus 1400 16800 • There is no variable component
GROSS SALARY 17751 213012 in the structure
Company’s Contribution • Seasonal and local incentive
to PF 1079 12948 schemes are announced from
ESI 531 6372
time to time
Gratuity 432 5184
• A very minimum no of people
Insurance 207 2484
are qualified for the contests.
TOTAL CTC 20000 240000
Proposed structure for new employees – Level 1
Month Level Team RACER IMPAC Premi Persist
T um (L) ency
• Any ADM who joins will be joining in Level 1
0 – 3 Level 10 180 11 2,00, 100 • All L1 salaries will start with 1,50,000 +
1 000 % 36,000
(L1) • Minimum time to be spent to get promoted
is 3 months
• All the target components to be achieved by
end of 3 months
Month Team RACER IMPACT Premiu Persiste
m (L) ncy • Any employee who will not achieve targets
M1 6 30 2 23,000 100% consecutively for 3 will be transferred to PDP
M2 10 60 3 42,000 100% • Upon successful completion of PDP will
M3 10 90 5 68,000 100% transferred back to the Level
• Upon successful completion of Level target
the employee will promoted to next level
with an increment of 30,000 in his annual
salary
Proposed structure – Level 2
Month Level Team RACER IMPAC Premi Persist
T um (L) ency • Minimum time to be spent to get
4 – 6 Level 10 290 29 5,00, 95% promoted is 3 months
2(L2) 000 • All the target components to be
achieved by end of 3 months
• Any employee who will not achieve
targets consecutively for 3 will be
Month Team RACER IMPACT Premiu Persiste transferred to PDP
m (L) ncy
M4 10 90 9 160,00 95% • Upon successful completion of PDP
0
M5 10 100 10 170,00 95% will transferred back to the Level
0 • Upon successful completion of Level
M5 10 100 10 170,00 95% target the employee will promoted
0
to next level with an increment of
30,000 in his annual salary
Proposed structure – Level 3
Month Level Team RACER IMPAC Premi Persist
T um (L) ency • Minimum time to be spent to get
7 – 9 Level 10 360 43 8,00, 95% promoted is 3 months
3(L3) 000 • All the target components to be
achieved by end of 3 months
• Any employee who will not achieve
targets consecutively for 3 will be
Month Team RACER IMPACT Premiu Persiste transferred to PDP
m (L) ncy
M7 10 120 14 260,00 95% • Upon successful completion of PDP
0
M8 10 120 14 260,00 95% will transferred back to the Level
0 • Upon successful completion of Level
M9 10 120 14 260,00 95% target the employee will promoted
0
to next level with an increment of
30,000 in his annual salary
Proposed structure – Level 4
Month Level Team RACER IMPAC Premi Persist
T um (L) ency • Minimum time to be spent to get
9 Level 10 450 68 10,0 95% promoted is 3 months
4(L4) 0,00 • All the target components to be
0
achieved by end of 3 months
• Any employee who will not achieve
targets consecutively for 3 will be
Month Team RACER IMPACT Premiu Persiste transferred to PDP
m (L) ncy
M10 10 150 23 330,00 95% • Upon successful completion of PDP
0
M11 10 150 23 330,00 95% will transferred back to the Level
0 • Upon successful completion of Level
M12 10 150 23 330,00 95% target the employee will promoted
0
to next level with an increment of
30,000 in his annual salary
Yearly Target
Team RACER IMPACT Premium (L) Persistency
10 1300 150 25,00,000 95%
• Upon successful completion of yearly targets and minimum time spent
in L4 the employee will be promoted to L5 and the targets and career
progression will be announced in the subsequent year
Proposed structure for existing employees
• All the existing employees will be categorized into two groups
• All employees who have joined prior to 3 months (not considering Mar and
Apr) will be grouped in L2
• All employees who have joined within to 3 months (not considering Mar and
Apr) will be grouped in L1
• All L1 and L2 targets will the same as mentioned above
• Since all the employees who have joined prior to May 2020 are in
standard fixed compensation structure differed salary method is being
introduced based on the performance
Performance based salary structure
Achievement 50% 60% 70% 80% 90% 100%
% Salary 70% 80% 90% 100% 110% 120%
Net Salary 11479 13119 16399 18039 19679 23451
3000
(Additional) 14479 16119 19399 21039 22679 26451
Incentive/
Disincentive -4920 -3280 0 1640 3280 7052
• Percentage achievements will aggregate of input and output which is RACER and Premiums
• From Apr 2020 onwards the target month for TARANG will be from 21 st to 20th of every calendar month.
• For all the performance calculations persistency is key component even if RACERs and premiums are
achieved without minimum persistency achievement, achievement is considered as 50% only
• Who ever does not achieve targets for a consecutive period of 3 months will be transferred to PDP
• Upon successful completion of PDP the employee will transferred back to Level
• No promotions incentives or any other advantages will not be allotted in PDP.
Confirmation norms
• Confirmation norms for both existing and new ADMs will be same
Month Team RACER IMPACT Premium Persistency
M6 10 350 30 450000 95%
