Compensation and Benefits
University of Management and Technology considers that a healthy compensation and benefit plan is always a very good source of motivation and attraction for new employees as well as for existing employees. In this regard, office of Human Resources @ UMT, continuously trying to provide market competitive compensation and benefits plans to its faculty and staff members.
The University of Management and Technology (UMT) provides a wide range of benefits to increase the economic security of its employees and to offer a conducive and competitive work environment. An overview of the benefits package follows while details may be obtained from the faculty and staff handbooks as well as the Office of Human Resources.
Contributory Provident Fund
This benefit may be availed by all permanent/eligible employees if he/she desires. Under this plan, monthly contributions are made by eligible employees @ 3% of monthly basic salary (subject to change as per the discretion of Management), and an equal contribution is made by UMT. The fund is managed by the trustees of the fund. Upon separation, the total accumulated contribution, on part of employee as well as the employer is paid to the employee.
Furthermore, an eligible employee is also entitled to claim loan against Provident Fund. This amount cannot exceed the total contribution accumulated on the part of employee only. The amount of loan claimed is recovered on monthly basis from the employee’s salary.
An active employee who has been in service for at least a month may be granted one month's gross salary as an interest-free advance. This advance is recovered in maximum of three equal monthly installments starting from the monthly salary payable immediately followed after the release of advance. In order to claim Salary Advance, there must be a lapse period of 6 months from the date of the last advance claimed. Furthermore, this facility may be availed only in acute emergencies.
A permanent employee may be granted one basic salary or Rs. 10,000 whichever is higher, up to maximum of Rs. 50,000 as marriage bonus on account of his/her own 1st marriage, his/her real, children’s/real sister’s 1st marriage. No more than two marriage bonuses can be claimed by an employee during his/her career at UMT. This benefit is not available to widows and divorcees.
Medical Insurance (Takaful)
Employees eligible for health insurance through Takaful will be issued cards from Office of Human Resources (OHR). Payments of their premium are made to the insurance company on their behalf by the University.
Outdoor Medical Coverage
The University offers outdoor medical coverage to all employees’ dependants including parents according to the prevalent policy.
All regular full time/part time employees and contractual employees (non cadre) having service of more than one year who are drawing salary up to Rs 20,000/- are eligible for financial assistance from the welfare fund.
Overtime payment is applicable to employees in ranks S-1 and below only. All overtime payments would be sanctioned by the reporting authority of the employee and will be sent to the OHR for verification. OTR makes payment and keeps record of the overtime.Prior approval of all overtime claims is necessary. The computation of overtime is based on basic pay rate per hour.
Each year two lucky draws would be held to provide two lucky winners a chance to perform Hajj. The draws would be held in two categories. Only those employees who have not performed Hajj before will be eligible to be part of draws. For details please refer to Faculty and Staff Handbooks.
Employee Old Age Benefit Contribution
The University pays EOBI contribution as per Government of Pakistan policy.
Punjab Social Security Contribution
The University pays PESSI contribution as per Government of Punjab policy.