In this day of age when corporate benefits are becoming increasingly expensive, a number of mid-sized companies are beginning to rethink their employee benefit options. However at Medha, we continue to practice the notion that happy employees perform better and hence produce better results. Since we as a company are growing with the help of our dedicated employees, we believe in giving it back to them in various forms. Apart from compensation, standard holidays, leaves and statutory deductions, our employees receive a number of benefits for fulfilling their duties. Some of the benefits are:

• Medical Reimbursement

• Group Saving Linked Insurance

• Group Gratuity

• Employee Deposit Linked Insurance

• Leave Travel Concession

• Subsidised Canteen Food

• Transportation To And From Work

In addition to these benefits, we believe in recognising employees who have excelled at work and proved their calibre through performance, dedication and honesty. All employees above certain minimum pay scale have performance linked bonus that is paid once every year. Medha offers bonds from Unit Linked Insurance Plan to these employees. In recognition of loyalty of long serving employees, commemorative gold coins are given as tokens of appreciation for all employees on completion of 10 years of employment with Medha and once every 5 years thereafter.

Employee Housing Scheme
Medha’s new addition to the benefits is its housing scheme, which is provided to its employees of the Design Centre and the Manufacturing Unit. A housing colony has been built for Design Centre employees, where apartments are awarded to selected employees based on their performance, contribution to the company and minimum employment criteria of 3 years with Medha. The apartments are awarded at subsidised rates, close to 90% subsidy based on current market rates. These employees are also required to serve Medha for a minimum of 10 years from the date they are selected to award the apartment, after which the apartment will be transferred to the employee. The employee is offered to pay the market rent to Medha during the 10 year period. Medha has already awarded 40 apartments to Design Centre employees in 2008.

A similar scheme was implemented for select employees who supported the company during slump in 2000 – 2002 during which period Medha had the first and last of annual losses. Employees who supported Medha during this time did not take any salary raise for two years. To recognise their loyalty, Medha’s management had promised compensation in the future, in the form of a housing scheme, which has been put into plan in 2008 by awarding these employees apartments in ‘Medha’s gated community’.

Additional Benefits to Design Centre Staff
Recognising that Design staff is the backbone of the company, Medha has certain additional benefits for all Design Centre employees directly involved in the design process. All employees contributing to new product development or major overhaul/upgrade of existing products receive ‘project completion bonus’ in recognition of their efforts in successfully completing the new project.

To nurture the feeling of entrepreneurship in all its Design employees, Medha’s management has put in place a ‘Product Royalty’ scheme whereby, all Design Engineers who have been instrumental in the development of a new product or major overhaul/upgrade of an existing product are paid a percentage of profits made by that particular product every year. The idea is to nurture an environment where Design staff is awarded for instilling the product with right qualities like lower production cost, better features compared to competitors, break-through performance, etc., which are responsible for increasing the sales of that product. These qualities either improve the saleability of the product or reduce the cost, hence improving the quantum and percentage or profits respectively. For this purpose, every year profits are calculated for each product based on accurate accounting of material cost, labour costs and administrative costs, which are attributed accurately for each product sold.