Compensation and Benefits
University of Management and Technology considers that a healthy compensation and benefits plan is always a very good source of motivation and attraction for new employees as well as for existing employees. In this regard, the Office of Human Capital Management (OHCM) @ 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 Office of Human Capital Management.
Contributory Provident Fund
This benefit may be availed by all permanent/eligible employees. Under this plan, monthly contributions are made by eligible employees @ 5% 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.
Advance Salary
An active employee who has been in service for at least three months 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.
Wedding Bonus
A permanent employee may be granted one gross salary or Rs. 60,000 whichever is higher, as marriage bonus on account of his/her own 1st marriage as per following criteria;
- Must have 02 years of experience at the time of Nikah (FTP only)
- Gross salary up to or equals to Rs. 150,000/- per month
- Shall have B+ Grades in his or her tenure with UMT
- Nikah is main qualifying condition, cannot be claimed again on Rukhsati
Documents must be submitted within 03 months of Nikah date, any case after said time period will not be entertained.
Medical Insurance (Takaful)
Employees eligible for health insurance through Takaful will be issued cards from the Office of Human Capital Management (OHCM). 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.
Financial Assistance
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 40,000/- are eligible for financial assistance from the welfare fund.
Hajj and Umrah Policy
Each year two lucky draws would be held to provide two lucky winners a chance to perform Hajj and Umrah. The draws would be held in two categories. Only those employees who have not performed Hajj or Umrah 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.