SUSTAINABILITY REPORT Cont’d Remuneration and Benefits Press Metal’s remuneration and benefits packages include: Personal Accident Insurance Compassionate leave Healthcare Insurance Transportation Accommodation Examination/ Study leave Housing and utility subsidy Parental leave Meal Subsidy Educational assistance Healthcare Volunteer opportunity Performance award Recreational activities Festive celebrations Insurance Leave Subsidy Work + Life Integration Press Metal supports equal pay for equal work enshrined in various international treaties and national laws. It is a basic tenet of fairness and justice and is essential for promoting economic and social development. Press Metal continues to offer competitive remuneration to all employees to attract and retain our talents. Remuneration packages provided comprise both financial and non-financial compensation, which include salaries and benefits benchmarked against present market standards. Performance bonuses and annual increments are also provided based on employee’s overall job performance and contribution for the financial year as a means to incentivise employees towards achieving their potential. Performance appraisals are conducted for all employees annually. Employees’ Statutory Contributions Press Metal contributes to employees’ retirement accounts as mandated by law. Depending on the location of operation, the Group contributes 12% to 15% of the employee’s monthly income to statutory pension funds. While the contribution to employees’ retirement accounts is mandatory, the employees may choose the contribution rate from 8% to 11% at their own discretion. The Employment Insurance System, an insurance programme in accordance with Malaysia’s legislative requirements, and the Social Security Organisation are registered for all employees in Malaysia. ANNUAL REPORT 2022 162
RkJQdWJsaXNoZXIy NDgzMzc=