IDBI to revamp salary package

IDBI has hired human resource consultancy firm Hewitt & Associates for advice on introducing cost-to-company approach and an integrated compensation package for employees, chairman and managing director M Damodaran said on Friday.

There are too many allowances currently, Damodaran, who was felicitated as "finance man of the year 2004" in Mumbai said.

The cost-to-company approach takes into account all the perks and benefits that an employee gets from the organisation in addition to salary.

IDBI sources said Hewitt was commissioned a few weeks ago with a time frame to submit recommendations in six months.

There may be some changes in compensation package after the new concept is introduced in the organisation, they added.