Policies on Salary and Personnel Compensation

 ›  About Us  ›  Corporate Governance  ›  Principles and Policies  › ↓ 
Article 4 of the decision no. 17 dated 25.03.2014 of the Board of Directors of Darüşşafaka Society:

4) Resolved in unanimity that the waging and compensation principles applicable on senior managers and other employees of our Society be determined and set down as detailed below within the frame of the pertinent applicable laws and regulations, and be duly published in our corporate internet page in compliance with our corporate governance principles.

Waging Policy of Darüşşafaka Society

Pursuant to the Charter of Darüşşafaka Society, no remuneration is payable to the Directors, and reimbursements made to the Directors against the expenses incurred by them during the report year are required to be separately specified in the final account reports submitted to the General Assembly.

Wages payable to senior managers and other employees of the Society are determined in tandem with a frame decision taken by the Board of Directors pertaining thereto by taking into consideration both the job duties and responsibilities assumed by, and the experience level and critical success indicators of, the relevant staff member, as well as the Society’s pertinent strategies and policies, and the relevant employee’s performance, and in conformity to the working conditions of equivalent job positions inside and outside the Society.

Personnel Compensation Policy of Darüşşafaka Society

The Society has determined its Personnel Compensation Policy with reference to and in reliance upon the Labor Act no, 4857 of 22.05.2003. 
Accordingly:

Severance Pay:

Severance pay is due and payable to any Personnel whose employment contract is terminated due to any one of the events stipulated in the Act no. 4857 and who has a particular period of seniority making him/her eligible for Severance Pay or in case of death of the relevant Personnel, to his/her legal heirs, and is calculated over that Personnel’s length of service and wage current as of that date, in accordance with the pertinent provisions of said Act.

Notice Pay: Pursuant to and in reliance upon Article 17 of the Act no. 4857, it is applied:

1) By sending a prior notice of termination of employment contract to the Personnel a certain period of time in advance as stipulated in the Act, depending on the length of service of the Personnel, and by giving permission to the Personnel for seeking a new job during that prior notice period; or

2) By paying in cash to the Personnel his/her wage to be accrued until the end of that notice period.