clearly spelt out. This allows them to understand both their rights and obligations, as well as those of thecompany, thusminimisingpotential employment disputes in the future. Key employment terms specified in the employment contract include the job title and description, duration of employment, working hours, salary and statutory contributions/ deductions, leave entitlements, probation and notice periods, and key insurance and medical benefits etc. CLI engages external independent remuneration consultants to benchmark the compensation packages against the relevant talent markets. Salaries are reviewed against the benchmarks, and each employee's specific job scope and responsibilities are considered. All regular full-time employees will undergo an annual performance review where there is an open discussion on the employee’s performance, areas for improvement, developmental needs and career plans. Rewarding and motivating employees, CICT has a comprehensive and competitive compensation package and benefits programmes. We observe a pay-for-performance philosophy that rewards superior performance, which aligns employee and unitholder interests to deliver business results. Sustainability targets were integrated into CICT’s Performance Share Plan and Balance Scorecard framework to determine individual remuneration outcomes (financial and non-financial). CICT’s overall annual variable bonus pool is determined based on the Trust’s achievement against a holistic set of quantitative and qualitative targets in the Balanced Scorecard dimensions of Financials, Execution, Future Growth, Talent Management and Sustainability (including Environment, Social and Governance factors). The amount of bonus awarded to employees are further based on their relative contributions and individual performance. Employees at managerial grades are also eligible to receive performancebased long-term unit-based awards. The awards will vest over three years and are subjected to the achievement of pre-determined profitability and unitholder return targets. The performance and remuneration of key management executives are based on both quantitative and qualitative targets within the Balanced Scorecard framework, including their efforts in building management bench strength and talent. CICT adheres to the respective social security contribution or pension plan obligations of the countries where it operates in. The Central Provident Fund (CPF) is a comprehensive social security savings plan introduced by the Singapore government to enforce savings by salaried workers for amore secure retirement. Under the CPF scheme, CICT and its employees make monthly contributions to the employee’s CPF account in accordance with the prevailing regulations. Upskilling The Workforce To build a future ready workforce that is knowledgeable, competent, and adaptable, employees are equipped with the appropriate training to acquire the relevant knowledge and expertise to contribute effectively to the Trust’s performance. Employees’ training and development needs are discussed at the annual performance reviews with their immediate superiors and updated throughout the year. CapitaLand channels up to 3%of its annual wage bill towards learning and development programmes for employees. Employees can participate in certified skills training programmes, personal development courses, and industry seminars and conferences. Eligible employees may apply for a maximum of 10 days of paid leave annually for examinations supported by the company. In 2022, employees actively participated in various trainings. Almost all employees completed at least one learning session, similar to the previous year. The average number of training hours per employee was 22.5 hours in 2022 compared to 17.2 hours in 2021. The average training hours per female and male employees are 19.1 hours and 27.2 hours, respectively. Almost all of the employees participated in digital learning, clocking over a total of 5,000 of digital training hours in 2022. This is five times more than the total for 2021. CICT’s employees who are also licensed representatives under Monetary Authority of Singapore (MAS) recorded 30.2 training hours per employee, which was above the minimum requirement by MAS. 21 Programmes and initiatives across Lifestyle, Personal Branding & Growth, Confidence Building, and Family Ties CapitaLand Integrated Commercial Trust 62 Stakeholders and Communities Our Employees
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