The document outlines the notice period policy for Pandit Ventures Pvt Ltd. It details notice periods for employees under probation (7 days) and confirmed employees (30 days). If the full notice period is not served, the owed amount will be deducted from salary. Confirmed employees will also be paid for any remaining earned leave. The policy also describes resignation and termination procedures, including exit interviews, pay in lieu of notice, and ensuring a final settlement within 45 days of an employee's release.
The document outlines the notice period policy for Pandit Ventures Pvt Ltd. It details notice periods for employees under probation (7 days) and confirmed employees (30 days). If the full notice period is not served, the owed amount will be deducted from salary. Confirmed employees will also be paid for any remaining earned leave. The policy also describes resignation and termination procedures, including exit interviews, pay in lieu of notice, and ensuring a final settlement within 45 days of an employee's release.
The document outlines the notice period policy for Pandit Ventures Pvt Ltd. It details notice periods for employees under probation (7 days) and confirmed employees (30 days). If the full notice period is not served, the owed amount will be deducted from salary. Confirmed employees will also be paid for any remaining earned leave. The policy also describes resignation and termination procedures, including exit interviews, pay in lieu of notice, and ensuring a final settlement within 45 days of an employee's release.
The document outlines the notice period policy for Pandit Ventures Pvt Ltd. It details notice periods for employees under probation (7 days) and confirmed employees (30 days). If the full notice period is not served, the owed amount will be deducted from salary. Confirmed employees will also be paid for any remaining earned leave. The policy also describes resignation and termination procedures, including exit interviews, pay in lieu of notice, and ensuring a final settlement within 45 days of an employee's release.
For all employees working under Pandit Ventures Pvt Ltd
Objective This policy is designed for the purpose of a smooth and hassle free transition of employees from the organisation.
Conditions
1. For the employees under the probation period the notice period is 7 days from the date of resignation.
2. For the confirmed employees the notice period is 30 days from the date of resignation.
3. If the employee has not served the notice period then the notice period due will be deducted from the gross salary of the employee.
4. The balance earned leaves(if any) will be payable as per the gross salary to the confirmed employees only.
5. The earned leaves will be payable
Procedure
1. The employee needs to send a resignation letter in writing to the Reporting manager & HR in the HRIS( GreyT HR).
2. The reporting manager has to either approve or reject the resignation stating the reasons for same.
3. An early leaving/release date may be mutually agreed with the employee, at the complete discretion of management.
4. A formal acknowledgement confirming the employee’s final day of employment with the organisation and providing administrative details of final payments, etc will be issued by the HR department.
5. At the earliest opportunity the employee will be invited to attend an exit interview a week prior to the final date of release with HR Manager at which the employee will be encouraged to discuss all aspects of his or her job and reasons for leaving. Information gained at such interviews will be used to monitor staff turnover and to identify potential problem areas.
6. In certain circumstances an employee who has resigned will be asked to leave immediately and will receive pay in lieu of notice will be the sole discretion of the management.
7. Where an employee disappears without giving notice the HR department will investigate the situation thoroughly before deciding on appropriate action.
Termination
1. Before dismissal for any reason the organisation will conduct a thorough investigation of the circumstances and follow relevant procedures (e.g. disciplinary, capability, redundancy).
2. When a decision is taken to dismiss, notice will be given in writing to the employee, specifying the effective date of termination. Managers are reminded that notice cannot start to take effect until it is received by the individual concerned.
3. In certain circumstances an employee who has been dismissed will be asked to leave immediately and will receive pay in lieu of notice , which will be the sole dicretion of the management.
4. An employee who has committed an act of gross misconduct is not entitled to notice or pay in lieu.
General
1. Employees are expected to work normally in conformity with their contracts of employment, throughout the notice period. Any misconduct during this time will be treated in accordance with the disciplinary procedure.
2. As a general rule, employees are required to carry out their contractual duties while under notice. In cases where the contract expressly allows, they may be moved to alternative work without loss of pay or benefits for the notice period where this is deemed necessary by management.
3. Where previously agreed annual earned leaves falls within the employee’s notice period, the organisation will normally honour this arrangement as per agreed in the appointment letter 4. Where the contract or prior written agreement allows, deductions will be made from final payments of wages/salary equivalent to any entitlement taken in excess of the salary amount. A cheque will be required from the employee in respect of any balance still outstanding.
5. Provided notification rules and procedures have been complied with, an employee who is absent through sickness during the notice period will receive sick pay in accordance with the contract of employment.
6. Management reserves the right to ask an employee, either on resignation or dismissal, to leave immediately, in which case he or she will receive payment in lieu of notice. This action may be taken, e.g. where:
a. the employee has access to confidential information and is joining a competitor b. in the reasonable view of management, there is a risk of disruption or sabotage if the employee remains at work c. the employee is not in good health d. there is little or no work to do, for example in a redundancy situation e. in the reasonable view of management, the employee’s conduct is not conducive to harmonious employee relations.
7. Amounts paid in lieu of notice will compensate the employee for all pay and benefits that would have accrued during the notice period. The HR department will explain to departing employees how the calculation is made.
8. Any kind of loan or assets taken fromt the organisation will get adjusted in full & final settelment of the employee’s account and any payment that needs to be paid to the organisation needs to be settled before the final date of release of the employee from the organisation.
9. Full & Final settlement will be done within 45 days from the date of release of the employee.
Formulated Effective from Created by Approved
on by
1Apr2018 HR Manager CEO
Note: The Company reserves the right to amend, modify, and revise any or all clauses of this policy depending upon market practices or exigencies of business.
