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Yearly Gifts and Advance Salary Policy

PostedJanuary 2, 2025
UpdatedJanuary 2, 2025
Bytechkatech

1. Purpose

This policy ensures employees are appreciated for their dedication and performance through gifts, advance salary provisions, and non-monetary recognition, fostering a culture of motivation and appreciation.

2. Applicability

This policy applies to all employees, including staff and labourers, of Sunbeam Elastomers Pvt. Ltd.

3. Policy Details

A. Gifts and Allowances

4. Guidelines for Policy Implementation

1. Diwali Advance Salary:
  • (a) Eligible employees will receive 50% of the upcoming month’s salary as an advance during Diwali, alongside their monthly pay.
  • (b) Distributed with October’s salary (or diwali month as per accounts department decision)to ensure funds are available for festive preparations.
  • (c) Advance salary will be deducted proportionately from the upcoming month’s salary payout.
2. Provision for Snacks on National Holidays:
  • (a) Allocation: Snacks and sweets up to ₹50 per employee will be arranged for 15th August and 26th January.
  • (b) Execution: Local managers or Admin will ensure timely distribution. For remote sites, equivalent arrangements or reimbursements will be made.
3. Recognition and Awards:
  • (a) Managers are encouraged to identify employees who have made exceptional contributions and nominate them for non-monetary recognition awards.
  • (b) Certificates or public acknowledgements can be announced during key events, such as the Year-End Party or company meetings.
4. Timelines:
  • (a) Diwali Advance Salary and Gifts: Distributed by the last working day before Diwali.
  • (b) Snacks on National Holidays: Arranged and distributed on the same day (15th August and 26th January).
  • (c) Year-End Party: Organized on 31st March.
5. Non-Eligibility:

Employees under disciplinary action or on extended leave without pay during the evaluation period may be excluded from gifts, advance salary, or recognition programs.

6. Management Discretion:

Special allowances or adjustments to the policy may be granted at the sole discretion of senior management for extraordinary circumstances.

5. Monitoring and Compliance

The Admin Department is responsible for monitoring the distribution of gifts, advance salary, and awards, ensuring compliance with this policy, and addressing employee queries.

6. Policy Acknowledgment

Employees are required to acknowledge this policy during onboarding and at the beginning of each financial year.

7. Monitoring and Reporting:

  • (a) The Accounts Department will maintain records of all bonus, gift, and incentive payments.
  • (b) Reports will be reviewed by the management to ensure fairness and alignment with policy guidelines.

8. Review and Amendments:

This policy will be reviewed annually to incorporate employee feedback and align with business performance. Amendments will be approved by the Board of Directors.

Approval:

This Yearly Bonus, Gifts, and Incentive Policy has been approved by the Board of Directors of Sunbeam Elastomers Pvt. Ltd. on 1st January 2025.

This policy ensures structured recognition of employee contributions through bonuses, gifts, and incentives, enhancing motivation and productivity at Sunbeam Elastomers Pvt. Ltd

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