Payment Policy

1. Purpose:

To establish clear guidelines for timely, transparent, and efficient payment processing to employees, vendors, and other stakeholders while ensuring compliance with company policies and legal requirements.

2. Scope:

This policy applies to all employees, contractors, vendors, and third-party service providers engaged with Sunbeam Elastomers Pvt. Ltd.

3. Objectives:

• (a) Ensure timely payment of salaries, benefits, and vendor invoices.
• (b) Maintain transparent and ethical financial transactions.
• (c) Comply with all applicable statutory requirements.

4. Employee Payments

A. Employee Payments

Salary Disbursement:

• (a) Salaries will be paid on the 10th of every month, with a maximum extension to the 11th in critical situations.
• (b) All employee salaries include CTC-based payments, encompassing all benefits such as PF, ESI, special allowances, and bonuses.
• (c) Salary payments will only be processed during company working hours, between 10:00 AM and 5:30 PM.

Deductions:

• (a) Statutory deductions (PF, ESI, taxes) will be made as per applicable laws.
• (b) Unapproved leaves or policy violations will result in salary deductions as per Attendance and Leave policies.

B. Vendor and Contractor Payments

Invoice Submission:

• Vendors must submit invoices with proper documentation (PO, delivery notes) to the Accounts Department within 5 working days of service completion or goods delivery.

Payment Terms:

• (a) Payments will be made no later than 30 days from the invoice date.
• (b) Payment processing will only occur between 10:00 AM and 5:30 PM. No payments will be released outside these hours unless directly approved by senior management.
• (c) To ensure timely processing, requests for payment must be submitted before 12:00 PM on the intended day of payment.

Discrepancies:

• Any discrepancies in invoices must be reported within 48 hours of receipt for resolution.

Emergency Payments:

• Emergency payments will be processed only after obtaining explicit senior management approval

C. Reimbursement and Advances

Travel Reimbursement:

• (a) Travel expenses must comply with the Employee Travel and Expense Policy.
• (b) Original receipts are mandatory for reimbursement, and all payments will be processed during regular working hours (10:00 AM to 5:30 PM).

Repair Services and Project Advances:

• (a) Payments for repair services and project advances must be approved by senior management.
• (b) Advances must be requested at least 2 working days in advance and settled within 7 days of task completion.

D. Special Payment Guidelines

Timeliness:

• (a) To ensure efficient payment processing, all requests for payments must be submitted before 12:00 PM on the intended processing day.
• (b) Payments require multiple approvals and checks to ensure zero errors

Non-Compliance: Late or non-compliance in submitting required documentation will result in payment delays.

Employee Salary Structure: All employees’ current salaries are CTC-based and include benefits such as:

• (a) Provident Fund (PF)
• (b) Employee State Insurance (ESI)
• (c) Special Allowances
• (d) Bonuses and other applicable benefits.

5. Roles and ResponsibilitiesFinance Department:

Finance Department:

• (a) Process payments and maintain accurate financial records.
• (b) Ensure compliance with statutory regulations and internal policies.

Employees and Vendors:

• (a) Submit required documentation accurately and on time.
• (b) Report discrepancies promptly to the Finance Department.

HR Department:

• (a) Communicate payment schedules and policies to employees.
• (b) Provide necessary data for payroll processing.

6. Monitoring and Compliance

• (a) All payments will be tracked and audited quarterly to ensure transparency.
• (b) Non-compliance with the policy may result in penalties or disciplinary actions, subject to management review.

7. Review and Amendments

This policy will be reviewed annually to incorporate changes based on organizational needs and regulatory updates. Amendments will be approved by the Board of Directors.

8. Approval

This Payment Policy has been approved by the Board of Directors of Sunbeam Elastomers Pvt. Ltd. on 1st January 2025.