Company Relocation Policy

[Discontinued]

Standard guidelines regarding how company relocation policy works

Version 2.0 (Effective starting September 1, 2020)

Purpose

The company has designed the Relocation Policy to provide financial assistance and administrative support for relocating employees. The policy serves as a comprehensive guide for transferring employees between the company’s India offices. A transfer can be a request transfer or transfer by the company. The quantum of benefit depends upon the type of transfer. A request transfer is usually to the hometown of the employee. Regular is depending upon the business exigencies.

Eligibility

• Regular full-time employees are eligible for Employee Relocation
• Employees must have completed at least the probation period at the home branch where they are hired. An exception would be based on the discretion of the COO.
• The same job position is available at the relocated location in the company

Scope

This policy applies to exempt employees who are required to relocate because they are being permanently transferred (for no less than 12 months) at the company’s request or employee’s request to another branch of the company.

Benefits under the plan will cease if the employee resigns from his/her employment or is terminated for any cause, including for poor performance. In addition, if an employee resigns from his/her employment, or is terminated for cause, including for poor performance, within 12 months of having been transferred, the employee will be required to reimburse the company for relocation expenses paid for by the company under this policy.

Nothing in this policy should be construed as a contract for employment for any period of time or as altering the at-will nature of the employment relationship. The company has the right to terminate employees for any or no reason at all, at any time.

This plan is administered by the human resources department. The company will not be responsible for any action taken which is beyond the scope of this plan.

Approval

All requests of employee relocation must be approved by the HR and COO prior to actual relocation or commitment to the employee. In addition, any exceptions to this policy require the prior written approval of the COO. The Relocation Expense Estimate form must be approved prior to relocation expenses incurred.

Relocation Allowance (Benefits given by the company)

In order to address the financial concerns, you may have regarding a move, the company has put together the following relocation package of up to a maximum of INR 30,000, inclusive of tax gross-up.

Reimbursement will be made for reasonable and actual expenses incurred by you and your spouse for traveling to the new location. This reimbursement would be based on Travel & Expense Reimbursement Policy (TRP) and would be borne by the company only in the case of Companies Need-Based Transfer.

In some instances, you may wish an additional family member(s) to accompany you on this trip or someone other than your spouse. In such cases, approval by Human Resources would be required.

Arrangements for these trips should receive prior approval by Human Resources, and all accommodations should be booked through the HR department.

Approved Time off

• Employees will be permitted time off with or without pay, based on COO discretion, to assist in the completion of relocation.
• Employees should contact HR to request time off.
• Leave for transfer: This depends upon the distance and type of transfer. Leave can be a minimum of 3 days and a maximum of 6 days for relocation.

Employee Request Transfer

Procedure:

1. Submit a detailed request in the form of an email with the reason for relocation to HR.
2. HR will check the eligibility, availability of the same Job profile, availability of required company resources, benefits, and expenses of the company.
3. After approval from HR, the approval of the COO would be required.
4. After approval from the COO, the decision would be shared with the employee.
5. A Relocation/Employment Agreement will be signed by both the parties (Employee and COO).

Companies Need-Based Transfer

Procedure:

1. A detailed document will be shared with the employee for relocation.
2. An employee can give his/her approval to HR in the form of an email.
3. A Relocation/Employment Agreement will be signed by both the parties (Employee and COO).