Full & Final Payment clauses for Service Discontinuation
- If the service is terminated with/without due notice from either side, the full & final dues settlement will be done in 45-60 days after getting clearance from accounts department
- If an employee is terminated immediately from Employer’s side, his/her settlement would be done by 45-60 days. He/she does not need to serve notice period in that case. The final calculated payment and settlement letter would be provided
- If an employee resigns immediately and does not want to serve full notice period as instructed by HR, the salary/final settlement would be done in adjustment of salary for the notice period not served or in cases legal action can be taken from company’s side depending on the severity of the situation/ assigned roles & responsibilities. Example – Person A resigns on 15th day of Jan and does not serve notice period of 30 days or as instructed by HR, in that case A would not be eligible to get 15 days salary. If A serves a notice period of 20 days instead of instructed 30 days, A would get (15+20-10)=25 days salary. If A serves full notice period of 30 days, A will get full salary [Full Jan + Till 14th Feb as per above example, 15+30=45 days salary] and settlement as per calculation.
- Full & final payment will be done in A/C Payee cheque after signing settlement letter & exit policy documents or as instructed by the management/HR at the time of exit interview.
- Management holds the right of deciding about final payment and settlement on case to case basis depending on the employee’s code of conduct, conflict of interest , performance, exit interview and few other internal evaluation factors as per company policies mentioned in offer letter, appointment letter, General TOS and any other company policy framework document.
- PL & CL adjustment is not applicable in notice period.
- Definitions of PL & CL are not same. Prior official intimation through email is required for taking PL.
- In exceptional cases management may approve conversion of CL to PL but that is not a general rule.
- Medical leave is treated as Casual Leave (CL) unless requested to adjust with (Privilege Leave) PL – Management may consider this exceptionally, not as a rule, if given supporting documents with official request to adjust Medical Leave with PL.
- No perks, incentive, bonus , gratuity or other benefits except PL encashment will be applicable in case of termination /resignation. PL encashment is subject to the standard industry practices and as per available previous PL balance/adjustment of the employee. Advance yearly PL encashment is not applicable in case of termination or resignation.
===General Policy===========
Please be very clear that we give you flexibility in office timing, special leave, bonus, incentive & other benefits considering your punctuality, dedication, involvement, performance, commitment, productivity, client satisfaction, business growth etc.
This is completely on management to decide. These are applicable for all employees , not exception for anyone unless explicitly mentioned or informed to you in written document from management.
Definition of an employee or employment with Seven Boats: As per Indian labour law an Employee is anyone who is getting wages under Indian salary act be it contractual, probationary or permanent or any other nature unless explicitly mentioned as “apprentice” or unless explicitly mentioned by other clause in the offer letter or appointment letter or other official documents. Offer letter or appointment letter for probationary candidates denotes a general clause for employment since the probation period is also considered as employment; you will be generically considered as an employee of the company upon acceptance of the offer unless explicitly mentioned anything else or any other specific clause in your offer/appointment docs and you may have to abide by the terms & conditions for which you have agreed and accepted the offer.
This HR policy is also governed by TOS of Seven Boats and associated company policies.
===Existing Policy:===========
1. Our office timing is 10.30 AM – 7.30 PM (9 hours a day including lunch break)
2. 16 minutes late from reporting time is one late mark
3. 6 late marks count to one day leave
4. There’s no paid work from home
5. If one is allowed by management to work from home with prior permission, he/she is eligible for half day salary provided he/she validates work with end of day report
6. There are 2 Casual Leaves one can avail in 4 months, overall 6 in a year (ex. Apr-Jul – 2 CL, Aug-Nov – 2 CL, Dec-Mar – 2 CL)
7. PL is 15 days in a year. One can take it at a stretch of 7-8 days or in special/exceptional cases with official intimation and approval
8. One can’t adjust 1 or 2 days casual leave with PL
9. One has to give prior official intimation for PL
10. One can’t take planned CL/PL before/after National/Official/Regular Holidays to make longer stretch of leave. In such case leave will be inclusive holidays
Few examples of CL/PL calculation below:
a) “A” takes CL/PL before & after official Saturday & Sunday off, say on Friday & Monday, instead of 2.. 4 days leave will be counted
b) “B” takes leave on Monday & Tuesday after official holiday/s (like after Sunday or Sat+Sunday both days official off).. 2 days leave will be counted..not 4 as the leave is not stretched
c) “C” takes leave from Monday after official Sat+Sunday off and he joins next week Monday – 7 days leave will be counted, but in same case if he takes leave on previous Friday before official Sat+Sunday off – 10 days leave will be counted
d) “D” takes leave from Thursday, Friday is a national/regional holiday, Saturday & Sunday weekend off and he joins on Wednesday – 6 days leave will be counted
e) “E: takes leave from Wednesday, Thursday & Friday are holidays, Saturday working, Sunday official off day, he continues leave next week also where Wednesday is a holiday and joins on Monday – 12 days leave will be counted
11. One becomes eligible for leaves & other company benefits after confirmation of employment (Confirmed Employee). These benefits are not available for trainees or those who are in probation period (Probationary Employee).
12. Salary is mostly processed between 17th-20th of month. In case of delay it’s informed in advance
Other policies exist as before (mentioned on your appointment letter)
13. One confirmed employee gets 6 CL per FY, i.e. 2 CL per 1/3rd of the year.
Example: April – July : 2, August – November : 2, December – March : 2
14. CL can not be carried forward from one part to another.
15. PL of current FY can be encashed as per last drawn fixed salary of previous FY closing or carried forward in next 3 consecutive years.
Example: PL of FY 2019-20 expires in FY 2022-23 closing
16. One can carry forward max upto 8 saved PLs of the previous FY. Rest of the unused PLs will expire automatically. Example – Employee X has saved 10 PLs in FY 16-17. His 8 PLs will be carried forward to FY 17-18. 2 PLs will expire. Now he has 15+8 = 23 PLs in FY 17-18. He can carry forward max upto 16 PLs to FY 18-19. 7 PLs he has to use or it will expire. In FY 19-20 end his 8 saved PLs of FY 16-17 will expire.
========New clauses/amendments===========
On management’s decision we are including following new clauses in Seven Boats company policy:
1) Any under performer in Seven Boats will have to compensate with additional work hours and/or salary deduction. Penalty may even go up to pink-slip or benching with half salary depending on management review of their KRAs and performance reviews.
2) If any project is discontinued or payment is kept on hold by client for poor performance, non-fulfilment of commitment, etc which is directly associated with any non-performer(s), the concerned employee(s) will be charged with penalty as mentioned in above clause 1
3) This penalty will be decided & communicated by Seven Boats management to concerned employee(s) through email.
4) We have allowed almost all employees to fix their comfortable office timing. This is not to take as relaxation/flexibility to decide timing at own will. (Ex. If X fixes his timing at 9.30 AM, reporting after 9.45 AM for whatever reason except natural calamity is 1 late count, irrespective he/she gives 9 working hours or not). If one works less than 9 hours in a day management will decide his/her remuneration.
5) WFA/WFH/Remote work mode is available at Seven Boats on conditional / situational basis. WFA/WFH / Remote working policy specific to any individual/employee will be applied as per management’s discretion and associated policy norms will be intimated to the employee.
===========HR clause for Moonlighting or Parallel Project or Parallel Employment================
Purpose:
This moonlighting or parallel project or parallel employment HR clause is designed to clearly outline the company’s policy regarding employees engaging in personal project works, moonlighting activities, or parallel employment during office work hours. The purpose is to ensure that employees prioritize their responsibilities and dedicate their full attention and efforts to their primary role within the company.
Prohibition:
a. During office work hours, employees are strictly prohibited from engaging in personal project works, moonlighting activities, or parallel employment, including but not limited to entrepreneurial pursuits, freelance activities, or any other projects of personal interest that are unrelated to their assigned duties within the company.
b. This prohibition strictly applies to passing lead or running virtual offices / mini / micro offices with current/past employee(s)/students in the office and/or within a group of people and/or collaboration for vested personal interests. The management can issue Show Cause notice and can start further interrogation for any violation of the policy. The company can form an investigation committee and can take the guilty for strict disciplinary action, depending on the severity of action or damage, and can take legal actions also.
c. This prohibition extends to using company resources, including equipment, software, or intellectual property, for personal projects, moonlighting activities, or parallel employment without explicit permission from the company.
Work Time and Attendance:
a. Employees are expected to maintain regular work hours as defined by the company and diligently perform their assigned tasks and responsibilities.
b. Any time spent on personal project works, moonlighting activities, or parallel employment during office work hours is considered a violation of this policy.
Conflicts of Interest:
a. Engaging in personal project works, moonlighting activities, or parallel employment during office hours can lead to conflicts of interest and compromise the employee’s ability to fulfill their obligations to the company.
b. Employees must avoid any activities that may negatively impact their performance, availability, or loyalty to the company.
Disciplinary Actions:
a. Violation of this policy may result in disciplinary action, including but not limited to verbal or written warnings, suspension, or termination of employment, depending on the severity and frequency of the violation.
b. Disciplinary actions will be taken at the discretion of the company’s BOD and advisors and in accordance with the company’s overall disciplinary policy.
Reporting and Compliance:
a. Employees are encouraged to report any concerns or suspicions regarding moonlighting, parallel project activities, or parallel employment during office work hours to their immediate supervisors or the Human Resources department.
b. It is the responsibility of employees to comply with this policy and seek approval from the company for any personal projects, moonlighting activities, or parallel employment outside of office work hours.
