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
- 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.
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, not exception.
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. These benefits are not available for trainees or those who are in probation period
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
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
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
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.