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Retirement / Superannuation / Separation & Farewell Policy

Doc No Issue No Issue Date Rev No Rev Date

Retirement / Superannuation / Separation & Farewell Policy

A. OBJECTIVE:

To define the procedure, entitlements & guidelines for retirement / Superannuation and separation.

B. SCOPE & COVERAGE

1. This policy is applicable to all permanent employees in the management cadre. With the CEO /
Directors prior approval it may be made applicable on case to case basis to consultants, retainers and
those on contract.

2. The decisions relating to this policy shall be taken by the committee consisting of the CEO, CFO & HR
head.

3. If the Retirement / Superannuation / Separation relates to any of the members of the committee then
that member shall not be part of the committee and in his place shall be taken by some other head
nominated by the CEO.

C. TENURE

1. This scheme comes into force with effect from __________.

D. Extension of service or conversion of service

1. If after superannuation or separation from the company the services of any employee is to be extended
or converted into Consultant / Retainer the same shall be with the joint approval of CEO / Director,
Head – HR & the HR director in Mexico.
2. If such extension or conversion relates to any one of the members who are to accord approval, then
his place in the committee shall be substituted with the CFO.

E. FAREWELL :

1. Employees ‘Superannuating from service’ / ‘leaving the service of the Company’ shall be given a
befitting farewell. A function will be arranged by the Company to bid farewell to the employees who
retire from the services of the Company, in the following manner:

2. In the case of any staff, the farewell function will be organised by the concerned department and
conducted in the concerned department or in the canteen. HR department will coordinate.

3. In case of HOD’s and above, the farewell function will be organised in the Main Conference Hall or the
training room & will be presided over by the CEO / MD. The HR department will organize & Coordinate

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Retirement / Superannuation / Separation & Farewell Policy
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4. Any superannuating Management staff with continuous service of

 5 years and above will be presented with a Gold plated wrist watch (Cost – Maximum Rs 5000)
 6 to 10 years of service shall be presented on the occasion a gift (Cost – Maximum Rs 8000)
or Rs.8,000/- in the form of a Cheque.
 11 to 15 years of service shall be presented on the occasion a gift (Cost – Maximum Rs
13000) or Rs.13,000/- in the form of a Cheque.
 16 to 20 years of service shall be presented on the occasion a gift (Cost – Maximum Rs
18000) or Rs.18,000/- in the form of a Cheque.
 21 years and above of service shall be presented on the occasion a gift (Cost – Maximum Rs
23000) or Rs.23,000/- in the form of a Cheque.

5. The Company will host high tea for the retiring employees.

6. A well designed letter in the company’s letter pad commemorating the service of the employee
to the Company will be presented on the occasion to the Retiring / Resigning Employees.

7. Action for final settlement of the dues of retiring employees should be initiated well before the
date of retirement and all his dues settled on the date of farewell.

F. EXEMPTIONS

1. Any management staff whose service is extended or converted into Consultant / Retainer after
superannuation / separation shall not be given any farewell at the time of superannuation / separation
but the farewell will be at the time of final separation.

Managed by: Responsible position: Version: 2

Human Resources Head - HR

Contact person: Approved by: Status:

CEO / Director Awaiting approval

Date approved: Next review date:

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