Leave Policy

I have Attached Leave Policy

LEAVE RULES

 

Leave is a provision to stay away from work for genuine reasons with prior approval of the authorities. It may be granted for a casual purpose or a planned activity, on medical grounds or in extra-ordinary conditions.

Leave cannot be claimed as a matter of right. The following leave rules shall come in to effect from 1st October 2011 and shall be applicable for all employees in Wasankar Wealth Management Ltd. and any of its associate companies.

1.                            An employee shall be entitled for the following type of leaves as per conditions prescribed against each type of leave.

a.                 Casual Leave

b.                 Earned Leave

c.                  Maternity Leave

d.                 Paternity Leave

e.                 Leave not due

f.                   Leave without pay

2.                Leave during probation period

2.1    An employee who is under probation shall be entitled only for casual leave at the rate of 1 day for every completed month of service and the leave shall be credited after completion of each month.

3.                Casual Leave

3.1    An employee who is not under probation shall be entitled for 12 days of casual leave in a calendar year or at the rate of 1 day per month or part thereof for the balance period left in the calendar year, in case of joining in the middle of the year.

3.2    Prior sanction at least one day in advance is necessary for availing casual leave. In case of emergency, telephonic intimation shall be given by the employee followed by leave application on joining duty.

3.3    Not more than 2 days of casual leave can be availed at one time. Management may sanction more than 2 days in case where balance of earned leave is not available and if management feels the grounds for leave are justified.

3.4    Casual leave cannot be combined with weekly off or holidays unless prior sanction is obtained 5 days in advance.

3.5    Casual leave cannot be combined with any other kind of leave

3.6    Casual leave availed without sanction of Management shall be considered invalid and treated as leave without pay.

3.6    Unutilized casual leave shall lapse at the end of the calendar year.

3.7    Casual leave cannot be encashed.

4.      Earned Leave

4.1    An employee who is not under probation shall be entitled for 18 days of earned leave in a calendar year. Leave shall be credited to the account of the employee at the rate of 1.5 days for each completed month of service.

4.2    Weekly off and holidays can be prefixed or suffixed to earned leave but cannot be combined in between earned leave period. If weekly off or holiday falls in between earned leave period, such days shall also be treated as earned leave.

4.3    Earned Leave cannot be availed without prior sanction. Application for earned leave shall be submitted at least 3 days in advance for leave up to 3 days including weekly off and/or holiday suffixed and prefixed. Leave application shall be submitted 5 days in advance for leave in excess of 3 days including weekly off and/or holiday suffixed and prefixed.

4.4    Maximum of 7 days of earned leave can be availed at one time including weekly off and/or holidays suffixed and prefixed.

 

4.5           Application for leave in excess of 7 days including weekly off and/or holidays suffixed and prefixed shall be made at least 15 days in advance.

4.6           Unutilized earned leave can be carried forward. Maximum leave at credit that can be accumulated shall be 90 days. Leave at credit in excess of 90 days shall be treated as lapsed.

4.7           Encashment of earned leave at credit can be taken after an employee has served for 12 complete months.

4.8           Encashment of earned leave can be taken once in a calendar year. Entitlement for encashment shall be at the average daily actual salary drawn in the last 12 completed months of service. Average daily actual salary shall be the actual salary drawn before deduction of provident fund contribution and taxes in the last 12 months divided by 365.

4.9           An employee terminated from service for any reason what so ever shall not be entitled for encashment of earned leave.

4.10     An employee who is leaving service on account of resignation or retirement shall be entitled for encashment.

4.11     Encashment of earned leave in case of demise of an employee shall be paid to the family (surviving spouse) or to the designated nominee in the case of unmarried employee.

4.                Maternity Leave

4.1           Female employee who has put in 1 year of service after completion of probation period shall be entitled for maternity leave.

4.2           Maternity leave cannot be claimed if there are 2 or more surviving children at the time of seeking leave.

4.3           Maternity leave may be granted for a period of 180 days on each occasion subject to furnishing of medical certificate. Leave can be taken in any combination before and after delivery but total leave on each occasion shall not exceed 180 days.

4.4           Maternity leave may be granted for period not exceeding 45 days in entire service for miscarriage including abortion subject to furnishing medical certificate. This shall be in addition to maternity leave mentioned at Rule 4.3.

4.5           Maternity leave mentioned at Rule 4.3 and 4.4 shall be treated as leave with pay and employee shall be paid salary as per last pay drawn. However, an employee under maternity leave shall not be entitled for any incentive during the period of leave.

4.6           Earned leave can be combined with maternity leave.

5.                Paternity Leave

5.1           Male employee with less than 2 surviving children shall be entitled to 7 days of paternity leave during confinement period of wife subject to furnishing of medical certificate.

5.2           Paternity leave can be availed 15 days prior to delivery or within 6 months after delivery.

5.3           Paternity leave shall be treated as duty period.

6.                Leave not due

6.1           Leave not due may be granted to any employee, after completion of 1 year of service excluding probation period, who does not have any leave at credit. Grant of such leave shall be at the discretion of Management.

6.2           Maximum leave not due that can be granted to an employee shall be 12 days on one occasion. Leave not due can be availed only once in a calendar year and maximum of three times in the entire service.

6.3           Leave not due shall be debited to earned leave account and adjusted against leave earned after rejoining duty.

6.4           Leave not due sanctioned by Management shall be treated as duty.

7.                Leave without pay

7.1           Leave without pay cannot be claimed as a matter of right. Management may grant leave without pay to any employee who does not have any leave at credit subject to maximum of 15 days at one time.

7.2           Leave without pay may be granted only once in a year and for not more than 3 times during entire service.

7.3           Absence from duty without sanctioned leave or without prior intimation to departmental heads or even after a leave has been refused shall be treated as unauthorized absence.

7.4           Unauthorized absence with or without leave at credit may be regularized by Management with proper justification as leave without pay.

7.5           Leave without pay exceeding 3 days between two incentive cycles shall disqualify the employee for incentive for one cycle.

7.6           Leave without pay cannot be combined with any other leave or weekly off or holidays.

7.7            In case leave without pay is sanctioned, weekly off and holidays prefixed and suffixed to period of leave without pay shall also be treated as leave without pay.

7.8           Weekly off and holidays falling during the period of leave without pay shall also be treated as leave without pay.

7.9           Deduction shall be made from salary for leave without pay at the average daily salary based on last salary drawn divided by 25.

8.      General Rules

8.1    Leave cannot be claimed as a matter of right.

8.2    Management may reject any leave application without assigning reason except in the case of maternity leave

8.3    Application for leave shall be submitted in prescribed format to the sectional head or departmental head.

8.4    Sectional head or departmental head shall forward the leave application with recommendation to the Sanctioning Authority.

8.5    Sanctioning authority for Casual Leave and Earned Leave shall be the respective General Managers up to 3 days at one time. For any leave above 3 days, Sanctioning authority shall be Chairman. Respective General Managers shall forward the leave application with their recommendation. Sanctioning authority for other type of leave shall be Chairman.

8.6    Intimation of absence and desire to convert the same in to leave, where prior sanction has not been taken, shall be given to the respective General Managers who shall record the same after receipt of leave application. Sanctioning authority in all such cases shall be Chairman.

8.7    Any employee applying for leave for 3 or more days including weekly off and/or holidays prefixed or suffixed shall submit list of pending works extracted from CRM. General Manager shall verify the same and allot the work to another employee and obtain signature of that employee.

8.8    All leave applications including handing over of pending works shall be maintained in personal file of the employee. Custody of the file shall be with Accounts Department.

8.9    Separate Leave account shall be maintained for Casual Leave and Earned Leave. Leave account shall be maintained in the personal file of each employee.

8.10  Separate sheet shall be added for recording other types of leaves sanctioned.

8.11  Leave application to be sanctioned by Chairman shall be submitted in the personal file of each employee along with updated leave account.

8.12  Application for encashment of earned leave shall be given in writing and put up to Chairman for approval. Details of payment shall also be recorded in the leave account after debiting the number days encashment has been availed.

 

 

Chairman

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