Car%20Ownership%20Policy

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Car Ownership Policy
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Car Ownership Policy
Objective To assist our employees to own a
car of their own for a safe and secure tomorrow.
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Car Ownership Policy
Eligibility Management Grade Employee in
management grade who have completion of one year
in Jeena.
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Car Ownership Policy
Permissible Value Manager Grade Up to Rs
________ Including cost of special fitting and
accessories within the prescribed limits
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Car Ownership Policy
Assistance Interest subsidy will be provided
to the employee while in the service of the
company. The interest subsidy scheme is
applicable for a term of 10 years only. The
employee will be eligible for the subsidy only
once during the employment with Jeena .
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Car Ownership Policy
Type of Cars
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Car Ownership Policy
Deposit by Employees
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Car Ownership Policy
Financing Mode
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Car Ownership Policy
Period of Lease
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Car Ownership Policy
Reimbursement of Fuel
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Car Ownership Policy
Maintenance Per Annum
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Car Ownership Policy
After 4 years , if the employee decides to
continue with the same car, the expenses towards
maintenance will be reimbursed against actual
expenses, supported by bills, subject to a limit
of Rs _______ per annum..In addition, expenses
towards Road tax and Insurance will be reimbursed
or paid by company.
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Car Ownership Policy
The above limits are given for travel within city
limits and an upcountry official travel
undertaken will be reimbursed at actual if prior
approval is obtained from respective branch
managers
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Car Ownership Policy
Ownership The car will be the property of the
company for the period of 4 Years . The ownership
will be transferred to the employee after this
period as per the terms mentioned
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Car Ownership Policy

• Car Scheme
• Own Your Car Scheme
• Own Your Car Scheme for Employees
• 12.1 Eligibility
• 12.1.1 All employees in the grade of M1 and above
  are eligible to own a car as per eligibility
  guidelines
• terms laid down in this policy.
• Employees in the grade M1 whose work involves
  extensive Local travel for official work. The
  benefit of Own your Car will be an exception
  related to performance and work requirements and
  not to be treated as a precedent or norm.
• The discretion of extending the car scheme to
  employees in Grades M1 above will solely be
  with BOARD. The GM/BM of the Region shall
  forward the request with proper justification to
  BOARD, who in turn will seek approval from the
  PARTNERS as and when required and approve if
  found adequate. .
• The employee in Grades MS1 and Above should be
  confirmed on the rolls of the company, his
  performance should exceed expectations, his
  responsibility should involve high level of local
  travel for official work, branch performance vis
  a vis budget at Turnover and Gross Profit level
  shall be at 95 plus.
• All other employees in the grades M1 Above are
  directly eligible to own a car under the scheme
  as per eligibility guidelines and terms laid down
  in the policy.

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• 12.2 Own Your Car Scheme for Grades M1 Above.
• 12.2.1 Purchase of only NEW cars will be allowed
  under the scheme.
• The employee is required to exercise his choice
  of car within the monetary limits/value of car
  specified in the scheme against his grade. He
  will have to fill up the form as per Annexure I,
  and submit the same to the GM Region through the
  Branch/Area Head along with proper justification
  as specified under above along with Performa
  Invoice from the dealer.
• After the form gets approved by Board/Partners,
  the employee will firm up the car and make the
  booking of the car with the dealer. Car will be
  booked in the name of the employee.
• Employee will take a car loan from the bank
  servicing the dealer or any of his bank and
  submit the booking order copy and the Loan EMI
  confirmation copy from the bank to the office.
• If the employee opts for a car of greater value
  then as specified, he/she will be reimbursed EMI
  as per the maximum amount agreed against the
  grade. Any additional EMI will have to be borne
  by the employee.
• Company will reimburse the loan EMI amount loaded
  with Income tax as Vehicle Allowance in the
  salary to a maximum limit as specified in
  Annexure II. Payment of EMI amount to the bank
  will be the sole responsibility of the employee
  purchasing the car.

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• 12.2 Own Your Car Scheme for Grades M1 Above.
• EMI will comprise of Invoice Value of the car,
  Cost of Registration and One time Road Tax. The
  car will be used for a period of 54 months. After
  54 months, the employee is entitled to re-enter
  the scheme as per his existing grade.
• If the employee is promoted in between before
  the expiry of 54 months , he will continue to use
  the same car till completion of the 54 months
  block period.
• In the event that the employee resigns or his/her
  services are terminated before the stipulated 54
  month period, the employee will be required to
  keep the car. The EMI reimbursement paid through
  salary and other perquisites will stop, and the
  employee will be responsible to pay the EMI
  further to the bank on his own.
• If the car meets with an accident during the
  period when employee is on the rolls of the
  company, employee will undertake proper survey
  report from the surveyor and submit his claim for
  damages from the Insurance Company. If the car
  has a major accident, then it must be put forth
  to the BOARD/PARTNERS along with the survey
  report and await final decision and suggestion.
  In all accident cases, a police FIR must be filed
  and copy submitted to the Country office.

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1. Entitlements
2. Employee will be entitled to reimbursement of
   maintenance and repair cost as per the limits
   specified. Reimbursement will be against
   submission of bills. Maintenance value includes
   minimum 3 normal services in a year, Oil Change,
   minor repairs. Any major repairs, or change of
   tyres, batteries will require separate approval
   from BOARD.
3. Balance amount against Maintenance and Repair
   will be carried forward and added to the next
   years entitlement.
4. Upon completion of 54 months if the employee
   wishes to use the same car then expenses towards
   maintenance and repairs for the car will be
   reimbursed against actual expenses supported by
   bills. The maintenance limit after 48 months will
   remain unchanged, and applicable as in the fourth
   year.
5. Reimbursement limit for fuel expenses will be
   determined based on the extent of official travel
   to be undertaken by the position, his/her travel
   from residence to office and back as per the
   guidelines in annexure III.
6. Fuel cost for upcountry official travel
   undertaken will be reimbursed at actual under the
   travel expenses sheet to be submitted after each
   such official trip for which TR (Travel
   requisition) approval is necessary. This will not
   form part of the fuel limit granted.
7. Employee is responsible to make timely payment of
   Insurance Premium and is entitled to
   reimbursement of Vehicle Insurance Premium on
   annual basis on production of premium payment
   receipt to the company.
8. Employees in the grades of MS3, MS4, MS5 are
   eligible to claim Drivers reimbursement as per
   limits set out in the annexure. If they are not
   using a driver, then they are not eligible to
   claim the same. For record purpose, employee will
   submit the drivers license copy, his address
   proof and a recent passport size photo of the
   driver to their respective HR heads.

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1. General
2. The admission to the Car Scheme will be from the
   date the delivery of the Car is taken by the
   employee. The car must be purchased within 30
   days after seeking approval.
3. The employee will have to submit to the company,
   copies of all documents after purchase/delivery
   of the car.
4. Employee is expected to keep the car in good,
   clean and running condition. Company does not
   take any responsibility for breach of traffic
   rules, violation of any traffic laws, rash
   driving and/or car driven by any other person.
5. The employee must maintain a vehicle log book and
   monitor fuel consumption, PUC valid
   certification, Insurance validity, record towards
   servicing of the car on a regular basis. He must
   produce the same to the company on demand.
6. Any deviation in the policy requires specific
   approval from the BOARD/PARTNERS in writing.
   Management reserves the right to approve or
   reject an application, and/or even change the
   scheme from time to time.
7. Happy Driving..

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Happy Driving