Car Ownership Policy

Car Ownership Policy

Objective :

To assist our employees to own a car of their own for a safe and secure tomorrow.

Eligibility :

Management Grade : Employee in management grade who have completion of one year in Jeena.

Car Ownership Policy

Permissible Value :

Manager Grade Up to Rs ________ Including cost of special fitting and accessories within the prescribed limits

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 .

Car Ownership Policy

Type of Cars :

Car Ownership Policy

Deposit by Employees :

Car Ownership Policy

Financing Mode :

Car Ownership Policy

Period of Lease :

Car Ownership Policy

Reimbursement of Fuel:

Car Ownership Policy

Car Ownership Policy

Maintenance Per Annum:

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.

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

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

Car Ownership Policy

Car Ownership PolicyCar SchemeOwn Your Car SchemeOwn Your Car Scheme for Employees 12.1 Eligibility12.1.1 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.

12.2 Own Your Car Scheme for Grades M1 & Above.12.2.1 Purchase of only NEW cars will be allowed under the scheme.

1.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.2.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. 3.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.4.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. 5.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.

12.2 Own Your Car Scheme for Grades M1 & Above.1.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. 2.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. 3.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. 4.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.

1.Entitlements1.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.2.Balance amount against Maintenance and Repair will be carried forward and added to the next year’s entitlement.3.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. 4.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. 5.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. 6.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.7.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.

1.General1.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. 2.The employee will have to submit to the company, copies of all documents after purchase/delivery of the car. 3.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.4.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. 5.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.6.Happy Driving..

Happy Driving