1

Gratuity Scheme

Back

Gratuity shall be paid to an employee on the termination of employment after he/she has rendered continuous service for not less than 5 years, a. on attaining superannuation b. on retirement or resignation, or c. on death or disablement due to accident or disease provided that the completion of continuous service of 5 years shall not be necessary where the termination of the employment of any employee is due to death or disablement. 2 Scope This policy applies to: TMOs, TMTs effective the start of their probation. All employees falling under Work Group Leader and above. This policy applies to employees of the Company. It does not apply to Apprentices or Trainees. Back

Details

Back

For every completed year of service, the Company shall pay gratuity to an employee at the rate of fifteen days last drawn basic salary by the employee and the maximum payable is as per the Payment of Gratuity Act. Formula for calculation: 15/26 x each completed year of service x last drawn basic salary Example: Say an employee has served for 5 years and his last drawn basic salary is Rs. 10,000/-, then he shall be eligible for 15/26 x 10,000 x 5 years, i.e. an amount of Rs. 28,846/- as gratuity at the time of resignation. In the event of death, the total service gratuity shall be paid. Example: If an individual, 30 years old puts in 3 years of service in the organization, dies during the service, he/she shall be eligible for 28 years (considering the retirement age being 58 years) of service gratuity amount. This amount shall be paid to the nominee.

Calculation: Age at the time of death Service put in the Company Period of service pending Total service years Basic salary at the time of death : 30 years : 3 years : 28 years. : 31 years : Rs. 10,000/= Rs. 17, 308/= Rs. 1,61, 538 = Rs. 1,78,846/-

Gratuity payable by the Company - 15/26 x Rs. 10,000 x 3 years Gratuity payable by LIC Total gratuity payable - 15/26 x Rs. 10,000 x 28 years

Claiming Gratuity

Back

Whenever an employee retires/resigns/dies during service, the claim form given by LIC has to be filled by the Company and forwarded to LIC. LIC will settle the claim in 10 to 15 days in the name of the Trust. The Trust will settle the liability claim to the employee directly. On no account will LIC entertain any employee approaching them directly for settlements. In the event of a death claim, a death certificate and Legal Heir certificates has also to be enclosed for settlement purposes.

Comstar Automotive Technologies Private Limited Employees Gratuity Fund Trust

Appendix

The Trustees COMSTAR Automotive Technologies Pvt Ltd. Employees Gratuity Fund Trust Keelakarani Village, Malrosapuram Post Maraimalai Nagar Chengalpattu - 603 204. Dear Sirs, I, .................................................... a Member of the ................................................... Group Gratuity Scheme hereby agree to abide by the Rules of the said Scheme and do also hereby appoint in terms of Rule 18 of the Rules, the Nominee/s mentioned hereunder to receive the benefits, payable under the Scheme, in the event of my death before that amount becomes payable and having become payable has not been paid.

I hereby direct that the benefits under the Scheme, payable in respect of me, shall be paid to the said Nominee/s in proportion indicated against their respective names as given below:
Sl.No.

Name with full address of Relationship with Age of Proportion by Nominee(s) the Member Nominee(s) which gratuity (Employee) (total benefits) will be shared by each nominee

1.

2.

I hereby certify that the person(s), mentioned herein above is / are my / wife / children / lawfully adopted child / dependent parents / husband.
I hereby declare that I have no family and should I acquire family hereafter the appointment of Nominee made hereunder should be deemed as cancelled. My father/mother/parents/sister(s) minor brother(s) is/are not dependent on me. My husband's father/mother/parents/is/are not dependent on my husband. I also declare that this appointment of Nominee/s made here in shall have the effect of my revoking the appointment of Nominee/s made by me earlier. Strike out whichever is not applicable

I GIVE OVERLEAF THE PARTICULARS ABOUT MYSELF:

Statement
1. Full Name :

2. Sex . 3. Religion
4. Father's Name 5. Husband's Name

: :
: :

6. Marital Status : (Whether married, unmarried, widow or widower)

7. Date of Birth : 8. Permanent Address:

Signed at ............... this ...... day of.............. 20__.

Signature of Employee

Signature of two witnesses: Nomination signed with me as witness

Name 1. 2. Address Signature

Certified that the above appointment of Nominee has been signed by Shri/Shrimathi ............................... before me after he/she has read the entries have been read to him/her by me AND that the said appointment of Nominee is recorded under the Scheme on.............................
_____________________________ Signature of Trustee/s For Self And Co-Trustees Of COMSTAR Automotive Technologies Private Limited Employees Gratuity Fund Trust Place: .................. Date: ..................

NOTE
1. Where an employee/Member has a family at the time of appointing a Nominee the Nomination should be made in favour of members of his family only. Any nomination made by such employee in favour of any other persons not belonging to his family shall be invalid. 2. An appointment of Nominee made by the Member may be changed at any time, after giving a written notice to the Trustees of his intention to do so. If the Nominee predeceases the Member (Employee), the interest of the Nominee shall revert to the Member (Employee) or his estate. 3. The appointment of Nominee on any change thereof made from time to time shall take effect to the extent it is valid on the date on which it is received by the Trustees. 4. For the purpose of the Scheme "Family" means Member's (Employees) spouse legitimate children/step children, parents, sisters and minor brothers dependent upon him.