The benefits policy enables employees to understand the different kinds of benefits they are eligible for depending on their employment status in the company. This policy defines employee eligibility for mandatory and supplementary benefits as defined in the respective employment contracts.
This policy template is available for download in Word format.
In just a few minutes, you will be able to create a benefits policy. This policy covers rules to be followed with respect to:
The purpose of < Company Name here >'s Employee Benefit Plan policy is to provide an overview of the primary benefits and their regulations that govern compensation and benefits to employees.
This policy applies to all employees of < Company Name here >.
This policy is owned by < Name of the Person > and reachable @ < Contact Number > and < email address >
Employees’ Provident Fund (PF), Employee Pension Scheme (EPS) and Employees’ Deposit Linked Insurance (EDLI) come under the purview of Employees’ Provident Funds and Miscellaneous Provisions Acts, 1952. These are funded by the employees' and employers' monthly contributions but are governed and managed by the Employee Provident Fund Office (EPFO).
Employees' State Insurance Corporation (ESIC) manages the ESI Scheme under ESI Act, 1948. This is a comprehensive benefit scheme covering medical costs for the family, including parents and dependent siblings, disability compensation, STD and LTD benefits, widow’s and children’s pension and other medical benefits. It is funded by employer and employee contributions as well as Government contributions.
Leave is regulated by each State’s Shops & Establishments Acts or by the Factories Act (depending on which Act the company has registered under). These cover sick leave, casual leave, privilege/earned leave, national holidays, State Founding Day, and other leaves such as bereavement leave.
< Company Name > has adopted the following leave policy. Please also refer to the Employee Leave policy for eligibility and other detailed information.
Gratuity is a gratuitous payment due to an employee after 4 years and 8 months of continuous service in the same organisation and only upon termination, resignation or retirement or earlier in case of death.
Paid maternity leave of 26 weeks is mandatory for women employees for up to 2 children. For the third child onwards, it is 12 weeks of paid maternity leave. Of the 26 weeks, employees have to proceed on leave at least 8 weeks prior to the estimated delivery date. Post the 26 weeks, employees can avail of another month’s leave based on medical reasons only and upon certification by a medical practitioner.
In addition, the Maternity Benefits (Amendment) Act, 2017, requires employers having more than 50 employees to provide a paid creche for children up to the age of 6 years.
The Company adheres to the Payment of Bonus Act of 1965 (POBA) where all employees are eligible for an annual bonus each year.
< Company Name Here > provides group medical insurance which provides hospitalisation coverage with a waiver for waiting periods and pre-existing diseases exclusions, maternity benefits, newborn baby cover, and add-on hospitalisation benefits such as new types of treatment for cancer, cyber-knife or robotic treatment and infertility or fertility treatment. The sum assured is based on the grade the employee is currently in.
< Company Name Here > offers transportation facilities for its employees. Company transport is mandatory for employees working in the night shift, especially women employees. Employees working in the night shift will be picked up and dropped from their respective homes for their safety and security. Additionally, when women employees have to be picked up first and / or dropped last, a security guard or a male employee must accompany the vehicle without fail.
Transport facility is optional for employees working in general shifts but provided at subsidised costs. Employees must opt for transport on a monthly basis and not as and when required. Employees' monthly share will be deducted from their monthly pay, whether the transport has been utilised or not. Pick and drop will be from designated points only. Employees are not allowed to deviate the vehicle from the pre-assigned route for their personal work or any other reason or ask to be picked from / dropped at alternate destinations.
< Company name Here > offers subsidised cafeteria for their benefit. Employees can <utilise Sodexho coupons / swipe their employee badge / swipe cafeteria card / pay cash or by card> at the counter to avail of food items or any beverage.
< Company Name Here > offers loans to permanent employees for housing, automobile purchase, education, marriage, medical expenses and other personal exigencies. The loans are offered at <a subsidised interest rate of (xx%) / interest-free up to a maximum amount of Rs.xxxxx>
< Company Name Here > offers long-service awards on designated tenure anniversaries and upon retirement.
Any Deviation from this policy has to be approved by the Management. Any change to the policy has to be approved by HR.
Violation of this policy is subject to disciplinary action, up to and including termination.