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Superannuation Farewell Policy

This document outlines the farewell policy for employees retiring from the company. It states that a farewell function will be arranged to recognize retiring employees. The type of function and level of attendance will depend on the employee's grade, from department-level for non-executives up to a main conference hall for high-level executives. Retiring employees who meet eligibility requirements will receive a gold coin, while others will receive a Rs. 1,000 gift. The company will provide high tea and a framed service certificate and photograph. Final settlement of dues should be initiated three months before retirement and completed within 15 days of vacating accommodation.

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Afnan Mehmud Tannur
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364 views2 pages

Superannuation Farewell Policy

This document outlines the farewell policy for employees retiring from the company. It states that a farewell function will be arranged to recognize retiring employees. The type of function and level of attendance will depend on the employee's grade, from department-level for non-executives up to a main conference hall for high-level executives. Retiring employees who meet eligibility requirements will receive a gold coin, while others will receive a Rs. 1,000 gift. The company will provide high tea and a framed service certificate and photograph. Final settlement of dues should be initiated three months before retirement and completed within 15 days of vacating accommodation.

Uploaded by

Afnan Mehmud Tannur
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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FAREWELL POLICY

OBJECTIVE :

Employees superannuating from the service of the Company shall be given a befitting
farewell
COVERAGE :

The scheme shall cover all regular employees of the Company.

FAREWELL:

Employees superannuating from the services of the Company shall be properly recognized.

 A function will be arranged by the Company to bid farewell to the employees who retire from
the services of the Company, in the following manner:

a) In case of non - executives, the function will be organized in the concerned department.
Concerned Zonal Personnel Executive will coordinate. The function will be presided over by the
concerned HOD and attended by a few executives and non - executives belonging to the department,
not exceeding 30 to 40.

b) In case of executives in E-1 to E-5 grades, the function will be organized by the concerned
department. The Head of the Department / Division will grace the occasion. Executive Section of
Personnel Department will coordinate.

c) In case of Executives in E-6 grade and above, the farewell function will be organized in the
Main Conference Hall of the Administrative Building. The farewell function for Executives in E-6 and E-7
will be presided over by the concerned Director. CMD will preside over the farewell function for
Employees of E-8 and above level. Executive Section of Personnel Department will coordinate.

 The superannuating employee who has put in eligible period of service for payment of gratuity
under Payment of Gratuity Act till the date of superannuation, shall be presented on the
occasion, a gold coin of 24 carats weighing 10g with the VSP logo embossed on one side and
'Thank You' on the other.

 The retiring employees who have not put in a minimum period of 5 years of service or availing
VRS shall be presented on the occasion a gift of Rs.1,000/- in the form of a cheque.

 The Company will host high tea for the retiring employees.
 A well designed 'Service Certificate' mounted suitably, commemorating the service of the
employee to the Company will be presented on the occasion to the Retiring Employees.

 After the farewell function mentioned at Para 3.2 above, a group photograph of the retiring
employee along with the senior officers gracing the occasion would be taken and a copy of the
framed photograph will be given to each of the retiring employees at Company's cost.

 Action for final settlement of the dues of retiring employees should be initiated at least three
months before the date of retirement. After the Company accommodation (if allotted to the
employee) is vacated, final settlement should normally be done within 15 days.

 Every effort will be made to pay at least 90% of the dues of the retiring employee to him on the
occasion of the farewell.

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