Objectives

The objectives of this policy are to:

• Increase competence of individual employees by assisting them to upgrade themselves through higher education
• Assist employees to meet their professional & career aspirations
• Have professionally qualified manpower, multi-skilled persons who could be deployed across various functions.

Scope:

The policy is applicable to all confirmed employees of KAEE.

Policy

• Kam-Avida will provide financial assistance to employees who want to enroll themselves in higher education courses to increase their knowledge and skills relevant to their current or future role in the organization.
• Higher education for the purpose of this policy means any course offered by a recognized & accredited University or Professional Institution in India or abroad

Eligibility:

• The company will provide financial assistance to the extent of paying upto 70% of the course fee. Course fee here imply admission & tuition fee. Any other expenses including books, library membership, travelling, lodging, boarding etc has to be borne by the candidate unless specifically approved by the MD & HR.
• Employee should have completed continuous 2 years of service in KAEE as an employee on company's payroll on the date of applying for the assistance.
• The course should be relevant to the current or future role of the employee in KAEE. This will be jointly determined by the MD, HR & HoG of the employee.
• The employee should have got a minimum performance rating of "3" for the preceding two continuous years.
• In a financial year, maximum five employees can apply for this benefit on a first come-first serve basis. Further, maximum overall financial assistance provided by the company in a financial year will be Rs.2 lakh on a first come first serve basis. In the likelihood of more than five applications received together or applications for more than Rs.2 lakhs of financial assistance received together, the prioritization will be done on the basis of organization's need, employee’s performance, tenure and other parameters as deemed fit by the organization.
• In the condition of employee leaving KAEE within two years from the date of completion of course, s/he has to refund the expenses incurred by the company.
• In the condition of employee failing to complete the course in first attempt, s/he has to refund the expenses incurred by the company.
• The following guidelines will be applicable to the policy.

Grade of Employee	Maximum Financial assistance /Contribution by the company (in Rs.)
D,E	75,000/-
C	40,000/-
A,B	20,000/-

Methodology:

• The employee has to apply for the assistance in a prescribed form to HR and get the necessary approval from MD, HR & HOG of his/her group.
• The financial assistance amount could be paid in following ways as per the discretion of the company:
• The employee receives company's contribution amount on successful completion of the course.
• The company pays its contribution directly to the institute upfront or in EMIs as per the requirement and discretion of the company.
• Any other means found suitable and approved by the MD & HR.

Super Annuation Scheme

This is to inform all of you that we are re-instating the Company's Group Superannuation Scheme with LIC from the current financial year.

Following are the details of the scheme. :

Eligibility :

The employees of Kam-Avida who have completed 5 and above year services as on 1st March 2010 are eligible for the above scheme.

Contribution payable :

The contribution payable as under :
Employee's Contribution : 5% of Basic Salary.
Employer's Contribution : 5% of Basic Salary.
The Scheme is optional. If any employee doesnot wish to contribute as above, company will not pay employer's contribution and the employee will not be a member of the scheme. If the employee becomes member then payment of Employee's contribution is mandatory for the above coverage & will be recovered from salary.

Benefits :

The benefits of the scheme are as per enclosed details of the LIC Superannuation scheme.