Hello,
Please find the attached service contract and salary annexure.
please explain why the appointment letter has been mentioned as service contract.
Also somebody explain in detail the breakup of salary components, including on what percentage basis the breakup is done.
"
Service contract for employment ..................
Dear Mr. Chri,
Thank you for choosing xxxxx for building your career and deciding to contribute towards achieving the organizational goals and objectives. This service contract reconfirms your appointment as General Manager - Parts & Services (Ajax). You will be a part of the Parts & Services function and you will report to Mr xxxx Your office location will be xxx . You are expected to perform as per the set job description for your department, as explained by your Reporting Manager.
This service contract supersedes all the arrangements made earlier, whether written or verbal, with respect to your employment with xxxx. The provisions of this service contract shall apply with effect from 01-Jan-2020 and shall continue to apply till the time a written amendment is brought into force. The date of your joining as per Company’s records is 12-Jan-2018.The said appointment is subject to the terms and conditions set out, herein after.
Remuneration and benefits
Details of your existing compensation and benefit structure are furnished in Annexure I. The structure of remuneration is based on the remuneration policy ofxxx.
Subject to your satisfactory performance, which will be governed by the Performance Evaluation process, as well as performance of the business, management may increase your remuneration annually. You may also be entitled to annual bonus and certain other benefits, based on assessment by management, for effective performance of your duties. Additionally, you will be entitled to receive sales incentive, as per the Sales Incentive policy of xxx,.
Your monthly remuneration will be paid by the 7th of the subsequent month. Annual bonus, if applicable as per the Company’s policy, will be paid in April (i.e. after the close of financial year).
Your remuneration is subject to tax deduction at source (TDS), as per the provisions of the Income Tax Act. Consequently, TDS, where applicable, will be deducted from the amounts payable to you.
Work schedule and leaves
Your work schedule will be governed by the policy on Attendance & Working Hours. You are required to adhere to the hours of work.
You would be entitled to take leaves, subject to approval from management, to deal with personal matters and exigencies. Leaves are governed by the policy on Leave Entitlements. All leaves should be pre-approved and are subject to management’s discretion.
Situations may warrant the team to work for extra time (i.e. beyond the hours of work), to meet certain key business/ client deadlines and you are expected to work for the extra time, in case of such business requirements.
Transferability of service
Management reserves the right to transfer you to any office location of xxx, or change your Function and/ or Reporting Manager, depending on business needs and requirements.
Confidentiality of Proprietary Information
During your course of employment at xxx, you may get to know about the Company’s ‘Proprietary Information’. Proprietary Information means any information, which shall include but is not limited to, design, fabrication & assembly drawings, know-how, processes, product specifications, trade secrets, market opportunities, or business or financial affairs of xxx or it’s customers, product samples, inventions, concepts and any other technical and/or commercial information, disclosed directly or indirectly and in any form whatsoever (including, but not limited to, disclosure made in writing, verbal or in the form of samples, models, computer programs, drawings or other instruments) furnished by the Company and/ or its representatives.
By signing this service contract, you accept your responsibility:
i. to hold the Proprietary Information in strict confidence and to take all reasonable precautions to protect such Proprietary Information;
ii. not to disclose any such Proprietary Information or any information derived there from to any third person;
iii. not to make any use whatsoever at any time of such Proprietary Information, except for the furtherance of business, during the course of your employment with xxxx; and
iv. not to copy or reverse engineer any such Proprietary Information.
Immediately upon termination of your service or at any time, as management may decide, you will return to the Company all Proprietary Information and all documents or media containing any such Proprietary Information and any and all copies or extracts thereof, save that where such Proprietary Information is a form incapable of return or has been copied or transcribed into another document, it shall be destroyed or erased, as appropriate.
Any contravention to the provisions of this clause may invite disciplinary and/ or legal action against you.
Termination
After confirmation, should you wish to terminate the contract, you would be required to give a written notice of 3 months, or pay to the Company your proportionate CTC for 3 months, in case you wish to get relieved earlier.
After confirmation, Management may terminate your service contract by tendering a written notice of 1.5 months, or pay 1.5 month’s salary in lieu thereof. Management may dismiss your service contract, without giving any notice period or compensation, if you are found to indulge in any activity that is detrimental to the values of xxx, or if your actions are in contravention to the Company’s policies. Management reserves the right to terminate your service on any other ground, if the action is necessary for the business.
Upon termination of services, you are prohibited from soliciting clients and/ or Principals of xxx for a period of three years from the last date of your service at xxx. Further, given the sensitivity of business, you are prohibited from communicating with clients, principals or employees of xxx, for any reason whatsoever, for the same period (i.e. three years from the last date of your service at xxx). Any contravention to the provisions of this clause will invite legal action against you.
Other terms and conditions
o Your role may involve handling the Company’s cash, in terms of collecting the advance or outstanding amount from the customers. By signing this contract you accept your responsibility to take all appropriate measures to safeguard the Company’s cash in your possession. Any event of fraud, misappropriation or irregularity, found to have been perpetrated for either of the aspects mentioned above under your role, may invite disciplinary and/ or legal action against you.
o You shall not approach the principals of xxx for employment or any other favor during the tenure of your service with xxx, or even at a later date.
o You shall conduct your acts in line with the core values of xxx and be bound by the Company’s policies, adopted by management from time to time. Punctuality and discipline must be observed under all circumstances, without any exception.
o You may be required to travel extensively and on short notice, to meet internal and external business demands.
o During the period of employment with xxx, you will not engage yourself, directly or indirectly, in any activity or job or employment or assignment outside this employment and you shall devote your full time and attention in the interest of the organization.
o On termination of your employment, you must return to the Director (or their delegates) any property of the Company that may be in your possession.
o You shall not institute or be a party to any trade union, or influence your colleagues to be a part of such trade union.
No amendment or alterations to the terms and conditions of this service contract shall be valid unless mutually agreed in writing and signed by both the parties. Any terms and conditions not specifically covered under this contract shall be governed as per the internal rules and regulations of xxx.
To confirm your employment, please acknowledge having read and agreed to the terms set out in this service contract, by affixing your signature against the declaration below.
We wish you all the best and hope to have a mutually satisfying association!
Yours sincerely,
xxxx
I acknowledge and agree that I have read this contract of employment. Further, I understand, agree to and will abide by all the terms and conditions of employment as set out above.
Name:
Signature:
Date:
Annexure I: Compensation Structure
Name: C
Designation: General Manager (Ajax)
Department: Parts & Services
Location: R
Break up of Annual Cost to Company (CTC)
Particulars Amount (Rs.)
Basic Salary 1,19,400/-
House Rent Allowance 47,760/-
Transport Allowance 19,200/-
Total Medical Allowance 15,000/-
Total Special Allowance 89,544/-
Total Fixed Pay (a) 2,90,904/-
Annual Bonus # 24,242/-
Contribution to Provident Fund 14,328/-
Accidental Insurance 400/-
Total Variable Pay and Additional Benefits (b) 38,970/-
Annual Cost to Company (CTC) – [(a) + (b)] 3,29,874/-
# Annual Bonus will apply only once you have completed the probation period and have been ‘confirmed’. The value of Bonus will depend on the rating of your performance as well as the performance of business, during a financial year. The Performance Evaluation process will govern the rating for your performance. The value of bonus (indicative), depicted above, is the expected value for meeting all the goals defined in the Performance Scorecard (i.e. rating of 3). However, the actual value of bonus will depend on the final rating assigned to you, at the end of the financial year.
##Estimated
From India, Patna
Please find the attached service contract and salary annexure.
please explain why the appointment letter has been mentioned as service contract.
Also somebody explain in detail the breakup of salary components, including on what percentage basis the breakup is done.
"
Service contract for employment ..................
Dear Mr. Chri,
Thank you for choosing xxxxx for building your career and deciding to contribute towards achieving the organizational goals and objectives. This service contract reconfirms your appointment as General Manager - Parts & Services (Ajax). You will be a part of the Parts & Services function and you will report to Mr xxxx Your office location will be xxx . You are expected to perform as per the set job description for your department, as explained by your Reporting Manager.
This service contract supersedes all the arrangements made earlier, whether written or verbal, with respect to your employment with xxxx. The provisions of this service contract shall apply with effect from 01-Jan-2020 and shall continue to apply till the time a written amendment is brought into force. The date of your joining as per Company’s records is 12-Jan-2018.The said appointment is subject to the terms and conditions set out, herein after.
Remuneration and benefits
Details of your existing compensation and benefit structure are furnished in Annexure I. The structure of remuneration is based on the remuneration policy ofxxx.
Subject to your satisfactory performance, which will be governed by the Performance Evaluation process, as well as performance of the business, management may increase your remuneration annually. You may also be entitled to annual bonus and certain other benefits, based on assessment by management, for effective performance of your duties. Additionally, you will be entitled to receive sales incentive, as per the Sales Incentive policy of xxx,.
Your monthly remuneration will be paid by the 7th of the subsequent month. Annual bonus, if applicable as per the Company’s policy, will be paid in April (i.e. after the close of financial year).
Your remuneration is subject to tax deduction at source (TDS), as per the provisions of the Income Tax Act. Consequently, TDS, where applicable, will be deducted from the amounts payable to you.
Work schedule and leaves
Your work schedule will be governed by the policy on Attendance & Working Hours. You are required to adhere to the hours of work.
You would be entitled to take leaves, subject to approval from management, to deal with personal matters and exigencies. Leaves are governed by the policy on Leave Entitlements. All leaves should be pre-approved and are subject to management’s discretion.
Situations may warrant the team to work for extra time (i.e. beyond the hours of work), to meet certain key business/ client deadlines and you are expected to work for the extra time, in case of such business requirements.
Transferability of service
Management reserves the right to transfer you to any office location of xxx, or change your Function and/ or Reporting Manager, depending on business needs and requirements.
Confidentiality of Proprietary Information
During your course of employment at xxx, you may get to know about the Company’s ‘Proprietary Information’. Proprietary Information means any information, which shall include but is not limited to, design, fabrication & assembly drawings, know-how, processes, product specifications, trade secrets, market opportunities, or business or financial affairs of xxx or it’s customers, product samples, inventions, concepts and any other technical and/or commercial information, disclosed directly or indirectly and in any form whatsoever (including, but not limited to, disclosure made in writing, verbal or in the form of samples, models, computer programs, drawings or other instruments) furnished by the Company and/ or its representatives.
By signing this service contract, you accept your responsibility:
i. to hold the Proprietary Information in strict confidence and to take all reasonable precautions to protect such Proprietary Information;
ii. not to disclose any such Proprietary Information or any information derived there from to any third person;
iii. not to make any use whatsoever at any time of such Proprietary Information, except for the furtherance of business, during the course of your employment with xxxx; and
iv. not to copy or reverse engineer any such Proprietary Information.
Immediately upon termination of your service or at any time, as management may decide, you will return to the Company all Proprietary Information and all documents or media containing any such Proprietary Information and any and all copies or extracts thereof, save that where such Proprietary Information is a form incapable of return or has been copied or transcribed into another document, it shall be destroyed or erased, as appropriate.
Any contravention to the provisions of this clause may invite disciplinary and/ or legal action against you.
Termination
After confirmation, should you wish to terminate the contract, you would be required to give a written notice of 3 months, or pay to the Company your proportionate CTC for 3 months, in case you wish to get relieved earlier.
After confirmation, Management may terminate your service contract by tendering a written notice of 1.5 months, or pay 1.5 month’s salary in lieu thereof. Management may dismiss your service contract, without giving any notice period or compensation, if you are found to indulge in any activity that is detrimental to the values of xxx, or if your actions are in contravention to the Company’s policies. Management reserves the right to terminate your service on any other ground, if the action is necessary for the business.
Upon termination of services, you are prohibited from soliciting clients and/ or Principals of xxx for a period of three years from the last date of your service at xxx. Further, given the sensitivity of business, you are prohibited from communicating with clients, principals or employees of xxx, for any reason whatsoever, for the same period (i.e. three years from the last date of your service at xxx). Any contravention to the provisions of this clause will invite legal action against you.
Other terms and conditions
o Your role may involve handling the Company’s cash, in terms of collecting the advance or outstanding amount from the customers. By signing this contract you accept your responsibility to take all appropriate measures to safeguard the Company’s cash in your possession. Any event of fraud, misappropriation or irregularity, found to have been perpetrated for either of the aspects mentioned above under your role, may invite disciplinary and/ or legal action against you.
o You shall not approach the principals of xxx for employment or any other favor during the tenure of your service with xxx, or even at a later date.
o You shall conduct your acts in line with the core values of xxx and be bound by the Company’s policies, adopted by management from time to time. Punctuality and discipline must be observed under all circumstances, without any exception.
o You may be required to travel extensively and on short notice, to meet internal and external business demands.
o During the period of employment with xxx, you will not engage yourself, directly or indirectly, in any activity or job or employment or assignment outside this employment and you shall devote your full time and attention in the interest of the organization.
o On termination of your employment, you must return to the Director (or their delegates) any property of the Company that may be in your possession.
o You shall not institute or be a party to any trade union, or influence your colleagues to be a part of such trade union.
No amendment or alterations to the terms and conditions of this service contract shall be valid unless mutually agreed in writing and signed by both the parties. Any terms and conditions not specifically covered under this contract shall be governed as per the internal rules and regulations of xxx.
To confirm your employment, please acknowledge having read and agreed to the terms set out in this service contract, by affixing your signature against the declaration below.
We wish you all the best and hope to have a mutually satisfying association!
Yours sincerely,
xxxx
I acknowledge and agree that I have read this contract of employment. Further, I understand, agree to and will abide by all the terms and conditions of employment as set out above.
Name:
Signature:
Date:
Annexure I: Compensation Structure
Name: C
Designation: General Manager (Ajax)
Department: Parts & Services
Location: R
Break up of Annual Cost to Company (CTC)
Particulars Amount (Rs.)
Basic Salary 1,19,400/-
House Rent Allowance 47,760/-
Transport Allowance 19,200/-
Total Medical Allowance 15,000/-
Total Special Allowance 89,544/-
Total Fixed Pay (a) 2,90,904/-
Annual Bonus # 24,242/-
Contribution to Provident Fund 14,328/-
Accidental Insurance 400/-
Total Variable Pay and Additional Benefits (b) 38,970/-
Annual Cost to Company (CTC) – [(a) + (b)] 3,29,874/-
# Annual Bonus will apply only once you have completed the probation period and have been ‘confirmed’. The value of Bonus will depend on the rating of your performance as well as the performance of business, during a financial year. The Performance Evaluation process will govern the rating for your performance. The value of bonus (indicative), depicted above, is the expected value for meeting all the goals defined in the Performance Scorecard (i.e. rating of 3). However, the actual value of bonus will depend on the final rating assigned to you, at the end of the financial year.
##Estimated
From India, Patna
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