Page 51 - HR Manual 2019

HR MANUAL
CHAPTER 7 BENEFITS EXTENDED TO THE EMPLOYEES
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7.5.5 Gratuity

An Employee who has completed five years of qualifying service is eligible to get Gratuity at the
time of relieving/ retirement/ death or disablement due to accident or disease. The grant of

Gratuity will be @ 50% of monthly salary (less HRA) for every completed year of service. The
formula to calculate gratuity is (Number of years of service) * (Last drawn Gross Salary less HRA)
/26*15 subject to maximum of Rs.20,00,000/- or as may be provided for in Law.

7.5.6 Salary Advance

Salary advance not exceeding one month gross salary will be sanctioned to the permanent Employee
at the discretion of the management.

The individual will be allowed to repay the advance in a maximum of 6 monthly installments. The

individual shall not be granted a second advance when there is a balance amount pending recovery
against the previous one.

In a Financial year only one application-requesting advance shall be entertained from an Employee.
The application should be submitted in the prescribed form available with the Accounts Office.

7.5.7 Educational Allowance

(a) Administrative and Technical Supporting Staff members who have completed one year of
service are given an annual educational allowance as per norms irrespective of the No. of Children
studying in Educational Institutions other than VIT.

(b) Fee concession for Administrative and Technical Supporting Staff
Administrative and Technical Supporting Staff, whose children are studying at VIT, are eligible for a
fee concession.

Given below are the guidelines:

 Administrative and Technical Supporting Staff member who has completed 3 years of
regular service at VIT is eligible to apply.

 If an Administrative and Technical Supporting Staff claims 50% of tuition fee concession for
his / her ward studying at VIT will not qualify for the Educational Allowance once again.

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