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CTS Medical Emergencies Loan Policy
CTS Medical Emergencies Loan Policy
HANDBOOK (V 1.2)
Contents
1. Why .............................................................................................................................................................. 3
2. Who .............................................................................................................................................................. 3
3. What ............................................................................................................................................................. 3
4. How .............................................................................................................................................................. 3
5. Responsibilities .......................................................................................................................................... 4
6. Exceptions ................................................................................................................................................... 4
7. FAQ............................................................................................................................................................... 4
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2. Who
All associates including trainees on the payrolls of Cognizant, India and its affiliates.
3. What
A. Definition
Gross Salary: Amount that the associate is eligible for before statutory deductions.
B. Eligibility
You will be extended financial assistance of up to INR 15,000 (Rupees fifteen thousand only) or one
month’s salary, whichever is less.
4. How
a. You must submit the loan application to your Reporting Manager for approval via email
b. You must raise a request for the loan in MyPay (MyPay -> MyUpdates -> Advances) & submit the same
along with your Reporting Manager’s approval. The loan amount will be recovered in a minimum of one
& a maximum of ten equal monthly installments from your salary. The first installment will be deducted
in the same month that the loan is disbursed
Associates hired in India and travelling outside of India on assignment with payroll transfer will have
to settle the pending loan in total before the travel
Associates hired at onsite and in India on India employment will have to settle the pending loan in
total before they back to their home country
Associates getting terminated / separated from Cognizant, India and its affiliates will have to settle
the pending loan in total as part of the clearance process
c. You can pre-close the loan or make a one-shot payment of the loan amount. You can opt either to
recover the amount from your salary or transfer it to the Cognizant account (Cognizant Technology
Solutions India Pvt Ltd.) details of which are given below
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You have to provide a written declaration for the pre-closure or a one-shot payment of the loan
submit it by raising a GSD with the following category, type and item:
o Category – Benefits
o Type – Loans & Gifts
o Item – Medical Loan
5. Responsibilities
Associates
Raise a request for the loan in MyPay, provide relevant details & supporting documents and
submit for approval
Provide a written declaration to Finance for the pre-closure or a one-shot loan payment
6. Exceptions
The benefits of this policy are governed by the terms and conditions of employment in practice at
Cognizant. This is subject to change from time to time. Cognizant reserves the right to amend its
policies as necessitated. All statutory requirements are applicable as mandated by law
All exceptions to this will be directed to HR India Benefits
7. FAQ
a. What do you mean by first month of disbursement?
The first month of disbursement refers to first month in which the disbursement is made and
the installment amount is recovered.
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