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  • CTS Medical Emergencies Loan Policy

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    shaannivas
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    This document outlines the India Medical Emergencies Loan Handbook. It provides details on the loan program including why it was created (to provide financial assistance for medical emergencies), who is eligible (all Cognizant associates in India), and what the eligibility details are (up to 15,000 rupees or one month's salary, whichever is less). It describes the application process which involves approval from the reporting manager and raising a request in MyPay. Successful applicants must repay the loan in 1-10 equal monthly installments deducted from their salary. Exceptions to the policy are directed to HR India Benefits.

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    CTS Medical Emergencies Loan Policy

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    This document outlines the India Medical Emergencies Loan Handbook. It provides details on the loan program including why it was created (to provide financial assistance for medical emergencies), who is eligible (all Cognizant associates in India), and what the eligibility details are (up to 15,000 rupees or one month's salary, whichever is less). It describes the application process which involves approval from the reporting manager and raising a request in MyPay. Successful applicants must repay the loan in 1-10 equal monthly installments deducted from their salary. Exceptions to the policy are directed to HR India Benefits.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    593 views5 pages

    CTS Medical Emergencies Loan Policy

    Uploaded by

    shaannivas
    This document outlines the India Medical Emergencies Loan Handbook. It provides details on the loan program including why it was created (to provide financial assistance for medical emergencies), who is eligible (all Cognizant associates in India), and what the eligibility details are (up to 15,000 rupees or one month's salary, whichever is less). It describes the application process which involves approval from the reporting manager and raising a request in MyPay. Successful applicants must repay the loan in 1-10 equal monthly installments deducted from their salary. Exceptions to the policy are directed to HR India Benefits.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    of 5

    INDIA MEDICAL EMERGENCIES LOAN

    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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    1. Why
    To enable associates avail financial assistance in case of a medical emergency.

    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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    Account Details
    Name Cognizant Technology Solutions India Pvt Ltd.
    Account No. 5385002604
    Type Current account MICR code 400500002
    IFSC code CHAS0INBX01
    Branch Mumbai
    J.P.Morgan Tower,
    Bank Address Off C.S.T.Road, Kalina, Santacruz(E),
    Mumbai, Maharashtra India 400098.

     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

     Submit the loan application to their Reporting Manager for approval

     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

     Reporting Manager: Approve the loan application on email

     HRSS: Approve the loan application in MyPay

     Finance: Track and process the loan

    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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    b. When will the first recovery happen?
    The first installment will be recovered in the same month when the loan is disbursed.

    For more details on this policy, please read


    Medical Emergencies Loan Policy

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