Relocation Policy
Relocation Policy
Objective
To lay down the guidelines on ‘Relocation Policy’
Eligibility:
• The policy covers all new hires that would be joining Pandit Ventures When
their current location(State) is different from the location that they are expected
to relocate to(Another State).
• The policy also covers cases where the relocation is of an existing employee
being transferred to a location different from the current place of posting.
• This policy is applicable only in interstate criteria.
Salient Features
Travel Cost
• This includes cost of travel of employee, spouse, children to the new location.
Mode and class of travel will be as per the Travel Policy of the Company. In case
of new hires, based on prior approval, they will have to arrange tickets on their
own at least 15 days in advance and get it reimbursed after joining Pandit
Ventures. For existing employees, the Travel Request Form (TRF) will be sent
15 days in advance and Travel Desk will do the ticket bookings. Cost related to
movement from airport/ railway station to the accommodation will be
reimbursed at actuals on submission of bills as procedure given below.
Accommodation
• Company will arrange for accommodation of the employee and his/ her family to
the relocated city for a maximum of 7 days. Travel Desk should receive the
request at least 15 days in advance. In case of new hires, either the Hiring team
or the HR Manager will coordinate with the Travel Desk. In case of stay
beyond 7 days, the approval of Business/Function head will be required.
Packaging and Transportation of household goods
• Movement of household goods will be managed directly by the individual
through an empanelled set of Packers and Movers. Until such a panel is
available, the individual will obtain 3 quotes and the lowest quote (inclusive of
the cost of insuring the goods) will be accepted and reimbursement will be for
this amount. There is a maximum limit for transportation cost set by the
company which will vary from city to city. The new hires will have to get prior
approval from HR, and the cost of transportation will be approved basis this
maximum limit. The Company is not responsible for any loss of personal effects
of the employee while travelling/transfer or during and on relocation. For
transportation of goods, only one standard truckload (plus a car wherever
applicable) is allowed.
Miscellaneous expenses
• This covers expenses like food, porter incurred while travelling in course of
relocation. Food expenses incurred during the stay up to 7 days will also be
reimbursed on submission of actual bills.
Total Cost
• The total cost of reloaction is maximum upto INR 25,000/ which includes
tickets and everything that an employee might have incurred for relocating to
the base location.
Procedure
• The employee should send the approved TRF (Annexure A) at least 15 days in
advance to Administration department to make comfortable and effective
arrangements of travel and stay.
• In case of new hires, the HR Manager needs to provide the information.
• After joining the office at the new location, employees are expected to submit
their Expense claim in the Relocation Expense Claim Form (Annexure B) which
should be duly signed and approved by Business/Functional head.
• The expense claim should be submitted within 30 days from date of joining to
the finance department.
• The expenses are reimbursed to the salary account of the employee. If the
employee resigns from the organization within 6 months from date of joining
(for a new employee) or date of reporting at the new place (for an existing
employee), the expenses incurred in relocation, will be recovered from the full
and final settlement.
• For claim purposes, actual bills will be required.
• Wherever reimbursements are subject to tax deduction at source the amount
will be grossed up for tax.
Note: The Company reserves the right to amend, modify, and revise any or all clauses
of this policy depending upon market practices or exigencies of business.