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    Relocation Policy Apr-24

    Uploaded by

    Himanshu Khandelwal

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Relocation Policy Apr-24

    Uploaded by

    Himanshu Khandelwal
    5 views5 pages

    Copyright

    © © All Rights Reserved

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    PDF, TXT or read online from Scribd

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    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    5 views5 pages

    Relocation Policy Apr-24

    Uploaded by

    Himanshu Khandelwal

    Copyright:

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

    Revision History Tracker

    Policy Owner Human Resources


    Policy Name Employee Relocation Policy
    Policy Reference & Version No: HHFL-HR-PL-10 & 2.0
    Original Date of Issue: 1st December, 2017
    Last Review/Update Date: 1st December, 2017
    Revision Date: 17th April, 2024
    Revised Policy Effective From: 1st April, 2024
    Details of Changes Made in this Revision: Review of Policy Document (No change)
    Drafted By: Dinesh Singh Negi, Head - HR Operations
    Reviewed By: Paramjit Singh Nayyar, CHRO
    Approved By: Apul Nayyar, CEO

    © 2024 Hero Housing Finance Limited For internal use 1|Page


    Employee Relocation Policy
    1. Scope

    Employee Relocation Policy (“this Policy”) is effective April 1, 2024 and supersedes any previous policy or
    practice related to the relocation of the employees as well as new hires joining Hero Housing Finance
    Limited (“HHFL”), its subsidiaries and affiliates (collectively referred to as “Company”).

    2. Objective

    This policy establishes a procedure governing the relocation assistance for the employee. Relocation
    benefits aim at enabling the movement of employees and their family members in case of relocation
    from one place to another due to business requirements.

    3. Eligibility

    All employees of HHFL (or new recruits) who need to be relocated from one location to another based
    on business requirements. Relocation is defined as transfer to another office location which is beyond 80
    Kilometres from current place of work.

    Self-Initiated Transfer:

    If the transfer is initiated by the employee and approved by the Company, all costs shall be borne by
    the Employee only. Relocation benefits are not applicable for Self-Initiated Transfers.

    4. Classification of Cities

    Class of City Residence/Workplace


    A+ Mumbai, Delhi & NCR, Bangalore, Kolkata, Chennai, Hyderabad, Pune, Ahmedabad
    A State Capitals
    B District Capitals and Others

    5. Travel

    In case of Relocation, the employee can claim travel expenses of self and his/her family (i.e. spouse, up
    to 2 children and dependent parents) as per “HHFL Domestic Travel Policy”.

    6. Transportation Expenses

    6.1 New Hires: The packing, loading, unloading and transportation of personal goods will be
    reimbursed on actuals, which should be duly discussed & agreed at the time of interview.

    © 2024 Hero Housing Finance Limited For internal use 2|Page


    6.2 The existing employee can also claim the transportation expenses; in case the Relocation is
    initiated on the basis of business requirement.

    6.3 In both the scenarios, Employee needs to submit three hard negotiated quotations of different
    vendors to the HR team.

    6.4 The most competitive quote will be approved by the CHRO.

    7. Settling Allowance

    7.1 Change of location and thereby shifting of residence often causes additional expenses in terms
    of settling in the new location. These expenses could be for buying consumables, paying child’s
    school deposit or meeting any other incidental expenses. Therefore, every such employee whose
    relocation is initiated by Business need, will be eligible for 1 month’s gross salary as Settling
    Allowance in case employee is married. For unmarried employee settling allowance will be 15
    days’ gross salary.

    7.2 Settling Allowance will be paid along with salary and will be taxable in the hands of employee.
    However, in case of new joiners no such expenses will be allowed.

    8. Transfer Leave

    8.1 An Employee will be entitled to maximum of 4 days off on either side for relocation in case of internal
    transfer and external hires.

    8.2 The employee needs to avail these leaves within 30 days of joining, else the same will lapse.

    9. Hotel Stay

    9.1 This facility is only provided to a new hire that is shifting from his original location to the
    required work location

    9.2 An initial stay of maximum 21 days may be granted as per his eligibility provided in “HHFL
    Domestic Travel Policy”. All bills will be recommended by Functional/Business Head &
    approved by the CHRO.

    10. Salary Revision

    10.1 In case of Relocation the employee is also eligible for Salary Revision as per below
    mentioned matrix.

    10.2 Any change in salary needs to be duly endorsed and approved by the CHRO.

    © 2024 Hero Housing Finance Limited For internal use 3|Page


    Relocation from class of city Salary Increase #
    B to A+ Not beyond 15%
    B to A Not beyond 10%
    Any downward movement like A+ to A, A to B Nil

    # Note - Percentage hike mentioned above is not fixed and cannot be claimed as a matter of right.

    11. Clawback

    11.1 In case an employee resigns within 18 months of his / her date of joining / transfer, 100% of the
    amount paid to the employee will be recovered from the employee with his / her full and final
    settlement.

    12. Other Terms and Conditions

    12.1 All the above transfer benefits including hotel stay is not applicable in case of request transfer i.e.
    if the relocation is initiated due to employee’s request.

    12.2 All requisite approvals pertaining to Relocation must be taken in advance.

    12.3 The employees cannot be relocated frequently due to business needs. There should be gap of
    minimum 18 months between the current & the previous relocation.

    13. Exception

     Any exception to the guidelines needs the approval of the CHRO and Functional Head.
     The CEO and the CHRO reserve the right to amend, interpret and revise the policy from time to time.

    © 2024 Hero Housing Finance Limited For internal use 4|Page


    Document Change Tracker

    S. Ver- Effective Page Created/ Reviewed/ Approved


    Change Section
    No. sion Date No Updated By Endorsed By By
    Creation of Policy
    1 1.0 01-Dec-17 All All Ankur Kapoor Head - HR CEO
    Document
    Review of Policy Dinesh Singh
    Paramjit Singh Apul Nayyar,
    2 2.0 01-Apr-24 Document All All Negi, Head - HR
    Nayyar, CHRO CEO
    (No change) Operations

    © 2024 Hero Housing Finance Limited For internal use 5|Page

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