- All Employees are allowed 01 day of leave (any one Friday/Saturday) for the entire month. This leave is not transferable in the next month.
- Allowed 01 day leave (any one Friday) for the entire month, who achieved the 15 points in attendance in the previous month. This leave is not transferable in the next month.
Annual Leaves only - All employees are entitled to 15 days of leave on a yearly basis, 07 days leave balance matured in the 1st half (from the date of joining to attaining the 06 months) and 08 days leave balance matured in the 2nd half after the six months.
- Unused leaves will be carried forward and added to the next year’s balance.
- An employee can avail upto 10 days leave at a time in the whole year.
Note: The leave of 1 to 2 days must be approved one day in advance, whereas, leave of 3 days or more needs to be sanctioned one week in advance
Leave Encashment Policy
1. Introduction
This policy outlines the guidelines for encashing unused paid leave balances for employees
2. Eligibility
Employees are eligible to encash unused paid leave balances only after maturity under the following circumstances:
- Maturity: Upon maturity, employees may encash the remaining balance of their accrued and unused paid leave.
- Resignation: Upon resignation, employees may encash the remaining balance of their accrued and unused paid leave as of the last day of employment.
- Retirement: Employees who retire are entitled to encash the remaining balance of their accrued and unused paid leave at the time of retirement.
3. Leave Types Eligible for Encashment
The following types of leave are eligible for encashment:
- Annual Leave: Unutilized days of annual leave earned during the current or previous year.
4. Calculation of Encashment Amount
The encashment amount will be calculated based on the employee’s daily pay rate and the number of unused leave days to be encashed.
- Daily Pay Rate: employee’s base salary divided by 30
- Leave Encashment Formula: Number of Unused Leave Days x Daily Pay Rate = Encashment Amount
5. Taxation
Leave encashment may be subject to income tax withholding as per local regulations. Employees are responsible for understanding and complying with relevant tax regulations. The company will provide a breakdown of any taxes withheld on the payslip.
6. Application Process
Employees who wish to encash unused leave balances must submit a written request to the Human Resources department (hr@cartzlink.com). The request should specify the number of leave days to be encashed.
7. Payment
The encashment amount will be paid to the employee through a separate payment process.
8. Maximum Encashment Limit
15 leaves is the maximum number of leave days that can be encashed in a single quarter.
9. Contact Information
For any questions regarding this policy, please contact the Human Resources department (hr@cartzlink.com)
Note: The company reserves the right to modify certain terms or conditions without prior notice
