Brief Summary of Terms:

SalaryNext shall be responsible for providing Outplacement Cover for involuntary job loss due to termination of permanent on-roll confirmed employees in addition to service guarantee payout. When an employee is terminated from their company and submits his/her CV along with the required documents, SalaryNext shall share their CV with elite recruitment consultants to assist them with job search efforts. Until the employee finds a job, there will be a service guarantee payout up to the period as specified in the package.

Period of Cover:

This Cover is applicable for a period of 12 months from the start date, unless renewed further.

Responsibilities of the Employer:

Provide the correct information of the covered employees and update changes on a monthly / quarterly basis.

Neither approve nor issue a resignation letter, simultaneous with a termination letter, for an employee covered by this service.

Cooperate for verification of claim documents submitted by the employee for Outplacement Cover.

Pay fees to the Company as per the service guarantee purchased for the employees

Eligibility:

Applicable only to permanent employees who are confirmed in their jobs, and possess valid offer letter, salary slips and payment of salary into bank.

Applicable when the employee has a valid termination letter /email from the authorized signatory, and has served at least 6 months with the employer before termination/resignation (3 months for CTC less than INR 6 lakh per annum).

Applicable when the employee has not been on leave/ sabbatical/ suspension for more than 90 days in last 6 months, whether paid or unpaid (45 days in last 3 months for CTC less than INR 6 lakh per annum).

Applicable to employees where termination is at least 90 days from the first date of cover under this agreement. Any termination letter issued within initial 3 months of effective date of the individuals being covered, will not be eligible for the service or payout.

Applicable for no claim bonus in subsequent years of renewal in case service not availed in previous years.

Service and Guarantee dates:

The service will be applicable for an employee on termination of job from employer:

• Service date - the service commences on the later of four dates - (i) Intimation of the termination by email to support@salarynext.com, OR (ii) Actual date of termination i.e., last working day, OR (iii) the date for which the salary is paid to the employee by the employer, OR (iv) Date of submission of required documents as below to SalaryNext at support@salarynext.com
• Job Search assistance will start immediately on termination as above i.e., Service Date. First service guarantee payout will be due on 31st day from Service Date and every 30 days thereafter till service package lasts and the employee has not found a job.
• Job Search assistance will start immediately on termination/resignation as above i.e., Service Date. First service guarantee payout will be due on 31st day from Service Date and every 30 days thereafter till service package lasts and user has not found a job.
• Both service and service guarantee is applicable only during the 12 months duration of the service plan purchased i.e. the termination date (last working day) should lie in the year of the plan.

Service Guarantee payout details:

When the employee does not get a job even after availing SalaryNext’s services, then the Service guarantee payout is made as per the following terms:

• Number of months of payout as per the package purchased by the employer.
• Amount of payout, as per package purchased and as a specified percentage employee’s last drawn monthly salary.
• Total amount of payout must lie within the overall limit specified for the company under the agreement.
• Subsequent payout stops immediately on finding a new job.
• Monthly salary calculated as per the salary details shared by employer, if there is a difference.
• Payout subject to verification of documents submitted and invalid in case of fraud.

Obligation/Responsibilities of Employee:

The employee will be eligible for the service/ service guarantee only if the relevant documents as requested by the Support Team, are provided and are up to date.

The employee is requested to submit below documents within 3 days of termination of employment –

• A copy of termination letter issued and signed by authorized signatory
• An undertaking expressly stating that the termination has not been the consequence of any allegations of fraud / theft / lack of trust or integrity or of any grave misconduct
• A copy of the individual’s updated resume with complete and correct details

Within 7 days of submission of above documents, so as to commence the Services at the earliest, the employee shall share true and correct copies of other documents as requested by the company. These documents may include but are not limited to:

• PAN and/or other permitted proof of identity
• Last 3 Months salary slips
• Access to Form 26AS
• Offer/ confirmation letter
• Latest Increment letter
• Any other document required for verification

To avail of service guarantee payout, the employee will also be required to provide a declaration in the prescribed format and Form 26AS as applicable, after 30th, 60th, and 90th day and as per requirement of Company, that the employee has not taken up a job or commenced earning a salary and that the above data provided is accurate.

The service and service guarantee is not applicable for false/incorrect/incomplete or old data/documents and strict legal actions will be pursued in case of fraud.

- Team Salary Next: