Asset Maintenance & Deduction Policy

This policy & process document sets out the guidelines on asset ownership & its maintenance by employee: 

Asset is issued to employee to enable seamlessly delivery on their job. It is, therefore, the responsibility of the user to take utmost care of the asset and use it responsibly.

Following guidelines to be followed by employee: 
– Assets issued to employee are non-transferable and it’s safe custody is their sole responsibility
– Any physical damage in the assigned assets will be charged from the employee.
– Any loss/theft/accidental damage to be reported to Admin within 24 hrs for filing insurance claim
– Employee is responsible for meeting the requirements of the insurer
– Any shortfall in the insurance claim shall be deducted from the employee

Asset LifeDeduction from Employee
Loss/TheftLess than 3 yearsDepreciated cost Minus Insurance claim received                      
10% of the purchase value (whichever is higher)
More than 3 years10% of purchase cost
DamageAll AssetsRepair cost Minus (-) Insurance claim approved                     
If no claim approved, deduction from employee