leave roles and leave policy
Post on 15-Jul-2015
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Subject: Human Resource Management.
Topic: Leave roles and leave policy.
Project Submitted By: Project Submitted To:Name: Zil Shah Prof.D.I.CabralClass: E-MBARoll No: 81
3. Company Profile Axis Bank6
5. Objective of Study15
8. Analysis & Findings20
9. Conclusions & Recommendation24
I would like to thank all those who have directly or indirectly helped me in completing this project report. I would like to thank Prof.D.I.Cabral for giving me this project and also for his continuous guidance which helped me to successfully do the project.
I would specially like to thank Ms. Esha Shah, Mr. Anil Devadiga and Ms. Manjri Gautam from AXIS Bank for their cooperation and guidance and also Helping me in collecting data from the employees. I want to extend my sincere gratitude to the employees who took out time and answered the questionnaire for this study.
Leave is granted to employees with the good intention of providing rest, recuperation of health and for fulfilling social obligations. This project has been undertaken to see if employees uses their leaves or not. Which leave is more used by the employee?
Studying the concept of leave and leave policy among the managers and employees at Axis Bank. Preparing a relevant questionnaire to know policy among the managers and employees at Axis Bank. Analysis the answers of the questionnaire and conclude accordingly.
Analysis & Findings:
Employee feel leave policy at Axis bank fulfil their needs. Maximum people prefer to carry forward their leave to next year rather than utilising it in this year. Maximum employee use 1-3 days leave per month. Maximum employees dont utilise all earned/ paid leaves before end of the year. Maximum employees utilise casual and sick leave before the year ends.
Conclusion & Recommendations:Maximum employees dont utilise all earned/ paid leaves before end of the year. Maximum employees utilise casual and sick leave. Maximum people prefer to carry forward their leave to next year rather than utilising it in this year. As paid leaves are encashable as well as can be carried forward to next year but sick and casual leaves cannot be carried forward so employee uses casual and sick leave first.COMPANY PROFILE Axis Bank is the third largest private sector bank in India. Axis Bank offers the entire spectrum of financial services to customer segments covering Large and Mid-Corporate, MSME, Agriculture and Retail Businesses. The Bank has a large footprint of 2402 domestic branches (including extension counters) and 12,922 ATMs spread across the country as on 31st March 2014. The overseas operations of the Bank are spread over its seven international offices with branches at Singapore, Hong Kong, Dubai International Financial Centre, Colombo and Shanghai and representative offices at Dubai and Abu Dhabi. During the year, the Bank has upgraded its representative office in Shanghai, China to a branch to become the first Indian private sector bank to set up a branch in China. During the year, the Banks overseas subsidiary namely Axis Bank UK Ltd. commenced banking operations. Axis Bank is one of the first new generation private sector banks to have begun operations in 1994. The Bank was promoted in 1993, jointly by Specified Undertaking of Unit Trust of India (SUUTI), Life Insurance Corporation of India (LIC), General Insurance Corporation of India (GIC), National Insurance Company Ltd., The New India Assurance Company Ltd., The Oriental Insurance Company Ltd. and United India Insurance Company Ltd. The shareholding of Unit Trust of India was subsequently transferred to SUUTI, an entity established in 2003. With a balance sheet size of Rs.3,83,245 crores as on 31st March 2014, Axis Bank has achieved consistent growth and stable asset quality with a 5 year CAGR (2010-14) of 21% in Total Assets, 19% in Total Deposits, 23% in Total Advances and 28% in Net
PROMOTERS:Axis Bank Ltd. has been promoted by the largest Financial Institutions of the country, UTI, LIC, GIC and its subsidiaries. The Bank was set up in 1993 with a capital of Rs. 115 crore, with UTI contributing Rs. 100 crore, LIC - Rs. 7.5 crore and GIC
SUBSIDARIES: Axis Capital Ltd. Axis Private Equity Ltd. Axis Trustee Services Ltd. Axis Asset Management Company Ltd. Axis Mutual Fund Trustee Ltd. Axis Bank UK Ltd. Axis Securities Ltd. Axis Finance Ltd.
CAPITAL STRUCTURE:The Bank has authorized share capital of Rs. 850 crores comprising 850,000,000 equity shares of Rs.10/- each. As on 31st March 2014, the Bank has issued, subscribed and paid-up equity capital of Rs. 469.84 crores, constituting 469,844,553 equity shares of Rs. 10/- each. The Banks shares are listed on the National Stock Exchange and the Bombay Stock Exchange. The GDRs issued by the Bank are listed on the London Stock Exchange.
NETWORK:The Bank has a network of 2402 domestic branches (including extension counters) and 12,922 ATMs spread across the country as on 31st March 2014. The overseas operations of the Bank are spread over its seven international offices with branches at Singapore, Hong Kong, DIFC (Dubai International Financial Centre), Colombo and Shanghai and representative offices at Dubai and Abu Dhabi. During the year, the Banks overseas subsidiary namely Axis Bank UK Ltd. commenced banking operations.
PRODUCT & SERVICES: Bank Account Deposits Loans Cards Investments Insurance Forex EDGE loyalty rewards Safe deposit locker
An attractive employer-sponsored benefits program makes it easier for organizations to retain and attract great employees. According to Job Satisfaction survey report, employee benefits are one of the most important job satisfaction factors for employees. Leave and other employee benefits are important tools in the retention efforts for the current and future workforce.
Employment laws set the umbrella framework for deciding different dimensions of leave, like category or types, eligibility, duration etc. Many companies and organizations categorise leaves in different categories like casual leave, sick leave, earned leave, maternity leave, special leaves, loss of pay leave, compensatory leave etc.
In case of employment contacts, where trade unions are involved in deciding employment contacts, leave rules are formulated in consultation with the unions. Such elaborate consultation is specified in The Industrial Employment Standing Orders Act which is formed for enforcement of different conditions of services.
In India, three types of leaves are generally followed namely earned leave, sick leave and casual leave. Different provisions exist under different laws, for different categories of leavesTypes of leavesEarned Leave orPrivilege leave Earned Leaveis provided for planned long leaves for the purpose of travel, vacation etc Earned Leave is calculated on a month to month basis for the calendar year.Earned Leave is credited in the beginning of Calendar Year to every employees account, but the entitlement will be proportional to the number of months worked. If you have joined during the middle of the year, your earned leave will be pro-rated from the date you start employment through December 31 of that calendar year. For employees who resign, their leaves entitlement would be calculated pro rata i.e. till their last day of work. Any excess leave taken would be adjusted in Full & Final Settlement. Accumulated leaves can be encashed at time of working or leaving the company based on companys policy.
Sick Leave/Medical Leave Sick leave is the leave that an employee can avail when he is out of work due to illness. Sick Leave can be taken for minimum 0.5 to maximum 7 days (paid). There are no sick leave carry-forwards or encashment. At the end of calendar year any available sick leave will lapse automatically. For all absences exceeding 2 or 3 days, depending on company policy, usually medical certificate needs to be enclosed. Sick Leave can be appended with Earned Leave.
National Holidays and Festival HolidaysRepublic Day (January 26), Independence Day (August 15) and Gandhi Jayanti (October 2) are the three national holidays observed in India. On these days all public or private organizations remain closed. The festival holiday are decided based on the local festival and are granted to the employees in accordance with the company policies.
Casual Leave Casual Leave is granted for certain unforeseen situation or where you are required to go for one or two days leaves to attend to personal matters and not for vacation. In case of casual leave normally companys strict maximum to 3 days in a month. In such casesthe person has to take the permission in advance. Casual Leave can be taken for minimum 0.5 to maximum 3 days. In case of more than 3 days leave, it should be taken as Earned/Privileged Leave. If taking 3 leaves togetherNeed to apply before. Casual leave is not encashable. At the end of the year unused Casual Leaves lapse automatically. Cannot be appended with Earned/Privileged Leave or Sick Leave
Other leavesApart from these, there are others paid, unpaid or half-paid leaves like Study Leave, Bereavement Leave and Leave for Voting. These although are left at the organizations discretion.
Maternity Leave Maternity Leave is covered byMaternity Benefits Act, 1961 Female employees are entitled to a maximum of 12 weeks (84 days) paid maternity leave. Six weeks leave has to be taken after the actual date of delivery In case