Separation Policy

The Separation Policy defines set procedures for handling all aspects of
employee resignation or termination. It is aimed to ensure smooth
separation of the Employees from the organization.
When an employee decides to separate from the organization it is
essential to identify and analyze the reasons of employee separation &
also to try and retain good performers.
The Exit process is applicable to employees.
Exit Formalities are not applicable to any person who is
associated with the organization for the completion of a
particular project.
Exit Types:
1. Employee Initiated (Normal Resignation) Employee decides to
separate from the organization and submits his/her resignation.
Process flow for employee initiated

Employee will tender his/her resignation to the IRA, IRA will in turn
discuss the same with his/her reporting authority/HR and revert to the
employee.

Prior to the employees last working day, he/she needs to complete all
exit related formalities. On completion of the formalities by the exited
employee, the full & final settlement is initiated and the employee
receives the relieving letter. Refer to handover checklist appended
below.

Handover
[Link]

The Full and Final amount is paid to the employee within 45 days after
recovering all advances/outstanding dues, if any, together with a
relieving letter on completion of all formalities with regard to exit.

The employee is expected to serve his full Notice Period. Waiving of

Notice Period or its adjustment against leave accrual is at the discretion
of the organisation.

Completion of full and final settlement and release of relieving letter will

be subject to the concerned employee having completed handing over

formalities to the satisfaction of his immediate reporting authority and
having obtained clearance from all concerned departments as given in
the clearance form.

2. Employer Initiated (Asked to Go or Termination)

Asked To Go Due to breach of code of conduct or performance related

concerns the organization may initiate disciplinary process leading to
employee separation. The employee needs to complete all exit
formalities & leave the organization with immediate effect without
serving notice period. In such cases employee does not receive a
relieving letter, only termination of service letter is provided, whereas
Full & Final settlement is carried out post the last working day.

Incase an RM is exiting from the system (be it employee or employer

initiated) before the completion of 6 months, As VP / AVP approval is a
must along with IRA approval. VP approval is a must to process the exit.

Retirement

In such cases employee receives relieving letter and Full & Final
settlement is carried out according to the policy on the last date of his
service.

Key points:

In any type of Exit mentioned above the employees IRA has to

immediately inform HR-department and concern VP on
submission of written resignation to him/her.

In Case an employee is not reporting to the branch for consecutive 3

days without informing his/her IRA / TM / AM. This should be informed to
the HR on immediate basis. HR in turn will issue an absconding notice to
the employee. Salary of such cases will be kept on hold till further revert
from the employee and his IRA.
Escalation Matrix (HR operations):
Escalation Matrix

Local/Regional HR
[Immediately after resignation/exit]

Corporate HR/AVP HR [Case beyond 50

days]

Head HR [Case beyond 70 days]

Flow Chart:

Employee Submits the Resignation to

the IRA

IRA/BM/TM/AM forwards the

resignation to the HOD/AVP or
equivalent & HR Dept**
Discussion with the IRA/ HR
If yes - Employee
Retained
If No -IRA/AM/TM accepts the
employee resignation

During Notice Period (Exit Interview

by RHR & other formalities by
employee) - 5 days before LWD
Approval of Various Departments- 3
days before LWD

Full & Final Settlement with

Relieving Letter- within 45 days
subject to all clearances

In any type of Exit IRA has to inform HR dept immediately after

written resignation submission to him/her by an employee.

Applicability:

Exit formality applies to all the employees on the payroll of IIFL. The
employee who wishes to separate from the organisation is expected to
serve notice period as per appointment letter.
Responsibility of the Immediate Reporting Authority in charge (IRA):
The Immediate Reporting Authority (IRA) will inform his/her AVP/ VP of
the employees exit and seek their approval for the same immediately
after the resignation along with tentative last working day.
The IRA should inform the HR department via email immediately after the
resignation from employee. Email should indicate the name of the
exiting employee, employee code, date of resignation, likely/Actual exit
date, leave details, notice period details, Recovery detail( if any) and
reason for leaving.
Format to intimate HR team about employee exit:

Em
p.
Co
de

Em
p.
Na
me

Date
Date of
of
Resignat Leavi
ion
ng

Reas
on
For
Leavi
ng

Recov
ery
details
(If
Any)

Leav
es
Take
n

Notic
e
Perio
d
Serv
ed
Yes/N
O

Notice
Period
Deduct
ion
Days

FNF to
be
proces
sed
Yes/NO

Relievin
g Letter
to be
process
ed
Yes/NO

 Ensure that the exit formality i.e. exit form is properly filled and duly
signed by either IRA/TM/AM/AVP/VP, is sent to HR dept before the final
exit date.
The IRA should ensure that the job responsibilities are handed over to
the replacement /other suitable employee if any.
The IRA must ensure that the assets & belongings of the company
(Simcard, Laptop, mobile, data card etc) that are in the possession with
the employee are taken back on or before his/her last day of working in
company.
The IRA should ensure that exiting employees application login id (Wire
ID, TTADV, TT browser, GL exe, I-win, Access Card etc) gets blocked. He
should get clients de-mapped from his/her employee ID in case of
relationship Manager & signoff client ledger at the Branch level.
Recover any loss from the employee. Get the branch audited in case of
gold loan. On the employees last working day, the IRA is required to
mail the Activation department and get the exiting employees TT
Manager/dealer ID blocked permanently at the branch level.
In case of Absconding/employee not contactable IRA should fill the exit
form and submit to HR with Emp. Absconding remarks in place of
employees signature.
Responsibility of HR:

HR must receive exit request from immediate reporting authority (IRA)

along with VP approval, post which exit will be updated in the system
which will also deactivate the exit employees Iwin. It is mandatory for
the exit form to be submitted to the HR team to process the full & final
settlement of an employee.

Post receiving exit request from IRA, HR will notify the same to the
concerned VP in advance (before LWD) to obtain required approval
within

The exit form will be checked by HR team for completion, same will not
be accepted in case the form is incomplete or HOD approval is not
received for the exit. Exit form will be sent back to the concerned IRA.

Please note that, relieving letter can only be issued to exiting employee
only on having approval from his/her AVP/VP and after ensuring that all
exit formalities have been completed.

Exit Interview:
In case an employee resigns it is mandatory to conduct an exit interview.

Same needs to be conducted as per the matrix attached. Exit interview

data needs to be captured in the format provide below.
In case any negative feedback is provided by the employee same needs
to be captured & sent to the RHR on the same day & post receiving
clearance from RHR exit to be marked.
RHR in turn will investigate and in case of any issues, same will be
highlighted to Head HR Operation / Head Recruitment.
Exit interview will be conducted by RHR upto Senior Manager level.
Assistant Vice President and Associate Vice President exit interview will
be taken by Head HR Operation / Head Recruitment.
Above Vice President level exit interview will be taken by Head HR
Operation / Head Recruitment/Head HR.
For the employer initiated separation, an exit interview may not be
necessary but all the other formalities need to be completed.

Exit Interview
Tracker - Mar [Link]

General Guidelines (Notice Period, Handover & Others)

Notice period:

The notice period is provided to assist with the handover of charge/

responsibilities to the next incumbent.

In the case of an employee initiated Resignation, the employee is

required to serve required notice period. For all purposes, the date of
intimation of resignation will be the start date for computing the notice
period duration.

The period of the notice period shall be as per the details mentioned in
the appointment letter or any modification made therein by a
management order or last grade as applicable.

In the absence of any notice given or part notice given, then an

employee is liable to pay (for shortfall in Notice period on a pro rata
basis of gross salary)

Notice period may be waived in full or part based on the discretion of

the management as per recommendation received from the IRA & HOD.

Handover:

Handover should be given to the concerned employee nominated by the

IRA in order to continue with smooth business operations with all clients
& within the branch.

Employees dealing with clients are required to inform his/her clients of

their exit move from the company and should give the contact
information of the incumbent (New RM) or IRA who will be handling their
accounts. Not doing so, may impact the FNF process.

A follow up and communication by the new RM should be made to all

clients keeping the Branch manager informed. Relationship Managers
have to inform the Branch manager and get his/her clients de-mapped
from his/her employee id.

Others:

Once HR receives intimation of an employees resignation, his/her salary

for the last / current month will be stopped and released with the final
settlement.

The resigned employee is required to update all leave details and clear
off any outstanding dues towards (any) company loan, Advance
expenses claim or any salary advance prior to date of leaving.

Employees granted ESOPs are required to purchase the shares due to

them before the last date of service with the company. In the absence of
such purchase, the employee would lose all rights on the ESOPs granted.

An employee serving his / her notice period will not be entitled to any
subsequent salary revision including any benefits that would be
applicable with retrospective effect.

Date of leaving change should not be done in backdate, in case of valid

reason for Back date DOL, concern VP and HR Operation Head approval
would be require.

The following formalities will be followed in case of an employees

death while in employment with the company:

 The date of death will be construed as the last date of employment. The
date of death will be as specified on the death certificate.
The salary in this case will be computed for the last month up to and
including the last date of employment and will be credited to the
deceased employees salary account or to (or his / her nominee
account).
Full & Final Settlement:

Full & Final settlement will be processed post completion of exit

formalities. Calculation will be done based on number of days notice
period is served, number of leave taken & leave adjustment recovery if
any. The entire payment is done in the month following the exit month
subject to recovery of mobile bill, meal voucher, Petty cash, Loan EMI,
BVC, Company asset damages, fee, credit card etc.

Full and Final settlement should be done for all exit cases, like voluntary
or company initiated.

IRA/Accounts/Admin should inform HR about the expected recovery (if

any) before Final settlement.