Exit Policy

1.     PURPOSE

At Apex Instruments Company Private Limited (Apex), we believe in treating all employees as valued members of the company. When an employee decides to leave Apex, we want to understand the reasons behind their departure. This policy outlines the guidelines that employees must follow when separating from Apex.

2.     APPLICABILITY

This policy is applicable to all exiting employees, officers or other people who have been working with and associated with Apex, permanently and/or temporarily, working in all branched throughout the Indian territory (hereinafter collectively referred to as ‘Employees’).

3.     OBJECTIVE

The following objectives must be met when an employee separates from Apex-

3.1. The employee must provide a detailed explanation of the steps involved in their separation.

3.2. The separation process must be completed in a way that ensures the employee receives their full and final settlement as per Apex’s policy.

3.3. The handover process must be completed in a manner that maintains Apex's interests.

3.4. Reasonable efforts must be made to determine the reasons for the employee's separation in order to improve Apex's performance and employee retention.

4.     DEFINITION

For the purpose of this policy, the following terms have been defined hereunder:

4.1. Resignation: Resignation means a permanent separation from employment that is initiated by the employee.

4.2. Termination: Termination means a permanent separation from employment that is initiated by Apex owing to a poor performance, violation, misconduct and/or illegal conduct of an employee.

4.3. Notice Period: The period that an employee must mandatorily serve in their job and/or position after giving a resignation or having been terminated.

4.4. Exiting: It shall mean and include separating from Apex either voluntarily i.e., by way of resignation or by way of termination through Apex.

4.5. Department Head: It shall mean the reporting head of the department the employee is working under.

5.    PROCESS FOR RESIGNATION

5.1. Before exiting Apex, an employee must serve a mandatory notice period. The statutory notice period cannot be waived, except as specified in another Apex policy. The notice periods based on designation are as follows:

5.1.1. Band E (Manager and above)- __ month notice period

5.1.2. Band F (Deputy Manager and below)- __ month notice period

5.1.3. Employees on Contract- As mentioned in the contract

5.2. An employee must submit their resignation letter by email to the HR Department. The notice period will begin from the next working day after the email is sent.

5.3. The HR Department will forward the resignation letter to the concerned Department Head, who will discuss the reasons for the employee's resignation. If the employee decides to continue working at Apex, they must send an email withdrawing their resignation letter, and their notice period will be cancelled.

5.4. If the employee still wishes to resign, the HR Department will acknowledge and accept their resignation letter, and issue a 'Resignation Acceptance Letter'.

5.5. After the Resignation Acceptance Letter is issued, the HR Department, concerned Department Head, and employee will determine the notice period and the employee's last working day.

5.6. If the last day of the notice period falls on a holiday or weekend, the employee will be relieved from duty on the working day prior to the holiday or weekend.

5.7. The resigning employee must complete an 'Exit Interview Form' and participate in an exit interview to provide feedback. All feedback will be kept confidential and used to enhance the employee experience for current employees.

6. PROCESS FOR TERMINATION

6.1. As our business is based on fiduciary responsibility, any form of fraudulent activity, malfeasance, dishonest behavior, willful misconduct such as theft or misappropriation of company property, information or any other assets, chronic absenteeism, habitual alcoholism or addiction, legal conviction, sexual harassment or any kind of deliberate misconduct towards a colleague, consistent failure to perform job duties reasonably, incapacity due to physical or mental illness that makes it impossible to perform job duties, breach of confidentiality or non-disclosure agreements, breach of the terms of the employment offer letter or the breach of fiduciary responsibility will be considered grounds for immediate termination of the employee. However, the employee will be given a fair chance to defend themselves.

6.2. If an employee is terminated from the company, the HR Department will consult with the concerned department head and senior managers to determine if the termination will take immediate effect or if the employee will be given a notice period to complete any work assignments or hand over necessary documents. The management will also decide if the terminated employee will receive any remuneration, whether fixed or variable. This condition will be applicable regardless of the Offer Letter/Contract letter.

6.3. The HR Department will issue a letter to the terminated employee stating the reasons for termination, the notice period to be served (if applicable), and any remuneration to be paid (if applicable).

7. HANDOVER & CLEARANCE OF DUES

7.1. Employee should complete all work and commitments before relieving date.

7.2. Employee must settle all outstanding dues including loans, advances, etc. before exit.

7.3. Employee, prior to final settlement, must return all Apex property, including-

7.3.1. The official email-id and password provided by the company.

7.3.2. Laptops, desktops, mobile phone, SIM cards, printer, data cards, etc.

7.3.3. Stationary, cabinet keys, ID cards, books issued from Library, etc.

7.3.4. Various files/documents

7.3.5. Any other file, document, IDs, access key, information, passwords and/or data received by such employee in official capacity.

7.4. Employee must complete the Exit Clearance Form and submit it to the HR Department 2 days before relieving date.

7.5. Relieving letter, experience certificate, etc. will only be issued if employee settles all dues before relieving date. If the employee fails to settle dues and handover all necessary documents within notice period, company may withhold the relieving letter and take necessary action until requirements are fulfilled.

8. FULL & FINAL SETTLEMENT

8.1. The company will complete the Full and Final Settlement of all outstanding dues within 45 days after the employee's exit date. The salary for the last month of the employee will be held until Full and Final settlement is completed.

8.2. If the employee fails to serve the notice period as specified in the employment agreement, the HR Department may withhold their salary. After adjusting the salary on a pro-rata basis, it will be paid along with Full and Final settlement.

8.3. Upon separation, an employee is entitled to the following salary and benefits, calculated on a pro-rata basis up to the date of separation:

8.3.1. Monthly remuneration till the last working day

8.3.2. Unclaimed salary reimbursements

8.3.3. Unclaimed expenses (if applicable)

8.3.4. Encashment of Earned Leaves (if applicable)

8.3.5. Gratuity (if applicable)

Please note: The gratuity is a payment made by the employer to an employee as a gratitude for the services rendered by the employee during their tenure with the organization. Its applicability and amount may vary based on the employee's tenure and the company's policy.

9. DISPLAY OF THIS POLICY

9.1. Apex shall display this Policy on the Apex website as well as display the same conspicuously on the notice boards of each of its offices in English.

9.2. Each employee shall view and confirm to these policies upon joining and/or upon the same being enforced by Apex.