India Benefits Summary
TIBCO will offer the following medical care benefits through the government approved health insurance companies.
Hospitalization and treatment during hospitalization such as nursing, surgery, specialists, and other miscellaneous medical expenses are covered through the Mediclaim policy program. Benefit limits will be set competitively with the market. TIBCO will pay 100% of the premium costs for the employee and qualified dependents they wish to cover.
TIBCO will provide the following life and accident insurance benefits for our employees when employees are approved by the insurance company:
TIBCO offers group life insurance and personal accident insurance benefits for employees (accident insurance covers disability and death due to accident). Included in the accident insurance is Total Permanent Disability (TPD). TPD is a lump sum benefit provided to an employee if he/she is permanently disabled due to an accident. The benefit for the life and accident is 2x annual salary on the start date. The insurance cover of an employee will be revised only on the day of renewal of the respective policy and /or after the company focal review. TIBCO pays 100% of the premium.
Employees accrue 1.67 days of annual leave for each calendar month of service from date of hire. At the end of each calendar year, accrued but unused annual leave may be carried over to next year. An employee may be able to carry over up to a maximum of 45 workdays of earned annual leave. Once this maximum is reached, all further accruals will cease. Vacation accruals will recommence after an employee has taken annual leave and the accrued annual leave has dropped below the 45 workday maximum. On an exception basis, an employee can request a leave encashment, with the manager's approval, if the company can't avail an employee to go on leave due to urgent, critical projects.
Annual leave taken must be promptly reported to the Finance Administrator. Any accrued but unused annual leave balance is paid at time of termination.
For every 12 months of continuous services, employees may avail up to 12 workdays of absence on the grounds of sickness incurred or accident sustained. Sick leave is a paid leave equivalent to the employee's gross salary plus dearness allowance.
Sick leave will be calculated on a pro-rated basis at time of hire or termination. At the end of each calendar year, accrued but unused sick leave of not exceeding 6 days may be carried over to next year. An employee may be able to carry over up to a maximum of 20 workdays of sick leave. Also, any accrued but unused sick leave will not be paid out at time of termination.
After four months of service, female employees are entitled to 12 weeks of maternity leave, of which a maximum of 6 weeks must be taken immediately following the date of delivery or miscarriage. However, employee may avail maximum of 12 weeks following the date of delivery, based on medical advise and manager's approval. Leave can be extended up to 30 days due to complications.
TIBCO provides 10 paid holidays per year. Employees are expected to observe the local official holidays.
The Payment Gratuity Act – After 5 years of continuous service, employees are fully vested and benefits are 100% employer paid. This is a long service benefit payable at termination, resignation, death or disability. It is calculated at the rate of 15 days year-end salary, times years of service. The benefit is payable within 30 days of the occurrence or a 12% simple interest payment is added to the principal balance. This benefit is in addition to your gross pay.
Disclaimer:This Benefits Summary is not a contract. It is not intended to confer contractual rights of any kind upon any individual employee or group of employees or create contractual obligations of any kind for TIBCO. TIBCO reserves the right to change or cease, at any time, the policies in this Benefits Summary at its sole discretion, with or without notice.