Education Assistance Program

(Effective from 15 July 2018)

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 Table of Index

Introduction…….….……………….………………………………………………………………………………………………3

Purpose.....................…..…………………………………..……………………………………………………..……………3

Coverage…………………..…………………………………………………………………..……………………………………..3

Regular review…….…………………………………………..…………………………………………………………………..3

Approval…………………..…………………………………………………………………..……………………………………..3

Final Authority………………..…………………….……….………………………….…………………………………………3

Eligiblity………………………………………………………………………………………..………………………………………3

Entitlements……………..…………………………………………………………………..……………………………………..4

Guidelines…….………………………………………………………………………….…..………………………………………5

Reimbursement…..………………………………………………………………….…..…………………………..…………..5

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 1. Introduction
One of our core values is ‘Excellence’ and continuous learning and application of it is an
important ingredient to bring excellence. This would be possible with both formal and
informal learning interventions, conducted internally and also by external institutions. We
intend to help our people pursue their educational aspirations/ satisfy their appetite for
continuous learning with a financial assistance package.
The objective of this policy is to promote continuing education of employees to enhance their
current knowledge / skills by acquiring additional qualification (Master Degree/Diploma or
any equivalent post- graduate/diploma programs) or by attending any training, workshops or
certification program relevant to present profile or for any future roles.

2. Purpose
This policy provides a general guidance for administration of Education Assistance Program in
Muthoot Fincorp Ltd. (MFL).

3. Coverage
The first 25 applicants in a calendar year will get the benefit of the policy, out of which, 10
seats are assigned exclusively for female employees.

4. Regular Review
This Policy is subject to change from time to time and will be reviewed on an annual basis.

5. Approval
Approval from VP - PD or above is required.

6. Final Authority
CHRO will be the final authority to take any decision pertaining to ‘Education Assistance
Program’ policy, including termination of it during the year, if needed.

7. Eligibility
7.1 This policy applies to all employees on the permanent rolls of MFL with a
minimum vintage of 5 years of uninterrupted service with MPG.
7.2 Employees with a performance rating of 3 and above in the immediate
previous appraisal will be eligible.
7.3 Employees on PIP currently or issued with any warning letter in the last 2 years
will not be eligible.

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8. Entitlements
8.1 The maximum amount of reimbursement under this policy is capped at one-
month net salary (i.e. Basic + DA, HRA, LTA, Special Allowance/ Special
Compensatory Allowance)
8.2 The employee can take any relevant master's degree/diploma program leading
to an accredited certification from any recognized educational institution in
India through correspondence, contact / evening classes or a technology
platform.
8.3 Training or certification program by a reputed organization will also be covered
8.4 The following expenses will be reimbursed, subject to the maximum allowed
limit: fees related to application, admission, registration, tuition and
examination.
8.5 The following expenses will not be reimbursed: expenses related to travel &
parking, any extra credits in the program, aptitude tests, avoidable fees (late
registration fees, tuition deferment fees, or fees for program changes, re-
examination fees), books (unless they form an integral part of the curriculum
& are provided by the institution and covered under tuition fees), supplies, and
course equipment, preparatory courses for aptitude tests, lodging and
boarding, courses started before being eligible through this policy.
8.6 Expenses be reimbursed through payroll against the submission of fee receipt
testimonials.
8.7 100% of the approved amount as per this scheme will be paid immediately
after successful completion of program and clearing the examination
(whichever is applicable) or submission of the completion notification to PD
SPOC, whichever is later.
8.8 If the employee leaves the organization (voluntary or involuntary) within 12
months of receiving the reimbursement, said amount shall be adjusted in F&F.
8.9 An employee can take up only one program at any time under this policy in a
block of 2 years.

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9. Guidelines
9.1 Consideration for education assistance program must be for the mutual
benefit of the employee and MFL and should fit the needs of the business.
9.2 It is required for the employee to draft a statement of purpose for taking up
the course. The Immediate Manager must endorse the benefits of the program
and submit the recommendation to PD SPOC for formal approval prior to
commencement of the program.
9.3 Employees shall have to avail leave for campus visits / classes & exams as per
the provisions of Leave Policy.

10.Reimbursement
10.1 Employee status should be “active” in HR system while reimbursement is being
made, resigned employee is not eligible for reimbursement.
10.2 On successful completion of examination, the employee shall apply for
reimbursement by sending the documents to PD department SPOC.
10.3 Documents to be produced for reimbursement are:
a. Proof of payment of examination fee & registration fee.
b. Proof of clearing the examination & completion of program (whichever is
applicable)
10.4 Based on the receipts submitted by the employee the pay-out will be made in
immediately next payroll cycle, after successful completion of the program (as
specified by the completion testimonial / certificate) or intimation to PD SPOC
whichever is later.
10.5 Payment will be made only for one attempt to any qualifying test / exam
incorporated as a part of the course / program.
10.6 If the employee leaves the organization within 12 months, reimbursed amount
shall be adjusted in F&F settlement. Months shall be calculated from payroll
month in which reimbursement is made.
10.7 Employee shall apply for reimbursements under this policy within 45 days of
passing exam or within same calendar year, whichever is earlier.