Policiesfilename 5

NETSOL Vehicle Policy
v1.2
October 1, 2022
1
©2021 NETSOL Technologies Ltd. All rights reserved.
Any unauthorized use or copy of this document is strictly prohibited.
Documents Information
Category Information
Document Vehicle policy Document
Version 1.2
Lead Author HCD
Status Approved
Identifier NETSOL Vehicle Policy

Reviewer (initial) HCD
Reviewer (Final) Policy Review Committee
Approver(s) Chairman, CEO, COO and Director Finance

Effective Date Oct 01, 2022
Distribution All Concerned - Private
2
1. Policy Overview
NETSOL’s vehicle policy provides guidelines to employees for obtaining, qualifying for, and using a
company vehicle. A “company vehicle” is any vehicle assigned/provided by the company to its
employees. This policy applies to all employees who use a company vehicle and is applicable during
and after working hours.
2. Purpose & Scope

The purpose of this document is to create guidelines, processes, and responsibilities for all vehicles
that are owned/provided by NETSOL Technologies. It also mentions monthly car allowance limits for
employees in different grades. Details of the process, policy and limits are as below:
a. Company Car Allowance
i. The company extends a motor vehicle allowance benefit to employees in the

Career Grades 5 C to 8 A.
ii. Employees in senior grades are entitled to avail this allowance as per the
following table:
Career Grade Maximum Motor Vehicle

Level Allowance (PKR)
8A 50,000
8B 50,000
8C 50,000
8D 50,000
7 40,000
6 30,000
5C 20,000
iii. The monthly motor vehicle allowance, up to the career grade limit, will be
paid by the Company with the monthly salary.
b. Company Maintained Car

i. Employees with outstanding work performance can be issued a car on
special approval from Chief Operating Officer. Employee(s) who are
provided with company-maintained car will not be entitled to a monthly car
allowance. Specifications of the company-maintained car will be as per
management decision.
ii. HCD Head will forward a request to Chief Operating Officer. Upon approval
from the COO, C&B will forward EDF to the Head of Procurement
department with vehicle details as approved by the COO.
iii. Procurement department can also issue cars already available in the
company car-pool.
iv. In case a new car is required, the purchase order will be generated. The
procurementprocess as per policy will be followed for the purchase.
v. Car documents and duplicate keys will be maintained by the Procurement
department. Employees will be issued car with keys and car registration
documents.
vi. Car maintenance will be managed by the admin department. For this
purpose, a logbook must be maintained for each car by the admin
department. Employees will be informed by the relevant person for
scheduled maintenance.
vii. Car accidents will also be reported to the Admin department and Admin will
forwardthe case to Procurement. Process of insurance claim and third party
insurance will be handled by procurement and any loss or damage due to
an accident will be claimed through an insurance company.
viii. Token taxes and annual insurance of company cars will be managed by the
admin department.
ix. Buyback option (85-90%) can be given to an employee after 4 years of
vehicle issuance.
c. Company Maintained Fleet of Cars

i. Admin department is responsible for maintaining all fleet cars/vans
owned by NetSol Technologies and keeping them in good running
condition.
ii. Senior employees may rent these vehicles (if free) at a certain rate per
KM.
d. Vehicle Handling at Employee Exit

i. Cars will be returned to the Company assets pool at the time of exit.
Admin department is responsible for inspecting the vehicle and
submitting a report to HCD.
ii. For company cars, employees will not have the option to buy the car, unless
special approval is provided by the CEO/ COO.
iii. In the HRIS exit clearance process, a tab will determine the Transfer of
ownership status.
iv. If an employee has bought an asset that is under NETSOL’s name, the exit
process will not be completed until the asset is transferred to the
employee’s name.
e. Traffic Violation payments

i. Payment of all traffic challans for company-provided cars is solely the
responsibility of the executive to whom that vehicle is allotted. In case
challans are received at theoffice, Admin dept. will be responsible for paying
these challans and informing HCD.Copy of paid challan will be sent to the
executive via email and the same amount willbe deducted from their salary.
ii. Company has no legal obligations in case a bike or car is used in illegal
activities/accidents. The relevant employee is solely responsible for such
acts.
iii. Any traffic violation done by company drivers on company assets, the Admin
department will be responsible for paying these violations. If required, the
driver may be penalized after a proper investigation is done.
iv. Employees must report any accident, theft or malicious damage involving a company
vehicle to their supervisor and the Personnel Department, regardless of the extent of
damage or lack of injuries. Such reports must be made as soon as possible but no later
than 48 hours after the incident. Employees are expected to cooperate fully with
authorities in the event of an accident. However, employees should make no
voluntary statement other than in reply to questions of investigating officers.
4
f. Car Financing Scheme
Under the Car Financing Scheme, financing is available to the employees of NetSol
Technologies, in grades 2 - 5 after approval of car financing committee on the following terms
and conditions:
1. Employee is eligible for the approved entitlement after gaining approval from the
car finance committee. Employees are allowed to select any vehicle of their
choosing under the approved entitlement, and the employee will lease that
vehicle and register it in his name.
2. Only employees with consistent exemplary performance (A & T1) will be
accommodated through this scheme. Employees who are self-driven, result
orientated, positive in attitude, forward looking and eradicate demotivation,
gossip and negativity at their level will be given priority over others. Preference
would be given to the younger employees who have the competence to become
future business leaders in the organization.
3. The employee will get the car financed by himself and the company will make
monthly payment of its 30% portion for 36 months.
4. The down payment, cost of registration, insurance, annual token tax and markup
will be considered in the total value of which 70% would be paid the employee
and 30% by the company.
5. The employee will pay the 70% of the approved entitlement in monthly
installments during the lease term.
6. New or used car which falls under the leasing & financing framework of financial
institutions can be acquired.
7. Employee car financing loan will be secured against an open cheque from the
employee. Furthermore, as best practice it is preferred that provident fund loan
shall not be requested during car financing settlement period. However, on
special request based on the urgency and sensitivity of the request, shall be
reviewed before sanctioning the utilization of Provident Fund.
8. All expenses for running and maintaining the vehicle and keeping it in good
running condition will be borne by the employee under the Car Financing Scheme.
9. Employee may apply for a next car after one year of 3 years lease period term.
10. Committee comprising of Head of NFS, Director Finance, Head of BIG, Head of
HCD would approve the cases presented to the committee.
g. Company Vehicles in Car Financing Scheme Grade (2 - 5)
Grades No of Vehicles ( Annually) Entitlement Limits

2 4 2.5 million rupees
5

Policiesfilename 5

Uploaded by

Copyright:

Available Formats

Policiesfilename 5

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Policiesfilename 5

Uploaded by

Copyright:

Available Formats

NETSOL Vehicle Policy

Document Vehicle policy Document

Lead Author HCD

Identifier NETSOL Vehicle Policy

Reviewer (Final) Policy Review Committee

Approver(s) Chairman, CEO, COO and Director Finance

2. Purpose & Scope

i. The company extends a motor vehicle allowance benefit to employees in the

Career Grade Maximum Motor Vehicle

b. Company Maintained Car

c. Company Maintained Fleet of Cars

d. Vehicle Handling at Employee Exit

e. Traffic Violation payments

g. Company Vehicles in Car Financing Scheme Grade (2 - 5)

Grades No of Vehicles ( Annually) Entitlement Limits

You might also like