Benefits at Progress India
Progress Software offers a comprehensive, competitive benefits package for our employees in India.*
- Interest Subsidy on Loans: Employees, who meet the eligibility requirements and satisfy other conditions of this policy, will be reimbursed for the amount of interest paid either on the Personal loan or Vehicle loan, based on the limits. The limits (restricted to the lower of the two) on the amount of interest per year on Personal loan is INR 20,000 or 80% of the actual interest and Vehicle loan is INR 35,000 or 80% of the actual interest.
- Health Club Reimbursement: Employees, who meet the eligibility requirements, will be reimbursed for expenses up to INR 800 per month or 80% of the actual expenditure (restricted to the lower of the two), related to health club membership, on submission of the relevant receipts.
- Tuition Reimbursement: Employees, who meet the eligibility requirements, will be reimbursed the tuition fees for job related or future job related higher education/courses up to INR 20,000 per year or 80% of the actual expenditure (restricted to the lower of the two), subject to necessary approvals and on submission of the relevant receipts.
- Employee Conveyance Benefit: Progress Software offers conveyance benefit of INR 2,200 per month, subject to applicable taxes, to the employees who meet specific eligibility criteria, to offset the personal costs of conveyance between the office and the residence.
- Meal Vouchers: Progress Software provides all the employees with tax-free meal vouchers for INR 1,300 per month.
- Mediclaim Insurance: Progress Software provides group medical insurance coverage for INR 5,00,000 on a FLOATER basis for the employee and for up to three eligible dependents, including dependent parents. Coverage includes pre-existing diseases, maternity benefit with waiver of 9 months waiting period, day one coverage for newborn children, waiver of first year exclusions and also of 30 days waiting period. Cashless facility available in all Network hospitals.
- Personal Accident Insurance: Progress Software provides group personal accident insurance coverage of INR 10,00,000 to the employee.
- Life Insurance: Progress Software provides group life insurance coverage to the employee for approximately up to two times the annual gross salary.
- Leave and Leave encashment: 21 days of earned leaves, 1 day of special leave (birthday or anniversary), 3 days of paternity leave and maternity leave as per the act. Leave accrual up to a maximum of 50 days and encashment @ Basic+HRA at the time of separation, based on eligibility.
- Holidays: 10 paid holidays and 1 optional holiday per year.
* This is for informational purposes only and does not include all benefit terms, exclusions, limitations and other provisions. If this information differs from insurance contracts or benefit plan documents, such documents will prevail.
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