Date: 27.12.

2022
College: NIT Surathkal
Offer Letter

Dear Meet Ajay Shah,

Congratulations!
We are delighted to make you an offer into Chetak Technology Limited’s (CTL) Flying Start – Graduate
Trainee Engineer Program.

As part of your first year at CTL you would go through a rotation program which will also include an
exposure to our manufacturing units. During your rotation you will get the opportunity to not only work
with the best people in the industry but also get mentored by leaders.

Our Compensation offer is attached. You will receive a detailed Appointment Letter shortly. Terms for
your employment will be as follows:

▪ While you are in the service of the Company, you will abide by the working hours and
other Standing orders, code of conduct of the company, rules and regulations as
applicable to the department, branch or place of your posting. Any violation of these may results
in appropriate disciplinary action including termination of your service without any notice or salary
in lieu of thereof.
▪ You shall not, during and after your employment with the company, divulge Confidential
Information outside of the Company in any manner whatsoever and within the Company; you may
divulge Confidential Information only to those who have a need to know it in the best interest of
the Company.
▪ Any joining/ relocation expense (to include accommodation, travel and any other joining expenses)
& training expense (fixed Amount of INR 14,952/-) paid to you by the company will be recovered
from you in case you resign from the services of the company within one year.
▪ Your offer is subject to getting your medical fitness certified by the medical officer of the company.
▪ Your appointment at CTL is subject to background verification, which would be conducted by an
independent agency empanelled with us. By signing this offer letter, you are giving your consent
to the background verification.
Kick-start your career with Chetak Technology Limited with this offer from us. We look forward to
working with you!

Best Regards

Divisional Manager – Human Resources

 Graduate Trainee Engineer - 2023 Remuneration
Remuneration Components INR

A. Fixed Gross 8,93,000

B. Maximum Performance Reward
1,57,000
Linked with Annual rating & ranking process
C. CTC
10,50,000
(A+B)
D. Value of Insurance Benefits 24,000

E. Deferred Bonus 1,00,000

GTE Remuneration
11,74,000
(C+D+E)

▪ GTE period is for 1 year from Date of Joining.

▪ Annual increments at CTL are calculated on amount mentioned in point no. C i.e., CTC (Fixed Gross +
Maximum Performance Reward)
▪ As per the existing performance reward policy:
• The Performance Reward is an annual payment.
• Employees are ranked in 4 different ranking clusters (RC1 to RC4) based on their own performance
and other specific parameters for the Business Unit.
• Employees ranked under RC1 to RC3 (RC1 being the top/highest) ranking cluster will be eligible for
Performance Reward pay-out, while the reward pay-out percentage will vary based on the Ranking
Cluster.
• Employees ranked under the bottom ranking cluster (RC4) will not receive any performance reward
pay-out.
▪ Employees are not eligible for annual increments, performance reward and / or arrears, if the resignation
date of an employee falls prior to the release of an annual increment letter / performance letter.
▪ The Deferred Bonus is a one-time bonus, payable after completion of one year from the date of joining if the
person is on the payroll of CTL and not serving notice period on the date of payment.
▪ Rs.8000 per month from above Fixed Gross will not be paid to employee if he/she avails company provided
accommodation
o Such accommodation will be offered only for 1 year from joining, based on the availability
o The employee will be liable for any perquisite tax implications arising due to availing company
provided accommodation

Campus Relations contact: Himani Raj – hraj1@bajajauto.co.in