Actuarial Study Policy - India

January 01st, 2023

Effective Date January 01st, 2023 • Issue No.6.0 • Page 1 of 14 • Private & Non-Sensitive
 Actuarial Study Policy – India

Synopsis
The policy defines process and eligibilities towards completion of Actuarial exam papers. This policy is
applicable to employees of WNS Global Services Pvt. Ltd. from the Insurance business unit – Actuarial job
family.

Reference SUP/150

Status Definitive

Author Compensation and Benefits Team

Authorized Head – Compensation and Benefits

Approved CEO’s Office

Approved CPO

Board Of Director Director – WNS Global Services Private Limited

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 Actuarial Study Policy – India

Table of Contents
1. Objective ................................................................................................................................................... 4

2. Scope ........................................................................................................................................................ 4

3. Definition .................................................................................................................................................. 4

4. Eligibility Criteria ..................................................................................................................................... 4

5. Policy ........................................................................................................................................................ 5
5.1. Study Leave .................................................................................................................................. 5
5.2. Reimbursements ........................................................................................................................... 6
5.3. Subscription Fees ......................................................................................................................... 8
5.4. Financial Incentives ...................................................................................................................... 8

6. Recovery Due to Resignation / Termination ......................................................................................... 9

7. Responsibility ........................................................................................................................................ 10
7.1. BU-HR Responsibilities .............................................................................................................. 10
7.2. Supervisor Responsibilities ......................................................................................................... 10

8. Templates ............................................................................................................................................... 11
8.1. Subscription Fee Reimbursement Template: ............................................................................. 11
8.2. Paper Increment Template: ........................................................................................................ 11

9. Processing Timelines ............................................................................................................................ 11

10. Manager Checklist ................................................................................................................................. 12

11. Exceptions .............................................................................................................................................. 12

12. Effective Date ......................................................................................................................................... 12

Document Control ........................................................................................................................................... 13

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 Actuarial Study Policy – India

1. Objective
This policy defines the process, eligibility and guidelines for reimbursement of expenses incurred during
the course of completing actuarial exams papers while employed with WNS Global Services Pvt. Ltd.

2. Scope
This policy applies to employees of WNS Global Services Pvt. Ltd. aligned to the Actuarial job family
and part of the Insurance business unit.

3. Definition
 Diet – Set of papers that get rolled out each year by the society

4. Eligibility Criteria
 Employees should not have any active disciplinary issue/action.

 While attempting exam, employee under observation, subjected to violation of any WNS policy
including COBEC (Code of Conduct and Business Ethics) and Infosec, will be considered out
scope under this policy.

 Employees with ‘active’ employment status, to pursue certification from the below listed societies
only:

– Institute of Actuaries of India (IAI), India

– Institute and Faculty of Actuaries (IFOA), UK
– Society of Actuaries (SOA), USA;

 Employees will need to be active on the WNS Payroll and should not have tendered their
resignation prior to the payout date

 Paper once cleared from one society while on or off rolls of WNS, if attempted from another society;
will not be covered under the program

 The terms of the policy will apply only to papers cleared post the announcement date of the
revised policy

 Employee shall be eligible for reimbursements/Increments as defined under this policy only when:

– He/ she has made the payment and/or

– Attempted the exam and cleared the same and
– On WNS rolls with ‘active’ employment status

 Employees on expatriation will not fall under the purview of this policy.

 An expat employee (Nationality other than Indian) who is part of WNS Global Services Pvt. Ltd, will
be eligible for appearing for actuarial papers and exam reimbursement under this policy

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 Actuarial Study Policy – India

 Change in compensation due to Study Increment, will not influence the Anniversary Cycle of the
recipient. Policy

5. Policy

5.1. Study Leave

Please find below study leave applicability defined in line to the levels –

REVISED MODEL

Number of Leaves per Paper

Level Subject Code
(in calendar days)

Core Statistics (CS) CS1 & CS2 10

Core Modelling (CM) CM1 & CM2 10

CB1 & CB2 10

Core Business (CB)
CB3 5

CP1 15

Core Practices (CP) CP2 5

CP3 5

Specialist Principles (SP) SP1 to SP9 15

Specialist Advanced (SA) SA1 to SA7 15

 Study Leave entitlement will be as follows:

– First attempt: 100% of study leave

– Second attempt: 50% of study leave
– For any further attempts, study leave will not applicable
– Utilization of even one day’s study leave for a particular paper will be construed as ‘One
Exam Attempt’ regardless of the employee appearing or not appearing for the exam.

 Terms of Eligibility

i. A maximum of 25 calendar days can be availed as leave in a year, including the

examination date and any related training.

ii. The leave plan for each examination session (6 months period) and subject must be
agreed with the reporting manager in advance. Leaves taken prior or without the
manager’s approval will not be considered as study leave and shall be deducted from
employee’s PL balance. In case of no PL balance, this would lead to Leave Without
Pay (LWP).

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 Actuarial Study Policy – India

iii. Study Leaves cannot be clubbed with other leave types such as Restricted Holiday
(RH), Privilege Leave (PL), Special Day Leave or any other applicable leave type.
iv. Unavailed study leave balance cannot be carried forward to the next calendar year.

v. In case of change to the approved leave plan, the employee must seek the manager’s
approval before commencement of the leaves at least 3 days in advance

vi. Employee needs to maintain his/her job performance scores within the permissible
levels.

vii. Employee should not have had any instances of unscheduled absenteeism or
behavioral non-adherence. In case the same is observed, employee would not be
eligible to claim any benefits or reimbursements under this policy.

viii. For non-members of the Institute of Actuaries of India (IAI) & Institute and Faculty of
Actuaries (IFOA), UK taking up exams through other recognized actuarial professional
bodies with different examination patterns shall be entitled to an equivalent study leave.
The precise entitlement in such cases shall be at the discretion of:

□ Head of Actuarial Operations at the role Band DI and above of the project code
and
□ BU-HR Leader at the role Band D and above

ix. Study Leaves are applicable to employees operating in India only

x. Employees on secondment will be eligible to avail Study Leaves, as an exception. This

has to be approved by CI+ operations line manager, prior to availing.

5.2. Reimbursements
Reimbursements shall be made for the following line items, only under the condition that the
employee clears the paper –

Line Items Description

 Cost of course material will be reimbursed on successful clearance

Cost of Course of a paper and
Material  Upon producing the original receipts from the Institute of Actuaries of
India (IAI).

 Tutorial Fees for relevant trainings conducted by the Institute of

Actuaries of India (IAI) only;
 Will be reimbursed for each subject under CA/CP, ST/SP and SA
Tutorial Fees
modules only once.
 Please note, fees paid for tutorial undertaken from the Faculty of
Actuaries (IFOA) is not covered under this policy.

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 Actuarial Study Policy – India

Line Items Description

 For CA2/CP2 (no written examination), the cost will be reimbursed

only after clearing the paper.
Training
 Post clearance, employee to submit original receipts (including
Program Fee
details on cost of workshops, seminars and course material) held by
(for CA2/CP2)
the Institute of Actuaries of India (IAI), along with the reimbursement
template.

 Examination fees will be reimbursed for one successful attempt only.

 The original receipts from the Institute of Actuaries of India (IAI) )
Examination
India / Institute and Faculty of Actuaries (IFOA), UK / Society of
Fee
Actuaries (SOA), USA; along with the performance report have to be
produced for the purpose of reimbursements.

Note

i. All claims to this extent have to be attested by the reporting manager at Role Band CI &
above.

ii. All claims have to be submitted within 30 days from the date of announcement of results

iii. All validated proofs have to be submitted by the 10th of the given month. Submissions made
post 10th will be processed in the subsequent month. Kindly refer to Section 8 of this policy
on timelines.

iv. All claims to be submitted on IExpense portal under the Expense template ‘Other Expenses’
and Expense Type as ‘Study Reimbursement - Actuarial’.

v. Reimbursement claims have to be made separately along with the reimbursement

template. Kindly refer to section 7 of this policy for details
vi. Employees on secondment will be eligible for reimbursements in line with the policy, as
an exception. This has to be approved by operations line manager of Role Band D &
above, prior to availing

vii. Below table indicates per paper cost as per applicable institute. This amount would be
reimbursed at actuals

IFOA IAI
Subject Code
(in GBP) (in INR)

CS1 & CS2 280 5,000

CM1 & CM2 280 5,000

CB1 & CB2 230 3,000

CB3 540 10,000

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 Actuarial Study Policy – India

IFOA IAI
Subject Code
(in GBP) (in INR)

CP1 610 8,000

CP2 470 10,000

CP3 320 8,000

SP1 to SP9 320 6,000

SA1 to SA7 320 7.500

5.3. Subscription Fees

i. Employees are eligible to claim reimbursement towards Subscription Fees from IFOA IAI
and SOA, provided

a. He / She should have cleared a Minimum of 2 papers from the same society, in the
last 12 months prior to the claim; to be eligible for reimbursement of Subscription
Fees

ii. Reimbursement will be paid on actuals

5.4. Financial Incentives

i. Employees who clear papers would be eligible for a financial incentive, that will be added
to their compensation as stated below:

Level Subject Code Increment / Paper Amount (in INR)

CS1 36,000
Core Statistics (CS)
CS2 72,000

CM1 72,000
Core Modelling (CM)
CM2 36,000

CB! & CB2 36,000

Core Business (CB)
CB3 18,000

CP1 100,000
Core Practices (CP)
CP2 & CP3 50,000

Specialist Principles (SP) SP1 to SP9 100,000

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 Actuarial Study Policy – India

Level Subject Code Increment / Paper Amount (in INR)

Specialist Advanced (SA) SA1 to SA7 150,000

ii. Increment will be applicable to an employee in case of SP/ST and SA, given that the
employee appears for a minimum of any 2 papers only in the ST/SP series and any 1 paper
only in the SA series

iii. The changes to compensation will be applied on the annual gross OR fixed pay basis the
salary type* of the employee.

*Salary type defined as below:

– Monthly / Quarterly variable component: Change to compensation applied on annual

fixed pay.
– Annual variable component: Change to compensation applied on annual gross pay.

iv. Any such changes to compensation will be effective from the 01st of the subsequent quarter,
following the below:

– Declaration of the results by IAI / IOA and

– Submission of incentive claim for the papers cleared

v. In case an employee is serving his/ her notice period; the financial incentive will not be
applicable.

vi. Claims have to be made separately – along with the paper completion template available
in Section 7 of this policy and the exam pass summary document from the societies as
applicable.

6. Recovery Due to Resignation / Termination

 On separation (voluntary or involuntary [barring process ramp-down]) from the company within
twelve (12) months of availing the reimbursements, employee will be required to pay back the entire
cost provided towards:

– Course material;
– Course fees;
– Examination fees;
– Training programs and
– Tutorial fees
– Subscription fees
– And any other cost claimed as part of the policy

 For the purpose of calculating the claw-back period, the reimbursement payout date (by the
organization) will be considered as the start date

 In case of involuntary termination of an employee due to disciplinary issues or performance issues,

the entire cost reimbursed to the employee will be recovered in his/ her full and final settlement.

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 Actuarial Study Policy – India

 Study leaves taken in past 12 months prior to the Last Working Day (LWD) will be adjusted
against the prorated unavailed Privilege Leave balance.

 The excess study leave availed will be recovered from the Full and Final settlement basis the
fixed salary prevailing at the time of exit.

 Any employee serving notice period OR who have tendered their resignation, will not be eligible for
incentive/ salary change/ reimbursements that falls under the purview of this policy.

7. Responsibility
7.1. BU-HR Responsibilities
 Track all reimbursements made to employees

 Track all claims submitted by employees

 Check if there are any recoveries to be made for study support

 Co-ordinate with HR and Payroll Processing Team in Finance on the actual amount to be
recovered

 Communicate the recovery amount to the employee.

 Ensure employee submits the Demand Draft (DD) to BU-HR OR the amount is adjusted
from the F&F settlement on his/ her last working day.

 BU-HR submits the Demand Draft to Finance for Exit Clearance sign off

 BU_HR uploads the input for Full and Final settlements

 Highlight change in job family in case the employee has been transferred to another job
family.

 Highlight all employees’ part of the job family “Actuarial” while sharing details with
separation desk.

7.2. Supervisor Responsibilities

 Validate all claims made by team members

 Artifacts submitted by the team members, to be validated for completion. Refer - Manager
Checklist

 Track the number of attempts made by team members against the paper being claimed for

 Track all study leaves availed by team members and ensure it is updated in PeopleSoft

 Ensure appropriate templates are used for the claims

 Share the details as a part of the hand over, every time an employee moves
teams/managers

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8. Templates
8.1. Subscription Fee Reimbursement Template:
Subscription Fee Reimbursement Template
Authorizing Authorizing
Emp Emp Subscription Previous Previous
DOJ Paper Society Diet Diet Diet Manager Manager
ID Name Fees Paper - 1 Paper - 2
(BII/BI) (C+)
Apr-21 Sep-20 Apr-20

8.2. Paper Increment Template:

Paper Completion Increment Template
Authorizing Authorizing
Previous
Emp ID Emp Name DOJ Paper Society Diet Diet Manager Manager
Paper
(BII/BI) (C+)
Apr-21 Sep-21

9. Processing Timelines

Submission Period Reimbursement Incentive

11th December – 10th January January Payroll 1-April

11th January – 10th February February Payroll 1-April

11th February – 10th March March Payroll 1-April

11th March – 10th April April Payroll 1-July

11th April – 10th May May Payroll 1-July

11th May – 10th June June Payroll 1-July

11th June – 10th July July Payroll 1-October

11th July – 10th August August Payroll 1-October

11th August – 10th September September Payroll 1-October

11th September – 10th October October Payroll 1-January

11th October – 10th November November Payroll 1-January

11th November – 10th December December Payroll 1-January

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 Actuarial Study Policy – India

10. Manager Checklist

Manager Validation Checklist

Document Reimbursement Increment

Submission Timeline  

Submission Template  

Exam History  

Bank Statement  -

C+ Authorization  

Subscription Fees - 2 Paper Check  

11. Exceptions
Any exceptions to this policy must be approved by the Group CEO / CFO/ CPO.

12. Effective Date

This policy comes into effect from January 01st,2023

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 Actuarial Study Policy – India

Document Control
Title: Actuarial Study Policy – India

Identification: SUP/150 No of pages: 13

Issue Number: 6 Amendment: Fifth

st
Date of issue: January 1 ,2023 Status: Definitive

Amendment summary:

Date Version Reason for Amendment

Changes in the below section of the policies:

 Claw-back period
May 01st, 2015 2
 Process on resignation

 Effective date of new compensation

1) Amendments to the below sections:

– Scope

– Entry/ Exit criteria

– Policy Guideline

August 01st, 2018 3 – Recovery Due to resignations/ terminations

for cause

2) Addition of the below sections:

– Templates

– Processing Timelines

 Introduction of new Study Model

 Reimbursement submission last date revised

 Inclusion of UK and US institute

st
August 01 , 2019 4
 Addition to BU-HR responsibilities

 Claw-back clause made more specific

 Inclusion of certification related definitions

September 01st,2021 5  Entry / Exit Criteria removed

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 Actuarial Study Policy – India

 Included reimbursement of subscription fees

 Included employees on secondment – coverage

extended to Study leave & reimbursements

 Financial Incentive amounts for CS2 & CM1 revised

 Included recovery of subscription fees due to

resignation / termination

 Study leaves corrected for exams - CM1, CM2,

CB1, CB2 (from 5 days to 10 days) and for CB3 15
days’ study leave to 5 days
 Reimbursement process -- All claims to be
January 01st, 2023 6 submitted on iExpense portal under the Expense
template ‘Other Expenses’ and Expense Type as
‘Study Reimbursement - Actuarial’
 Recovery clause elaborated on study leaves

Circulation: All employees of WNS Global Services Pvt. Ltd.

External references: Not applicable

Associated documents: None

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