In IP agreement IP is define as below

Intellectual Property (whether or not patentable and whether or not made during working hours) is defined as but not limited to: all product specifications, developments, inventions, works of authorship, derivative works, technologies, programs, systems, software, mobile applications and other mobile programming interfaces, designs, methodologies, encryptions, ideas, techniques, patents, formulas, processes, concepts, know-how and date made or conceived or reduced to practice or developed during employment period ,remain the property of XXXXXXX[COMPANY_NAME]XXXX or its affiliates.

This is the first time I have seen any IP agreement. Isn't it too stringent? or its standard practice across industry?