Notice Period Buyout Calculation
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Hi Aarti,Please check your employee manual. Notice Pay varies from company to company. Some deduct just basic pay, while others deduct net salary, etc.Regarding deductions, please request your manager to waive off the remaining one month of the notice period sin...
Hi,I have served a 31-day notice period, but as far as my understanding goes, I thought they would deduct my basic pay, not the whole salary.
Hello nuralamrajon,Your company is right—as per the clause you mentioned. Basically, you have a difference of 9-10 days between what you need and what the company rules dictate. I can see you have 2 options to handle this:1\. Talk to your manager and assure you ...
I have been working with an IT service company for 1 year and 4 months. I resigned from my company on the 19th of August 2011\. My company has a notice period of 2 months. The appointment letter states that: "the company reserves the right to pay or withdraw sal...
Hi Jeevan,Thanks for your reply.In the below phrase of my offer letter:"n case of failure to give such written notice within the prescribed time, you are bound to make good the loss suffered by the company and any other changes/liabilities company incurs consequ...
Hi all,I have been working in a Pvt Ltd company for the past couple of years. However, in April 2015, my project closed, and I was placed on the bench. On May 4, 2015, I moved to a different short-term project for three months. After spending two weeks on this n...
"Notice period can't be waived off. Does that mean notice period cannot be bought out?"The amendment makes it clear that you have to serve the notice period and cannot buy it out. Have they spoken or consulted with employees whose original terms and conditions p...
My appointment letter states that employment can be terminated by either party with one month's notice or payment in lieu. However, my company revised the terms last year, extending the notice period to 2 months and specifying that a waiver of the notice period ...
My appointment letter says any shortfall in the notice period can be adjusted in lieu of payment. However, the new policy on the notice period states that the notice period cannot be waived off. Does that mean the notice period cannot be bought out?
Hi,The information provided is not sufficient to suggest on this matter. In general, the management reserves the right to waive the notice period when an employee submits resignation. Alternatively, an employee may also approach the management amicably in the ev...