Notice Period Buyout Policy Document
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@nareshvd:> My friend resigned from a company "A". When he had joined the company "A", he had received the amount of notice period which he had paid to his previous company. Now that he has resigned from the Company "A", he is being asked to pay back the amount ...
Assuming:1\. that your friend had to pay Company A a salary in lieu of the prescribed Notice Period he was obliged to give as per the terms of his employment,2\. this amount was reimbursed by Company B, perhaps since they wanted him on board at the earliest, and...
Hello nareshvd,Archna is right. And even if no document is signed, don't you think your friend [or is it 'you'?] there's a moral obligation to pay back when the Company A went the extra distance to pay the Notice Amount to the earlier company? Especially since h...
Hi Naresh,Yes, the company can deduct the amount from F&F, but if no document has been signed, it can be challenged. Most companies have this policy or clause mentioned in either the appointment letter or policy manual.Regards,
My friend resigned from a company "A". When he had joined the company "A", he had received the amount of notice period which he had paid to his previous company. Now that he has resigned from the Company "A", he is being asked to pay back the amount that was pai...
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...
"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...
Dear Group,Our company is planning to initiate a notice period buyout policy for new recruits. I am not familiar with this trend. What would be the bottlenecks one could face when implementing this? Is this practice recommended for a company?Regards,Betzi
Hi Betzi,The only challenge in implementing a buyout as a policy rather than an option is that when an employee resigns, he/she would demand the buyout on the exit date instead of requesting it. This could lead to a lot of discord. I would suggest that you consi...