I want to leave my organisation and I cant serve 2 months notice period.
It is not practical to serve 2 months notice period.
If i buyout my notice period, How much would i have to pay???
(Will that be equal to my monthly gross salary*2) or (the amount that gets credited in my Bank account as salary * 2) ????
the following is my salary breakup :-
Basic Rate : 3,100.00 HRA Rate : 1,550.00
-------------------------------------------------------------------------------------
EARNINGS AMOUNT DEDUCTIONS AMOUNT
-------------------------------------------------------------------------------------
BASIC : 3,100.00 PROVIDENT FUND : 372.00
HOUSE RENT ALLOWANCE : 1,550.00 PROFESSION TAX : 175.00
CONVEYANCE ALLOWANCE : 800.00 E.S.I.S. : 149.00
OTHER ALLOWANCES : 3,040.00
-------------------------------------------------------------------------------------
Total Earnings : 8,490.00 Total Deductions : 696.00
-------------------------------------------------------------------------------------
My CTC is 8862 and Net Payable is 7,794.00
If i buyout my notice period, How much would i have to pay???
From China
2It is not practical to serve 2 months notice period.
If i buyout my notice period, How much would i have to pay???
(Will that be equal to my monthly gross salary*2) or (the amount that gets credited in my Bank account as salary * 2) ????
the following is my salary breakup :-
Basic Rate : 3,100.00 HRA Rate : 1,550.00
-------------------------------------------------------------------------------------
EARNINGS AMOUNT DEDUCTIONS AMOUNT
-------------------------------------------------------------------------------------
BASIC : 3,100.00 PROVIDENT FUND : 372.00
HOUSE RENT ALLOWANCE : 1,550.00 PROFESSION TAX : 175.00
CONVEYANCE ALLOWANCE : 800.00 E.S.I.S. : 149.00
OTHER ALLOWANCES : 3,040.00
-------------------------------------------------------------------------------------
Total Earnings : 8,490.00 Total Deductions : 696.00
-------------------------------------------------------------------------------------
My CTC is 8862 and Net Payable is 7,794.00
If i buyout my notice period, How much would i have to pay???
From China
The buyout notice period is becoming common now. We cannot always encourage this because what would happen if you are unable to join that new company for some reason or other? They can sue you for their delivery delay and make you work without cost for a minimum period just becos you didn't join them on time. Without any legal clause for their support, they will not buy you notice period.
Buying means your 'Gross' and not the Net, you assume that you have no LOP and statutory benefits are applicable.
It is not a matter of negative thought but a precautionary measure of 'cause & effect.'
Regards,
Chandru
From India, Madras
Buying means your 'Gross' and not the Net, you assume that you have no LOP and statutory benefits are applicable.
It is not a matter of negative thought but a precautionary measure of 'cause & effect.'
Regards,
Chandru
From India, Madras
I have resigned from my organisation and right now on notice period. Earlier my company had 3 months of notice period with buy out option. So as per that I planned to serve 2 months of notice and asked them to adjust my earned leaves for 1 month. But now my company has changed their notice period policy 2 months when I am on notice period. They told me that this policy change will not be applicable to me since I am on notice period. I am not sure if this is right because the policy change should be applicable to all the employees as I am still working for them. I think they do not want pay for my accrued leave balance that is why giving me this inappropriate reason. Can you please advise me on this that what steps should I take in situation?
Thanks!!
From India, New Delhi
Thanks!!
From India, New Delhi
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