LTA APPLICABLE ?
Similar is the case with me. However, i was in the company for a period of 10 months. I was in a company (private bank) for the period May 2007 to Mar 2008 in Mumbai. I was on probation from May to Nov 2007 and confirmed w.e.f November 2007.
The attachment was my salary structure in the previous organisation where the LTA was also included in my Annual CTC. You may also refer the same.
After putting my resignation and before the full and final settlement, I had orally asked HR for payment of LTA. However, the HR informed that this is applicable to employees who have completed one year of service.
My appointment/offer letter of my company stated the following w.r.t LTA.
You are entitled to claim LTA only after completion of one year of service in the company.
Can you confirm whether I can claim LTA from them and if they inform that I am not eligible, how should I proceed further in the matter to claim LTA.
Thanks & Regards
Srinivas Mani
09833418230
Email :shrinivasmani@yahoo.com
From India, Mumbai
Similar is the case with me. However, i was in the company for a period of 10 months. I was in a company (private bank) for the period May 2007 to Mar 2008 in Mumbai. I was on probation from May to Nov 2007 and confirmed w.e.f November 2007.
The attachment was my salary structure in the previous organisation where the LTA was also included in my Annual CTC. You may also refer the same.
After putting my resignation and before the full and final settlement, I had orally asked HR for payment of LTA. However, the HR informed that this is applicable to employees who have completed one year of service.
My appointment/offer letter of my company stated the following w.r.t LTA.
You are entitled to claim LTA only after completion of one year of service in the company.
Can you confirm whether I can claim LTA from them and if they inform that I am not eligible, how should I proceed further in the matter to claim LTA.
Thanks & Regards
Srinivas Mani
09833418230
Email :shrinivasmani@yahoo.com
From India, Mumbai
Yes if LTA/C is under CTC and if Not Mentioned the Terms of Elegibility then whatever months he/she works, has to be paid. Otherwise follow Appointment Letter if any contion is mentioned for LTA payment.
From India, Ahmadabad
73From India, Ahmadabad
Hi,
I was working in a company (Pvt. Sector bank) as Manager from May 2007 to Mar 2008 where they had mentioned that LTA is applicable to a confirmed employee only after completion of one year of service.
I have left the said company in March 2008, however, the company says that LTA can be claimed only after 1 year. I Joined the company on May 9 2007 and was on probation till Nov 2007 and after that I was confirmed. I left the job in March 2008. As per you, I can claim LTA. Is there any act on the basis of which I can claim. the FY 2007-08 has also passed, would they give. They have not given it as part of full and final settlement saying that it can be claimed only if a person has worked for more than 1 year.
The following was my salary structure in the previous organisation where the LTA was also included in my Annual CTC. I have also attached a file stating the salary. You may also refer the same.
Monthly Salary
Type of SalaryPer MonthBasic Salary14670Conveyance800HRA8500Medical Reimbursement1250Other Allowance 7560Sodexho Meal Coupons910Provident Fund1760Leave Travel AllowanceMonthly Salary35450
Annual Salary
Type of SalaryPer AnnumBasic Salary176040Conveyance9600HRA102000Medical Reimbursement15000Other Allowance 90720Sodexho Meal Coupons10920Provident Fund21120Leave Travel Allowance14670Annual CTC440070
After putting my resignation and before the full and final settlement, I had orally asked HR for payment of LTA. However, the HR informed that this is applicable to employees who have completed one year of service.
However, I have been informed by one of the members of CiteHR that since LTA was a part of my CTC which was agreed at the time of appointment, of course I will entitiled for LTA after one year service because of it is normily yearly paid benefit. But in case of Full & Final settelment I have right to claim all due amounts till date u served with company. it is another matter that it will be taxable.
Kindly clarify can I take up the matter with the company on this pont.
Thanks & Regards
Srinivas Mani
09833418230
From India, Mumbai
I was working in a company (Pvt. Sector bank) as Manager from May 2007 to Mar 2008 where they had mentioned that LTA is applicable to a confirmed employee only after completion of one year of service.
I have left the said company in March 2008, however, the company says that LTA can be claimed only after 1 year. I Joined the company on May 9 2007 and was on probation till Nov 2007 and after that I was confirmed. I left the job in March 2008. As per you, I can claim LTA. Is there any act on the basis of which I can claim. the FY 2007-08 has also passed, would they give. They have not given it as part of full and final settlement saying that it can be claimed only if a person has worked for more than 1 year.
The following was my salary structure in the previous organisation where the LTA was also included in my Annual CTC. I have also attached a file stating the salary. You may also refer the same.
Monthly Salary
Type of SalaryPer MonthBasic Salary14670Conveyance800HRA8500Medical Reimbursement1250Other Allowance 7560Sodexho Meal Coupons910Provident Fund1760Leave Travel AllowanceMonthly Salary35450
Annual Salary
Type of SalaryPer AnnumBasic Salary176040Conveyance9600HRA102000Medical Reimbursement15000Other Allowance 90720Sodexho Meal Coupons10920Provident Fund21120Leave Travel Allowance14670Annual CTC440070
After putting my resignation and before the full and final settlement, I had orally asked HR for payment of LTA. However, the HR informed that this is applicable to employees who have completed one year of service.
However, I have been informed by one of the members of CiteHR that since LTA was a part of my CTC which was agreed at the time of appointment, of course I will entitiled for LTA after one year service because of it is normily yearly paid benefit. But in case of Full & Final settelment I have right to claim all due amounts till date u served with company. it is another matter that it will be taxable.
Kindly clarify can I take up the matter with the company on this pont.
Thanks & Regards
Srinivas Mani
09833418230
From India, Mumbai
Dear sweetu, Yes, Ex gratia, bonus and LTA is a part of CTC and when an employee resigns, that amount needs to be paid in the form of full and final settlement form.
From India, Gurgaon
From India, Gurgaon
Hi All,
I just started working on revamp of existing policies, i come from a pure recruitment back ground and i wish expolre in core areas of HR. Can you guys share me some sample LTA policies?
Lakshman Kodupaka
Asst Manager- Recruitments,
SemanticSpace Technologies,
5th Floor, DHFLVC Silicon Towers, Madhapur Road, Kondapur, Hyderabad – 500032, AP, India.
Phone: +91-40-39991580| +91-40-39991999 Extn 1580
Mobile: +91 - 9949794550
Visit us at www.semanticspace.com
From India, Hyderabad
I just started working on revamp of existing policies, i come from a pure recruitment back ground and i wish expolre in core areas of HR. Can you guys share me some sample LTA policies?
Lakshman Kodupaka
Asst Manager- Recruitments,
SemanticSpace Technologies,
5th Floor, DHFLVC Silicon Towers, Madhapur Road, Kondapur, Hyderabad – 500032, AP, India.
Phone: +91-40-39991580| +91-40-39991999 Extn 1580
Mobile: +91 - 9949794550
Visit us at www.semanticspace.com
From India, Hyderabad
Hi All,
The employee needs to go through her/his employment to see the salary components and the CTC, which has been accepted. The employers should make all payments in terms of the employment and the calculations should be made as per the applicable laws in teh country and the rules of the employer (company). Howeverr it should be noted that the Company's internal rules should not override the provisions in the applicable Government Laws / Rules.
When it comes to Final settlement while leaving the employment of an organisation the following issues will come in to picture
1. LTA - Payable as per the contract of employment.
2. Leave Encashment - payable as per the policy of the Organisation and the provisions in the applicable Acts like Factories Act, Shops & Establishment Act in India & the method of calculation will be as per the policy or the relevant Acts.
3. Ex-gratia - Payable prorata as per the terms of employment.
4. Gratuity - is governed by teh Payment of Gratuity Act in India & is payable as per the provisions therein. on completion of 4.6 or 5 yrs. in the company, the employee is leaving.
5. Salary - Payable for the part of the month, if advance notice was served on the employer as per the terms of Employment Contract (Appointment Letter / Confirmation Letter)
6. Bonsu - as per the provisions of payment of payment of Bonus Act & also Employment Contract.
From Iraq, Erbil
The employee needs to go through her/his employment to see the salary components and the CTC, which has been accepted. The employers should make all payments in terms of the employment and the calculations should be made as per the applicable laws in teh country and the rules of the employer (company). Howeverr it should be noted that the Company's internal rules should not override the provisions in the applicable Government Laws / Rules.
When it comes to Final settlement while leaving the employment of an organisation the following issues will come in to picture
1. LTA - Payable as per the contract of employment.
2. Leave Encashment - payable as per the policy of the Organisation and the provisions in the applicable Acts like Factories Act, Shops & Establishment Act in India & the method of calculation will be as per the policy or the relevant Acts.
3. Ex-gratia - Payable prorata as per the terms of employment.
4. Gratuity - is governed by teh Payment of Gratuity Act in India & is payable as per the provisions therein. on completion of 4.6 or 5 yrs. in the company, the employee is leaving.
5. Salary - Payable for the part of the month, if advance notice was served on the employer as per the terms of Employment Contract (Appointment Letter / Confirmation Letter)
6. Bonsu - as per the provisions of payment of payment of Bonus Act & also Employment Contract.
From Iraq, Erbil
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