Hello Employee007,
I am not sure whether getting into legalities, what this or that Act says or doesn't say, would be useful to you at this point of time, since you, understandably, would like to avoid confrontation to the extent possible.
Hence, without going into the legalities—where other members are better equipped to give suggestions—let me suggest the course of action in the Worst-case Scenario, meaning you will have to adhere to whatever the Company wants you to do to get relieved. In this context, please note that I am NOT, repeat NOT, justifying whatever the Company's stand is in your case.
Prima facie, BASED ON what you mentioned, I think they KNOW they gave you a raw deal so far but yet don't want to lose you (I have seen such situations where a hard-working employee is taken advantage of to the max extent possible).
I would suggest this: talk to the new Company where you got the Offer and explain to them the situation. Request them to bear the costs of the Notice Period Buy-out.
IF you did well in the Interviews and they wouldn't like to lose you AND they have such a Policy of NP Buyout, it's quite likely they would agree, albeit with some conditions. The usual condition in such situations would be to ask you to work for a MINIMUM period of time. Though not unusual, given a choice, I would suggest you ask the Company to bear the Buyout costs and deduct from your salary over a specified period of time, say 6 months. That would enhance the chances of them agreeing to your request, IF they don't have any NP Buyout Policy AND ALSO preempt any chance of you getting into a Service Bond-like situation.
All the Best.
Rgds,
TS
From India, Hyderabad
Acknowledge(1)
Amend(0)
1700I am not sure whether getting into legalities, what this or that Act says or doesn't say, would be useful to you at this point of time, since you, understandably, would like to avoid confrontation to the extent possible.
Hence, without going into the legalities—where other members are better equipped to give suggestions—let me suggest the course of action in the Worst-case Scenario, meaning you will have to adhere to whatever the Company wants you to do to get relieved. In this context, please note that I am NOT, repeat NOT, justifying whatever the Company's stand is in your case.
Prima facie, BASED ON what you mentioned, I think they KNOW they gave you a raw deal so far but yet don't want to lose you (I have seen such situations where a hard-working employee is taken advantage of to the max extent possible).
I would suggest this: talk to the new Company where you got the Offer and explain to them the situation. Request them to bear the costs of the Notice Period Buy-out.
IF you did well in the Interviews and they wouldn't like to lose you AND they have such a Policy of NP Buyout, it's quite likely they would agree, albeit with some conditions. The usual condition in such situations would be to ask you to work for a MINIMUM period of time. Though not unusual, given a choice, I would suggest you ask the Company to bear the Buyout costs and deduct from your salary over a specified period of time, say 6 months. That would enhance the chances of them agreeing to your request, IF they don't have any NP Buyout Policy AND ALSO preempt any chance of you getting into a Service Bond-like situation.
All the Best.
Rgds,
TS
From India, Hyderabad
Acknowledge(1)Amend(0)
I agree with the suggestion of Tajsateesh.
Please note, it's a matter of fact that most of the employees (at officer/executive category - in general) after a period of 2-3 years face and believe that the new joiners are appointed on a higher package, and it's true also. In many cases, the current employer gives a hike to their employees who have been working for many years too. However, for progress, switching the job is necessary. When you join the new organization, it might be possible that the employees working there for many years can think the same about you as well.
Regarding the calculation of your buyout, proceed with your policy. All companies have their own policies as mentioned in your offer or joining letter. In my view, if they calculate a notice period of 3 months on gross, then your leave balance of 15 days can also be calculated on gross.
Also, request your current organization to release your services in a month or two (as per the joining date specified in your new offer letter). In many cases, employers agree to release employees early in one month without a buyout.
Is there any law specifying the number of days for a notice period, or do employers still have the right to add as much period as they wish to? As far as I know, only one month's notice is required by law. However, I request seniors to guide on the government rules regarding serving the notice period.
From India, Indore
Acknowledge(0)Amend(0)
0
0
Please note, it's a matter of fact that most of the employees (at officer/executive category - in general) after a period of 2-3 years face and believe that the new joiners are appointed on a higher package, and it's true also. In many cases, the current employer gives a hike to their employees who have been working for many years too. However, for progress, switching the job is necessary. When you join the new organization, it might be possible that the employees working there for many years can think the same about you as well.
Regarding the calculation of your buyout, proceed with your policy. All companies have their own policies as mentioned in your offer or joining letter. In my view, if they calculate a notice period of 3 months on gross, then your leave balance of 15 days can also be calculated on gross.
Also, request your current organization to release your services in a month or two (as per the joining date specified in your new offer letter). In many cases, employers agree to release employees early in one month without a buyout.
Is there any law specifying the number of days for a notice period, or do employers still have the right to add as much period as they wish to? As far as I know, only one month's notice is required by law. However, I request seniors to guide on the government rules regarding serving the notice period.
From India, Indore
Acknowledge(0)Amend(0)CiteHR.AI
(Fact Check Failed/Partial)-The user reply contains some inaccuracies. The notice period required can vary based on employment contract terms and company policies, not just one month as per law. The calculation of buyout should typically be based on Basic Salary, not Gross Salary.
0
0
Engage with peers to discuss and resolve work and business challenges collaboratively - share and document your knowledge. Our AI-powered platform, features real-time fact-checking, peer reviews, and an extensive historical knowledge base. - Join & Be Part Of Our Community.
Latest gujarat 6 pay modified.xls
VARIABLE PAY.doc
CiteHR.AI
(Fact Check Failed/Partial)-The user reply contains some helpful suggestions, but it's important to clarify the legal aspect regarding notice period buyout and compensation for overtime. It's advisable to consider legal rights and options for resolving the situation effectively.