How does a company calculate Balance Vacation when leaving an organization when the contract clearly states Vacation is for working days.
From India, Pimpri
From India, Pimpri
Dear Jyoti Nayak,
I am unable to understand exactly what you mean by ' vacation '. Is it the EL at credit used by the employees for the purpose of going on vacation at prefixed periodicity similar to Leave Travel Assistance? If yes, it is only a contractual benefit squarely falling within its own terms and conditions. If there is a stipulation that it shall be applicable to only those employees in service, certainly it cannot be surrendered for cash benefits by an employee while leaving the organization.
At the same time, surrender of EL at the credit of the employee subject to the ceiling for cash value on termination of employment is a statutory benefit. Just because it is clubbed with the scheme of LTA or organization-assisted vacation with such a condition, neither the employee can be deprived of his statutory benefit of surrender leave salary nor the employer be absolved of his statutory obligation at the termination of employment. Of course, the exiting employee cannot claim the extra cash benefit of travel assistance.
My above observations are based on the presumption of availing of EL linked with LTA or a similar vacation scheme.
From India, Salem
6018I am unable to understand exactly what you mean by ' vacation '. Is it the EL at credit used by the employees for the purpose of going on vacation at prefixed periodicity similar to Leave Travel Assistance? If yes, it is only a contractual benefit squarely falling within its own terms and conditions. If there is a stipulation that it shall be applicable to only those employees in service, certainly it cannot be surrendered for cash benefits by an employee while leaving the organization.
At the same time, surrender of EL at the credit of the employee subject to the ceiling for cash value on termination of employment is a statutory benefit. Just because it is clubbed with the scheme of LTA or organization-assisted vacation with such a condition, neither the employee can be deprived of his statutory benefit of surrender leave salary nor the employer be absolved of his statutory obligation at the termination of employment. Of course, the exiting employee cannot claim the extra cash benefit of travel assistance.
My above observations are based on the presumption of availing of EL linked with LTA or a similar vacation scheme.
From India, Salem
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.
HR-balance scorecard.zip
Balance score card.pdf
PF Amount Balance Check.xls