Hi All,
I just wanted to raise a query on Notice period Buyout receipt. Is it mandatory for companies to issue this receipt to employees leaving/ex employees? If yes, could you suggest a format for the letter? And also let me know would there be any liabilities on the Comapany afterwards if this receipt is issued?
From India, Bangalore
3I just wanted to raise a query on Notice period Buyout receipt. Is it mandatory for companies to issue this receipt to employees leaving/ex employees? If yes, could you suggest a format for the letter? And also let me know would there be any liabilities on the Comapany afterwards if this receipt is issued?
From India, Bangalore
I have not come across with separate receipts for the recovery of Notice period pay whereas the same is captured in F/F settlement. I think it is suffice. Pon
From India, Lucknow
From India, Lucknow
Well, the employee is insisting on this to be produced in his/ her new company. It seems they would make a reimbursement if it’s produced. So any suggestions on what could be done?
From India, Bangalore
From India, Bangalore
I recently got the reimbursement of N.Pay recovery from the new employer on production of F/F statement received from the previous employer but it is taxable. Pon
From India, Lucknow
From India, Lucknow
Dear Senior,
if any company policy suggests that three month notice period is mandatory and notice pay buy out is depends on the compnay; an employee who wants to give one month notice period and rest two month negotiation in any of the means if company does not want to do notice pay buy out option?\
what are the possibilities?
jayeeta
From India, Calcutta
if any company policy suggests that three month notice period is mandatory and notice pay buy out is depends on the compnay; an employee who wants to give one month notice period and rest two month negotiation in any of the means if company does not want to do notice pay buy out option?\
what are the possibilities?
jayeeta
From India, Calcutta
Hi Vidya,
As our fellow member Pon had commented, there would not be any receipt given for notice period buy out. Wherein some company may ask a letter from the present employer stating that the employee can be relieved on so and so date, if X amount is paid towards buying out the notice period, which the employee has to serve.
Some companies pay the amount directly to the previous employer, wherein other employers would make that as a reimbursement process. Please check with that employee whether a letter duly signed by the HR would be fine for him/her to claim the amount from his new organization.
From India, Bangalore
As our fellow member Pon had commented, there would not be any receipt given for notice period buy out. Wherein some company may ask a letter from the present employer stating that the employee can be relieved on so and so date, if X amount is paid towards buying out the notice period, which the employee has to serve.
Some companies pay the amount directly to the previous employer, wherein other employers would make that as a reimbursement process. Please check with that employee whether a letter duly signed by the HR would be fine for him/her to claim the amount from his new organization.
From India, Bangalore
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Notice Period Extension Letter Format.doc