Hi,
I had to resign ,working as a business development manager in a private life insurance company in India. Because of negative growth of the industry ,my performance was poor and I was forced to resign and I was informed that 30days notice period will be given to find another employment. After serving 7 days of notice,suddenly my attendance log in ID stopped working. I tried to contact our local HR RM ,but he was not attainable on phone and my ex line manger was busy. So, I sent HRD a mail from my personal mail ID ,explaining him the problem in attending my notice period. His response was" that my notice period has been waived of and it has been discussed with my ex line manager.
Now after receiving my F&F letter , I am seeing that my resignation has been processed on the same day of submission . And "notice period waived off means" - they are not paying for it ( not even for the 7days i have served). Hence monitory value of my F&F is NIL.
Can they do that ?
From India, Kolkata
2I had to resign ,working as a business development manager in a private life insurance company in India. Because of negative growth of the industry ,my performance was poor and I was forced to resign and I was informed that 30days notice period will be given to find another employment. After serving 7 days of notice,suddenly my attendance log in ID stopped working. I tried to contact our local HR RM ,but he was not attainable on phone and my ex line manger was busy. So, I sent HRD a mail from my personal mail ID ,explaining him the problem in attending my notice period. His response was" that my notice period has been waived of and it has been discussed with my ex line manager.
Now after receiving my F&F letter , I am seeing that my resignation has been processed on the same day of submission . And "notice period waived off means" - they are not paying for it ( not even for the 7days i have served). Hence monitory value of my F&F is NIL.
Can they do that ?
From India, Kolkata
Thank you for your prompt response.
And no sir, they didn't paid for those days. Since you cared to answer. I would like you to know that ,I also took a medi - claim on my parents by paying extra premium and had to admit my father to a hospital for undergoing surgery . That bill of 30k has also got declined. I was working there for 11 months .
I am the only earning member of my family and this situation has making my life very difficult. Is their any way to deal with this dissension ?
From India, Kolkata
And no sir, they didn't paid for those days. Since you cared to answer. I would like you to know that ,I also took a medi - claim on my parents by paying extra premium and had to admit my father to a hospital for undergoing surgery . That bill of 30k has also got declined. I was working there for 11 months .
I am the only earning member of my family and this situation has making my life very difficult. Is their any way to deal with this dissension ?
From India, Kolkata
They have made a sucker of you, it seems
If you had been terminated, they would have to pay ou full salary
Instead, they smartly asked you to resign so that you will not have any negative record.
Once you resigned, they have accepted by waiving notice period. That way, they do not have to pay you for the notice period. Waiving notice means they are relieving you wil immediate basis. So there is no question paying for the remaining notice days.
For the 7 days in question, did you actually work ?
Dodd you record your attendance ? Attend to,your duties ? Is there proof of that ?
You will need to speak to HR and tell them that you worked for 7 days and they have to pay u for it.
Meanwhile, there are 2 new life insurance companies that are starting operations now. They are desparately looking for people with experiance. Apply for them and you will get a job. I am told by someone that they are not putting targets as they are new and will set targets after 12 months. Best of luck.
From India, Mumbai
If you had been terminated, they would have to pay ou full salary
Instead, they smartly asked you to resign so that you will not have any negative record.
Once you resigned, they have accepted by waiving notice period. That way, they do not have to pay you for the notice period. Waiving notice means they are relieving you wil immediate basis. So there is no question paying for the remaining notice days.
For the 7 days in question, did you actually work ?
Dodd you record your attendance ? Attend to,your duties ? Is there proof of that ?
You will need to speak to HR and tell them that you worked for 7 days and they have to pay u for it.
Meanwhile, there are 2 new life insurance companies that are starting operations now. They are desparately looking for people with experiance. Apply for them and you will get a job. I am told by someone that they are not putting targets as they are new and will set targets after 12 months. Best of luck.
From India, Mumbai
LOL...just think The most admired life insurance company in India, made a sucker of their employees...I was with a batch of 6. I was the last one standing so far...
From India, Kolkata
From India, Kolkata
There are employees in every company that want to look good to their bosses and do things their corporate policy does not allow. And there are bosses who are happy to have shown some short term saving for getting goodies in appraisals.
U fortunately, since you resigned, you cant do much.
Do speak to hr and see if you can get your 7 days money at least
Or as I said, there are 2 new companies that are waiting forgot to apply .....
From India, Mumbai
U fortunately, since you resigned, you cant do much.
Do speak to hr and see if you can get your 7 days money at least
Or as I said, there are 2 new companies that are waiting forgot to apply .....
From India, Mumbai
Mr.Arindambose
Kindly review your appoinment letter as it may have a clause that after resignation you need to give 1 month notice or 1 month's salary and vice-versa (for company also the same clause).You have already served 7 days notice that means you worked 7 more days after the date of resignation so they cannot hold your 7 days salary and about the rest of the days ,you are ready to attend but the company has waived off your notice period.That was their call so ask them to provide this in writing that you dont need to come for completing your notice period as this is a case of manipulative resignation.They have not terminated you.Also consider that in your resignation that you have mentioned your notice period and last day of working.
And please search for new opportunities as Mr.Banerjee suggested you....Good Luck
From India, Ghaziabad
Kindly review your appoinment letter as it may have a clause that after resignation you need to give 1 month notice or 1 month's salary and vice-versa (for company also the same clause).You have already served 7 days notice that means you worked 7 more days after the date of resignation so they cannot hold your 7 days salary and about the rest of the days ,you are ready to attend but the company has waived off your notice period.That was their call so ask them to provide this in writing that you dont need to come for completing your notice period as this is a case of manipulative resignation.They have not terminated you.Also consider that in your resignation that you have mentioned your notice period and last day of working.
And please search for new opportunities as Mr.Banerjee suggested you....Good Luck
From India, Ghaziabad
Arindam, Incase you wish to apply to some other Insurance Company I can help you out with a CTC of 3lac with a nominal target.please mail me your CV.
From India, Chinsurah
From India, Chinsurah
@saswatabanerjee:
Thank you, for your help.
U see I am in financial services and banking for quite a long time.
My core area of expertise is in financial planning and knowledge in investment advisory, with concept selling skills in a person, you get to see in a RM of any MNC bank (including plain hard work) .
I had the opportunity in playing a pivotal role, in compiling resources needed for life insurance broking channel in eastern pert of India (KOLKATA/BHUBANESWAR/JAMSHEDPUR/SILIGURI) working in a topnotch broking house in India (owned by Trade* and Soft Bank Asia). Unfortunately after three years of successful operation.The broking house was taken over by Indian counterpart of 2nd largest bank in the world. As, they are already in the business of LIFE Insurance (as we call them manufacturer);hence following IRDA rule, they had to close down Life Insurance Broking dept PAN India.
I am keen to work for any alternative channel ,except agency channel and I have work exp with different banks as Relationship Manager, Managing teams in outbound retail sales in financial products (liabilities),CASA,LI,MF. I am also having ex poser in mobilizing PMS,Structured Product personally.
It will be a new lease of life for me, if I can get an opportunity to work for a new insurance company, where I can participate in facing challenges in developing business opportunities in alternative channel.
Thank you all, for support in enduring this stage in my life.
Regards,
From India, Kolkata
Thank you, for your help.
U see I am in financial services and banking for quite a long time.
My core area of expertise is in financial planning and knowledge in investment advisory, with concept selling skills in a person, you get to see in a RM of any MNC bank (including plain hard work) .
I had the opportunity in playing a pivotal role, in compiling resources needed for life insurance broking channel in eastern pert of India (KOLKATA/BHUBANESWAR/JAMSHEDPUR/SILIGURI) working in a topnotch broking house in India (owned by Trade* and Soft Bank Asia). Unfortunately after three years of successful operation.The broking house was taken over by Indian counterpart of 2nd largest bank in the world. As, they are already in the business of LIFE Insurance (as we call them manufacturer);hence following IRDA rule, they had to close down Life Insurance Broking dept PAN India.
I am keen to work for any alternative channel ,except agency channel and I have work exp with different banks as Relationship Manager, Managing teams in outbound retail sales in financial products (liabilities),CASA,LI,MF. I am also having ex poser in mobilizing PMS,Structured Product personally.
It will be a new lease of life for me, if I can get an opportunity to work for a new insurance company, where I can participate in facing challenges in developing business opportunities in alternative channel.
Thank you all, for support in enduring this stage in my life.
Regards,
From India, Kolkata
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