Hello,
This month, I joined a startup company. I am confident that the company is financially very healthy.
I have come to know that for the next three months, they will be deducting the salary for 2 days (totaling 6 days), which will be kept by the company and given at the time of leaving the company. I understand they are doing this for financial invoice adjustments.
Some individuals, both inside and outside the company, have mentioned that this is a common practice for startup companies. Is it correct that startup companies do this for the first few months? Please clarify.
Thanks,
Ranjit
From India
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This month, I joined a startup company. I am confident that the company is financially very healthy.
I have come to know that for the next three months, they will be deducting the salary for 2 days (totaling 6 days), which will be kept by the company and given at the time of leaving the company. I understand they are doing this for financial invoice adjustments.
Some individuals, both inside and outside the company, have mentioned that this is a common practice for startup companies. Is it correct that startup companies do this for the first few months? Please clarify.
Thanks,
Ranjit
From India
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Hi Ranjit,
Companies do retain some amount from salary under the name of "retention amount" to be given after completion of a certain fixed period in the organization, but I have never heard about such a thing before. Probably they are doing so under the heading of the so-called "financial adjustment."
Regards,
Hiral
From India, Ahmedabad
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211Companies do retain some amount from salary under the name of "retention amount" to be given after completion of a certain fixed period in the organization, but I have never heard about such a thing before. Probably they are doing so under the heading of the so-called "financial adjustment."
Regards,
Hiral
From India, Ahmedabad
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Hi Mr. Ranjith, Its fine what about esic, pf and pt? are they paying for total months in days or 28 or 29 days?
From India, Hyderabad
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From India, Hyderabad
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For the next three months, they will not pay for two days, i.e., Oct - will get pay for 29 days, Nov - will get pay for 28 days, Dec will get pay for 29 days.
From India
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From India
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PF or ESI can be remitted in the name of omitted wages. However, this action will affect the employees' eligibility for some ESI benefits and the amount of PF balance at a given date, as well as any bonuses.
Varghese Mathew
Labour HR Consultant
09961266966
From India, Thiruvananthapuram
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Varghese Mathew
Labour HR Consultant
09961266966
From India, Thiruvananthapuram
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Salary-Note.doc
SALARY SHEET CALCULATION.xls