Hi,
I had to resign from my position as a business development manager in a private life insurance company in India. Due to the negative growth of the industry, my performance was poor, and I was forced to resign. I was informed that a 30-day notice period would 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 reachable by phone, and my ex-line manager was busy. So, I sent HRD an email from my personal email ID, explaining the problem in attending my notice period. His response was that my notice period has been waived off and it has been discussed with my ex-line manager.
Now, after receiving my F&F letter, I see that my resignation has been processed on the same day of submission. "Notice period waived off" means they are not paying for it, not even for the 7 days I have served. Hence, the monetary value of my F&F is NIL.
Can they do that?
From India, Kolkata
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2I had to resign from my position as a business development manager in a private life insurance company in India. Due to the negative growth of the industry, my performance was poor, and I was forced to resign. I was informed that a 30-day notice period would 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 reachable by phone, and my ex-line manager was busy. So, I sent HRD an email from my personal email ID, explaining the problem in attending my notice period. His response was that my notice period has been waived off and it has been discussed with my ex-line manager.
Now, after receiving my F&F letter, I see that my resignation has been processed on the same day of submission. "Notice period waived off" means they are not paying for it, not even for the 7 days I have served. Hence, the monetary value of my F&F is NIL.
Can they do that?
From India, Kolkata
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Thank you for your prompt response.
No, they didn't pay 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 been declined. I was working there for 11 months.
I am the only earning member of my family, and this situation has made my life very difficult. Is there any way to deal with this dissension?
From India, Kolkata
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No, they didn't pay 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 been declined. I was working there for 11 months.
I am the only earning member of my family, and this situation has made my life very difficult. Is there any way to deal with this dissension?
From India, Kolkata
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They have made a sucker of you, it seems. If you had been terminated, they would have to pay out 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 the notice period. That way, they do not have to pay you for the notice period. Waiving notice means they are relieving you with immediate basis. So there is no question of paying for the remaining notice days.
For the 7 days in question, did you actually work? Did 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 you for it.
Meanwhile, there are 2 new life insurance companies that are starting operations now. They are desperately looking for people with experience. 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
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Once you resigned, they have accepted by waiving the notice period. That way, they do not have to pay you for the notice period. Waiving notice means they are relieving you with immediate basis. So there is no question of paying for the remaining notice days.
For the 7 days in question, did you actually work? Did 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 you for it.
Meanwhile, there are 2 new life insurance companies that are starting operations now. They are desperately looking for people with experience. 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
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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
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From India, Kolkata
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Mr. Arindam Bose,
Kindly review your appointment letter as it may contain a clause stating that after resignation, you need to provide a 1-month notice or 1 month's salary, and vice versa (the same clause applies to the company as well). You have already served 7 days' notice, which means you worked for an additional 7 days after submitting your resignation. Therefore, they cannot withhold your 7 days' salary. As for the remaining days, you are willing to work, but the company has waived off your notice period. This decision was made by them, so request that they provide written confirmation that you are not required to complete your notice period, as this situation pertains to a manipulative resignation. It's important to note that you have not been terminated. Additionally, ensure that your resignation clearly states your notice period and last day of work.
Please also heed Mr. Banerjee's advice and start exploring new opportunities. Good luck.
From India, Ghaziabad
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Kindly review your appointment letter as it may contain a clause stating that after resignation, you need to provide a 1-month notice or 1 month's salary, and vice versa (the same clause applies to the company as well). You have already served 7 days' notice, which means you worked for an additional 7 days after submitting your resignation. Therefore, they cannot withhold your 7 days' salary. As for the remaining days, you are willing to work, but the company has waived off your notice period. This decision was made by them, so request that they provide written confirmation that you are not required to complete your notice period, as this situation pertains to a manipulative resignation. It's important to note that you have not been terminated. Additionally, ensure that your resignation clearly states your notice period and last day of work.
Please also heed Mr. Banerjee's advice and start exploring new opportunities. Good luck.
From India, Ghaziabad
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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
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From India, Chinsurah
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Thank you for your help.
I have been working in financial services and banking for quite some time. My core area of expertise lies in financial planning and investment advisory. I possess concept selling skills which are essential for a Relationship Manager (RM) position in any multinational bank, along with a strong work ethic.
I played a significant role in compiling resources for the life insurance broking channel in the eastern part of India, specifically in Kolkata, Bhubaneswar, Jamshedpur, and Siliguri. My experience was gained while working for a prominent broking house in India, owned by Trade* and Soft Bank Asia. Unfortunately, after three successful years, the broking house was acquired by the Indian counterpart of the second-largest bank in the world. Due to regulatory requirements, they had to shut down the Life Insurance Broking department nationwide.
I am eager to explore opportunities in alternative channels, excluding the agency channel. My previous roles included working as a Relationship Manager in various banks, overseeing teams in outbound retail sales of financial products such as liabilities, Current and Savings Accounts (CASA), Life Insurance (LI), and Mutual Funds (MF). Additionally, I have experience in mobilizing Portfolio Management Services (PMS) and Structured Products.
I am seeking a fresh start and would welcome the chance to work for a new insurance company. I am excited about the prospect of tackling new challenges and contributing to business development in alternative channels.
Thank you all for your support during this stage of my life.
Regards,
From India, Kolkata
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I have been working in financial services and banking for quite some time. My core area of expertise lies in financial planning and investment advisory. I possess concept selling skills which are essential for a Relationship Manager (RM) position in any multinational bank, along with a strong work ethic.
I played a significant role in compiling resources for the life insurance broking channel in the eastern part of India, specifically in Kolkata, Bhubaneswar, Jamshedpur, and Siliguri. My experience was gained while working for a prominent broking house in India, owned by Trade* and Soft Bank Asia. Unfortunately, after three successful years, the broking house was acquired by the Indian counterpart of the second-largest bank in the world. Due to regulatory requirements, they had to shut down the Life Insurance Broking department nationwide.
I am eager to explore opportunities in alternative channels, excluding the agency channel. My previous roles included working as a Relationship Manager in various banks, overseeing teams in outbound retail sales of financial products such as liabilities, Current and Savings Accounts (CASA), Life Insurance (LI), and Mutual Funds (MF). Additionally, I have experience in mobilizing Portfolio Management Services (PMS) and Structured Products.
I am seeking a fresh start and would welcome the chance to work for a new insurance company. I am excited about the prospect of tackling new challenges and contributing to business development in alternative channels.
Thank you all for your support during this stage of my life.
Regards,
From India, Kolkata
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