Good morning everybody, Myself Sujit Nayak and i am working in a operation and maintenance company. I request to all that i want to know briefly knowledge regarding retrenchment and notice pay. I mean when a employee is eligible for retrenchment and notice pay and what is the calculation. Kindly help me with full details.
From India, Bangalore
From India, Bangalore
Hi Buddy,
According to Industrial Dispute Act-1947, An employee who completed 1 year of continuous service has to served notice of 30 days in case the Industrial establishment employing more than 50 workers but below 100 workers or has to serve 3 month notice period in case of industrial establishment employing more than 100 workers. And compensation for both the retrenchment is 15 days of pay of each completed years of service.
With Regards
Mr.Thumbs Up
From India, Chennai
104According to Industrial Dispute Act-1947, An employee who completed 1 year of continuous service has to served notice of 30 days in case the Industrial establishment employing more than 50 workers but below 100 workers or has to serve 3 month notice period in case of industrial establishment employing more than 100 workers. And compensation for both the retrenchment is 15 days of pay of each completed years of service.
With Regards
Mr.Thumbs Up
From India, Chennai
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Notice pay recovery certificate.doc