Can anyone please tell me what is the amount will be dedcuted as per law for short notice period if candidate failed to serve notice period 01 month?
From India, Mumbai
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From India, Mumbai
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There are multiple ways in which organizations handle notice period buyouts. This has been articulated by some contributors. I will list the major ones I have come across during my career.
The employee serves partial notice with the releasing organization. The releasing organization calculates the amount due as notice cost in the full and final settlement. The employee then presents the full and final settlement calculation sheet to the hiring organization. The hiring organization settles with the employee as a reimbursement. The employee is expected to pay the releasing organization in full to complete the relieving procedures accordingly.
Employee serves a partial notice period, joins the hiring organization. Regardless of the amount paid as notice cost settlement, the hiring organization pays a joining bonus in lieu of the notice cost paid/deducted. This amount is usually arrived at during salary negotiations. This is a fairly straightforward method and is usually adopted if there are additional items of settlement rolled up in the joining formalities.
From India, Chennai
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4The employee serves partial notice with the releasing organization. The releasing organization calculates the amount due as notice cost in the full and final settlement. The employee then presents the full and final settlement calculation sheet to the hiring organization. The hiring organization settles with the employee as a reimbursement. The employee is expected to pay the releasing organization in full to complete the relieving procedures accordingly.
Employee serves a partial notice period, joins the hiring organization. Regardless of the amount paid as notice cost settlement, the hiring organization pays a joining bonus in lieu of the notice cost paid/deducted. This amount is usually arrived at during salary negotiations. This is a fairly straightforward method and is usually adopted if there are additional items of settlement rolled up in the joining formalities.
From India, Chennai
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