AS 06 April 2017
Hi,
I have a query regarding notice period buy out.
In my organization we have 3 months notice period. If someone wants to leave early say in Two months he needs to Buy Out the one months notice period.
Our organization ask Gross Salary amount for buyout. I heard that BuyOut should be on Basic Salary and not Gross Salary.
Is there any law defining this that BuyOut should be on Basic Salary and not Gross Salary ? What other componenets should be considered in BuyOut amount ?
Thanks
Asgher Mahdi (Advocate & Legal Advisor) 06 April 2017
As such there is no legal guidlines but all is depend upon your contract of employment what have been acepted for notice period and arrangement of payment well before the notice period you resign.
Asgher Mahdi (Advocate & Legal Advisor) 06 April 2017
As such there is no legal guidlines but all is depend upon your contract of employment what have been acepted for notice period and arrangement of payment well before the notice period you resign.
Kumar Doab (FIN) 06 April 2017
It has already been explained to you in other threads initiated by you.
The rate for be it: Leave/Notice pay should be looked into enactments that are applicable to establishment/employer/employee.
Employter can not violate irt.
Kumar Doab (FIN) 06 April 2017
Hope you shall take it positively.
The Links, Clauses etc all have already been provided to you.
Get into the habit of reading.
Then you will understand and shall have proper information.
Still if you have doubts post back citing the enactments and Clauses/sections etc that you have referred.
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