Notice buyout statement
PRADEEP KUMAR
(Querist) 29 January 2016
This query is : Resolved
Hi,
I left my last company on the notice period buyout terms which I transferred them to company account which they confirmed over email that they got money, now problem is when I joined my current organization they are asking me for the notice buyout statement from my last company or my last company should have that amount mentioned as buyout money in my f&f statement now when I had word with my last company HR they say we can't give you any statement for buyout amount now I am stuck what should I do. How to get buyout statement from my last employer. Is there any legal way which I should go for??
Please guide.
P. Venu
(Expert) 29 January 2016
You may serve a legal notice on the company.
Adv. Yogen Kakade
(Expert) 29 January 2016
Yes.. send a legal notice to the earlier company asking for clarification.
Rajendra K Goyal
(Expert) 29 January 2016
Send registered letter followed by legal notice in case no action is taken.
Kumar Doab
(Expert) 29 January 2016
>>> You have grossly erred in handling the matter.
You have apparently not consulted before acting on your own.
Employee should always consult an able labor Law Consultant before hand and should not fall in legal traps.
>>> You should have demanded to supply you the demand letter for notice pay or FnF statement showing the adjustment of notice pay.
The funds transfer and confirmation by email from past company should be sufficient and accepted by the current/next employer.
>>> It is clear that your next employer is to buy out our notice period and hence refund the amount to you and they want and need the FnF statement for their accounts.
As far as past employer is concerned it is not inclined to show the notice pay inn penalty and in corresponding accounts.
>>> As far as you are concerned: you might be subjected to double taxation as the past employer is not willing to show the notice pa in FnF sheet and reduce the FnF amounts by notice pay and issue Form16 as per reduced amount.
While the next employer is making the payment it shall subject it to tax treatment...............and it won't pay until you supply the FnF statement.Due to lapse at your end since you did not consult beforehand now you may end up antagonizing past and current employer.
The only solution is to get the FnF statement from past employer showing adjustment of notice pay.
>>> Other point is that 90days notice period to you is applicable or not?
For it you may post reply to following:
What is this establishment: Commercial , Industrial? Whats is its line of business?
How many persons were employed in it?
Did certified standing orders/models standing orders apply to establishment/your designation?
What was your designation and nature of duties?
Did you have power to sanction (not just recommend) leave/increment/appoint/terminate? Could anyone cancel/change your recommendations?
You were located in which state?
Your reporting office/HO /Redg. Office was located in which state?
