Notice period buy out
Amar
(Querist) 09 May 2017
This query is : Resolved
Good evening,
I need assistance with respect to the buyout notice period.
My company has a policy of serving 2 months notice period & i have completed 1 month and wanted to buy 1 month notice.
As per my knowledge every company charges the basic of the salary (Rs 17500/-) but I was shocked to hear from HR that this company will hold my gross salary (Rs 35000/-) from my full & Final settlement.
Can anyone please let me know what should i do in this situation?
I can not pay the gross salary because i can not afford to pay the gross salary because this will lead my family situation to crisis.
Please help me to understand what i can do further?
Kumar Doab
(Expert) 09 May 2017
Notice period of 2 months may not necessarily be applicable in your case.
Notice period, rate of Notice pay might be governed by various enactments that may apply in your case.
Kumar Doab
(Expert) 09 May 2017
While posting such queries employee should post basic information!
What is this establishment; Commercial, Industrial?
What is its nature of business say; IT, ITeS?
How many persons are employed in it?
What is your designation and nature of duties?
How many persons report to you?
Do you have any power to sanction leave/increment/appoint/terminate/appraise etc etc ?
You are in which state?
Since how many months you are working?
Do standing orders (model/certified) apply to establishment and your designation?
Was ever any stinker, memo, show cause notice on any misconduct issued to you?
Are you a member of employee’s/trade unions?
DR.VEDULA GOPINATH
(Expert) 10 May 2017
at the discretion of employer, the company can accept shorter notice and also unavailed leave can be adjusted in the notice period since you are going for better opportunity, please amicably settle these issues with your present company
cs dr vedula gopinath advocate/arbitrator
Kumar Doab
(Expert) 10 May 2017
Agreeing with DR.VEDULA GOPINATH.
The employer by its discretion can waive off the notice period.
Don't remain entangled with HR person only.
He/she may not have any authority to waive off notice period/pay or willingness to recommend to his superiors/good offices of appointing authority, MD,CEO etc ....
Try by approaching good offices and making a request.
Also, Reply pointwise to all points.
Kumar Doab
(Expert) 11 May 2017
What is rate of notice pay tendered by employer if it initiates Termination?
The longer notice pay may not beneficial for employee and may be beneficial for employer.
Isn’t next employer willing to buy your notice period? Did you negotiate it during interview?
The FnF statement shall compute earned wages/leave encashment/bonus/incentives/OT/reimbursements etc etc ……………………and adjustment of notice pay, and final amount payable by employer or employee.
Kumar Doab
(Expert) 11 May 2017
Some states have notified Grievance Redressal Committee and employment matters can be adjudicated.
If employer does not agree then get service certificate, relieving letter and you can decline to accept FnF statement/settlement and agitate later if:
The applicable enactments lay down notice period of say; 30 days in your case…………….
Employee’s/trade unions can help and support you.
Guest
(Expert) 14 May 2017
Agree with Experts
