dear friends,
i work for a pvt ltd. foreign JV company formed 10 yr ago by single person promoter having majority stake of 60%, after growing the company through our sales efforts for these years the owner has not been paying very fair and timely remuneration especially since it is a small firm of less than 20 total employee but 4-5 key employees next to him. He is getting himself a salary more than 10 times than his next managment level i.e me and other two managers. Now he is trying to sell out his JV share and possibly close the company. We have all resigned and are in notice period.
Pls advise what kind of compensation or benefit we are supposed to obtain after working 10 years in this private company.
would appreicate if you could help in this case. after working 10 years, is it just one salary on which we should leave?
rgds/PK

From India, Delhi
Dear Friend,
You have not mentioned the activities of the company carried on. If it is a manufacturing company you can claim compensation as Per Sec 25 FFA of I.D.Act - 1947 Rules for Closure. The compensation is to be payable maximum for a period of 90 days. kINDLY REFER CHAPTER V A OF I.D.ACT - 1947.
You are also eligible for Gratuity under Sec 4 of PG Act - 1972 Rules, Leave encashment, Medical Reiumbursement, LTC etc., benifits from your employer if it has already abided by the employer in the terms and conditions of employment. You are also eligible for Minimum Pension and also withdrawl the amount from the PF Department for which your organisation is a un exempted establihment. Your organisation is a exempted establishment under the provisions of EPF Act - 1952 Rules and form a Trust under the above provisions,you can withdrawl the amount from the employer.
This is for your information.
Regards,
P.V.Rama Rao.

From India, Hyderabad
dear sh. rama rao,
thank you for your kind reply. note we are working for just a trading company without mfg activity. we simply import and sell in india under a JV agreement. few of us do not even have an appointment letter given to us, the promoter was a known person and we have simply worked on freindly terms without enforcing or pressures to give us better terms but have worked hard to bring the company to such a level that the owner now can think of selling it for a good value.
what can one get legally in such a system, this is a private ltd. firm with less than 20 employees. we did not have PF deductions ever. recently when we got our heads together, this is what we presumed that owner is trying to sell off the company and get away and next day the new owners will step in and will use us the way they want- it will then be a take it or leave it situation for us, so all of working staff has resigned last month and are on notice period, which we have given out of decency, though there is no apptmt letter that binds us to even give this period.
PLS HELP and ADVISE...

From India, Delhi
Dear Pradeep,
If you have no appointment letter, ideally you have nothing. But if you have written something with you the benefits you are entitled for it.
Grautity is also based on company if they have Gratity Group. If your company had formed the Grautity group only, then you are get it.
Still now you can ask for appointmnet letter stating your new company wants to see it. You should always have appointment letter, relieving letter with latest salary slip. It is utmost important.
Regards
Jaya

From India, Mumbai
thank jaya, but now that i have resigned and you know the type of this organisation, there is no chance that i will get the apptmt ltr and relieving ltr. so in a brief, is it a sad fact that i have nothing to claim from the company, if i have not received any appmt ltr.while joining. this i beleive is also a pressure tactic used by some one owner set ups to keep staff as bonded labor by giving them a lumpsum salary but no benfits in black and white for working with them so long.
so it seems it is a losing battle for me.

From India, Delhi
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