Notice pay is when u have resigned from the organization but your are serving the notice period in ur organization.For that period it is called Notice pay paid to you in F&F settlement.To Calculate this just calculate ur 1 days salary multiplied with no of days worked.
Hope it helps.
All employees are eligible
Calculation : Basic + DA
Notice pay is when you have resigned from the company and your are serving the day in company after submitting of resignation letter without getting the salary and you get the salary amount of serving day after submitting the resignation letter it called NOTICE PAY.
Those person serving the notice period after submitted the resignation letter, they would be eligibale period.
your calculation is depend on your company policy.
All employees are eligible
i agree with above statement
"Notice pay" is the one which is normally payable during employee's separation either on his own volition or separated by company. This clause is woven into the appointment order and "notice period" is mentioned. When an employee wants to separate from company, he has to serve the company a notice in advance. Or else he has to pay notice period pay to the company (or that is adjusted against his Final settlement)
When company wants to separate an employee due to various reaons (poor performance, etc.), they also need to serve the employee the notice period mentioned in the appointment order. In case the company wants him to separate quickly, then they need to pay the notice period pay to the employee.
Duration depends on company - 15 days, 1 month, 3 months, etc.
Notice pay has four in-built components:
01. Employee Resigns with immediate effect and asks for relieving forthwith - He is required to pay the Notice Pay to the Employer.
02. Employee Resigns and asks for relieving after the expiry of the Notice Period - He is entitled to the Notice Pay from the Employer.
03. Employer terminate services (owing to any valid reason) and relieves the employee immediately - Employer is required to pay the Notice Pay to the employee forthwith.
04. Employer terminate services (owing to any valid reason) and relieves the employee after the expiry of the notice - Employer is required to pay the Notice Pay to the employee after the expiry of the notice period, at monthly rests on monthly rates.
Employee can avail leave to his credit during the Notice period or can get encashment of leave as per policy of the company/law.
There is a fifth angle to it. If either Employee or Employer serves the "Partial Notice" and relieve early. Than the liability on the part of both the parties is worked out and the set off amount is either paid or received, as the case may be.
After confirmation in the services, if either party(Employer and Employee) wants to terminate the employment, it can be so done by giving one month’s notice or pay in lieu thereof. The management will be within its rights to with hold the earned wages or other dues in lieu of one month’s notice if you fail to give such a notice.In the event you are resigning from the services, you shall not avail any type of leave during the notice period, as active service during such period is mandatory.
The notice period concept has come into existence is normally for both the employer and employee to have a cushion to look for another employee and look for an employment opportunity respectively.
If someone tells the employer that he wants to quit, who will look after the job performed by him/her currently? The existing group has to share the workload, apart from performing their responsibilities. They have their own priority and due to which, the work may get delayed.
Similarly, when an employer tells him/her to push off without notice period abruptly, where that poor chap will go? He needs some time to look for a job and the transitiion takes place smoother.
This is why this concept has come. However, when both employee and employer due to various reasons wants to quit/send out, what is the procedure to be followed is what we discuss here.
Mr. Swaminathan - Am hailing from Madras. My phone No. 99414 60342. By the way where (city) are you from?