9th October 2013 From India, Bangalore
if any company policy suggests that three month notice period is mandatory and notice pay buy out is depends on the compnay; an employee who wants to give one month notice period and rest two month negotiation in any of the means if company does not want to do notice pay buy out option?\
what are the possibilities?
11th October 2013 From India, Calcutta
As our fellow member Pon had commented, there would not be any receipt given for notice period buy out. Wherein some company may ask a letter from the present employer stating that the employee can be relieved on so and so date, if X amount is paid towards buying out the notice period, which the employee has to serve.
Some companies pay the amount directly to the previous employer, wherein other employers would make that as a reimbursement process. Please check with that employee whether a letter duly signed by the HR would be fine for him/her to claim the amount from his new organization.
11th October 2013 From India, Bangalore