Hello! I am from Real Estate Firm and would like to know about the Leave Encashement rule in India.
Which employees are eligible?
When to encash? annually or at the time of leaving?
How to calculate the same? Thank you.
22nd March 2018 From India, Panjim
Hi Shraddha,
Leave provisions are different from state to states, since it is governed by the state acts and rules. You have not mentioned the which states rule you are looking, hence considering your profile location (Panjim), i am giving you the details for Goa:
Your real estate firm (Office) comes under Shop & Estt Act and as per act, employee who have completed 240 days or more are eligible for 15 days of PL for subsequent year. Employee can accumulate his leaves up to 45 days. employee also entitled 9 days of SL, 6 days of CL during his first twelve months of continuous service and during every subsequent twelve months of such service.
Encashment- When employee is discharged, his balance Paid leaves need to be encashed.
Other Holiday: Every employee in any establishment shall also be entitled to seven holidays in a year with wages which shall include the 26th January (Republic Day), the 1st May (May Day), the 15th August (Independence Day), the 2nd October (Gandhi Jayanti) and the 19th December (Liberation Day), in addition to two holidays to be availed of after prior fixation and declaration made.
Feel free to call or revert for any assistance/ Clarification
22nd March 2018 From India, Bangalore
Can employees encash leave annually or they have to encash at the time of discharge?
22nd March 2018 From India, Panjim
Encash at the time of discharge.
22nd March 2018 From India, Bangalore
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