Hello Everyone,
Please advice on my current situation, I have got an offer from a company based out of India where the joining is due in the month June'18 end.
The Indian company notice period is 3 months and if you wish buyout. The buyout amount is 3.5 * Basic * 2 for the period of 2 months. The buyout amount comes out to be insanely high. I have already served 1 month notice and during that also they are holding 30 percent of my previous month salary due to resignation date of 12 th April'18. Currently, I have 7 vacations as balance.
Due to my current financial circumstances repaying some home & car loan dues before moving out am left with little money to support my expenses out of India as the salary will be credited by the new company after a period of 1 month.
For the visa processing of the new company I have a written letter that was issued to me in month of April'18 stating I am working with this Indian company since last year till date & the letter states it's for Visa purposes.
I have requested the company to take my holding of 30 percent + 1 month salary to be processed for May'18 + 7 vacations in return for the relieving letter as I won't be able to support the buyout amount.
Please advice what options can be opted for early relevance and also get the experience letter.
Thanks in Advance
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Dear friend,
I have a doubt whether any inadvertent mistake had crept in the drafting of the post. If the notice on resignation is a maximum period of three months and the buy-out to facilitate immediate or early exit is three months pay( may be either gross or basic only as stipulated in the contract of employment ), the formula can be Current Monthly Gross/Basic pay X 3 only. In the case of part compliance of 1 month's actual service, it can only be Current Monthly Gross/Basic pay X 2 only. How can it be 3.5 X Basic X 2? What does the " 3.5 " actually denote?
Similarly, any prospective resignation on its acceptance would take effect only from the actual date of relief. As such the employer is bound to pay for the actual period worked up to and inclusive of the date of relief. If the relieving date falls in the middle of the month, of course, the employer may hold it till the regular date of disbursement of salary.
If the version of your description is correct contrary to my doubt, then the stand of the management is totally wrong as well as illegal. Try to politely explain the position to convince the management and get your legal dues as well as experience certificate. If it is not possible,inform the new employer about the problem and join the new Company with the available credentials of your previous service. Later you can recover your dues by appropriate legal means.
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