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My company is PVT LTD and started in DEC 2017 & and it is in contract job. So in June 30, 2018 project will end. So for our employees leave what will be the financial year??
Leave is a statutory benefit granted to the employees generally on calendar year basis. The only exception is Earned Leave the calculation of which is based on the no of days worked by the employee in a period of 12 months from the date of his joining. Financial year is the Accounting Year that can be different according to the preference of the individual organization. Therefore, naturally, any 12 months period reckoned with the actual date of joining of employees can spread across two financial years depending on his actual date of joining or the actual period of contract work in which they are engaged.. So, there is no need to bring in the financial year for the purpose of leave calculation. In such a situation, Lapsable Leave like C.L,S.L if applicable has to be calculated for every calendar year on proportionate basis and Accruable Leave like E.L on the actual length of service basis.
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