Hi All, If a staff resigned from his job after serving 07 years as Executive-Accounts in a company, what are the benefits applicable for him at the time of his resignation. Please suggest me at the earliest.
From India, Warangal
7From India, Warangal
PROFESSIONALS AND BUSINESSES PARTICIPATING IN DISCUSSION
Since resignation is a termination of the contract of employment initiated by the employee himself, he is entitled to the terminal benefit of gratuity only subject to the conditions of applicability of the PG Act,1972 to the establishment and his completion of the minimum qualifying service.
In addition, he is entitled to encashment of EL at his credit if any and to proportionate bonus for the accounting year during which he worked till the date of his resignation.
No retrenchment compensation.
From India, Salem
In addition, he is entitled to encashment of EL at his credit if any and to proportionate bonus for the accounting year during which he worked till the date of his resignation.
No retrenchment compensation.
From India, Salem
Gratuity, EL encashment and statutory bonus of financial year till the date of resignation. Apart from these benefits, he will be eligible to get his monthly salary and incentives if applicable.
From India, Ghaziabad
From India, Ghaziabad
One small correction to Mohammad's post
He is eligible for incentives only if it was a part of his contract. If the incentives are at option of the employer, then he is not entitled to it as a right
From India, Mumbai
He is eligible for incentives only if it was a part of his contract. If the incentives are at option of the employer, then he is not entitled to it as a right
From India, Mumbai
Dear colleague,
To get the retrenchment benefit, the ' wokman' category of the employed person, should have been 'retrenched' in the first place as per the provisions of the Industrial Disputes Act/Rules . Retrenchment is an act on the part of employer to terminate the services whereas resignation is an act by the employee/ workman to bring an end to his services. Therefore, as rightly stated by learned colleagues, in this case, he is not entitled for the retrenchment benefit save other due terminal benefits.
Regards,
Vinayak Nagarkar
HR and Employee Relations Consultant
From India, Mumbai
To get the retrenchment benefit, the ' wokman' category of the employed person, should have been 'retrenched' in the first place as per the provisions of the Industrial Disputes Act/Rules . Retrenchment is an act on the part of employer to terminate the services whereas resignation is an act by the employee/ workman to bring an end to his services. Therefore, as rightly stated by learned colleagues, in this case, he is not entitled for the retrenchment benefit save other due terminal benefits.
Regards,
Vinayak Nagarkar
HR and Employee Relations Consultant
From India, Mumbai
Flexi Benefits Plan.doc