Navigating Notice Period Buyouts: Are Employees Stuck Without Legal Protection?

From many of the posts I've read on citehr regarding employees willing to leave the organization using buyout options, it's clear that the company retains the right to pay salary in lieu of the notice period. In that case, it's one-sided and in the hands of individuals in the organization. If the company wishes their employees to serve the notice period, then why is such a clause added to the appointment letter? In the present scenario, most organizations would prefer candidates who can join within a month. If the current organization doesn't allow the buyout option, the employee may be at risk of losing his job.

Is there no labor law to override such clauses?

Quite a valid point, but there is no law as such on the notice period. The issue is mostly frictional. Transition costs come at a price. Let's hope that as the market matures, such practices settle for the best!