Dear Learned Members,
Thank you very much for your valuable inputs. I have gone through the previous comments on this thread and found them very informative. I just wanted to post some queries that I had:
1) I was working in the capacity of Vice President-Sales at a mid-sized (approximately 1,000 employees) IT Enabled Services company based in Hyderabad. My salary was Rs. 18 Lacs per annum, plus performance-based incentives.
2) I was terminated in February 2013 citing performance reasons, which are clearly spurious since my salary increments, promotions, performance incentives, and performance appraisals have been exceptional in the 3 years that I worked with the company.
3) I know that I won't come under the category of a Workman under the Industrial Disputes Act 1947, considering my position, responsibilities, and salary.
4) Anyway, my question is: will I be eligible to claim Service Compensation from the company, i.e., 15 days of salary for every 1 year served under the company, as per Clause 47 of the Shops & Establishment Act of AP, 1988?
5) My Full & Final Settlement has still not been paid by the company since they proposed a significant reduction in the same which I didn't accept. So, as of today, the possibility of getting service compensation is still open.
Please let me know if you need any clarifications before providing your valuable advice.