Facing a 3-Month Notice: Can I Negotiate a Mutual Termination with My Employer?

Hi, I work in an IT firm and was rated as an underperformer in the appraisal process. A 3-month notice period is stated in my employment contract. I am being moved out of the current project, and there is an upcoming discussion regarding my performance and next steps with HR and my manager next week. I would like to discuss mutual termination of employment by waiving off the 3-month notice by both parties. Since I don't like my role and have another offer around the corner, is this a possible solution? It would save both costs, time, and money for both me and the company. Please guide me on the best strategy to follow.

Additionally, if the contract is terminated immediately next week, will I be paid July's salary on 1st August or within 45 days during the Full and Final (F&F) settlement?

Thanks

I believe that you are considered a "workman" under Section 2(s) of the Industrial Disputes Act, 1947, regardless of the amount of your salary or your flashy job title. According to the definition of the term "retrenchment" under Section 2(oo) of the ID Act, 1947, terminating the employment of a workman due to their poor or unsatisfactory performance constitutes retrenchment, subject to the conditions outlined in Section 25-F of the Act. Consequently, it is unlikely that your employer would be bold enough to openly terminate you for underperformance as stipulated in your employment contract. To avoid a potentially troublesome situation that could lead to legal disputes, you may want to consider initiating negotiations based on the terms you have mentioned.

Please let me know if you need further assistance.