Hi Everyone,
Need help in this case - the company I work equalize notice period pay with basic pay, which means if someone does not has to serve the notice period then he/she has to pay the amount in lieu of notice period which will be equal to basic pay component of salary breakup and vice versa.
Is this fixed that it should be equal to basic pay or it varies from company to company? As I have seen some organizations deducting the amount on their gross salary or net salary/take home.
What exactly constitutes the basic pay, the basic pay component of salary breakup or net pay/CTC/gross considers as basic pay of an employee?
It will be really helpful if someone can provide useful insights on this.
Thanks :)
Need help in this case - the company I work equalize notice period pay with basic pay, which means if someone does not has to serve the notice period then he/she has to pay the amount in lieu of notice period which will be equal to basic pay component of salary breakup and vice versa.
Is this fixed that it should be equal to basic pay or it varies from company to company? As I have seen some organizations deducting the amount on their gross salary or net salary/take home.
What exactly constitutes the basic pay, the basic pay component of salary breakup or net pay/CTC/gross considers as basic pay of an employee?
It will be really helpful if someone can provide useful insights on this.
Thanks :)