Hi All, I just wanted to raise a query on Notice period Buyout receipt. Is it mandatory for companies to issue this receipt to employees leaving/ex-employees? If yes, could you suggest a format for the letter? Also, let me know if there would be any liabilities on the Company afterward if this receipt is issued?
From India, Bangalore
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3From India, Bangalore
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I have not come across with separate receipts for the recovery of Notice period pay whereas the same is captured in F/F settlement. I think it is suffice. Pon
From India, Lucknow
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From India, Lucknow
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Well, the employee is insisting on this to be produced in his/ her new company. It seems they would make a reimbursement if it’s produced. So any suggestions on what could be done?
From India, Bangalore
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From India, Bangalore
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I recently got the reimbursement of N.Pay recovery from the new employer on production of F/F statement received from the previous employer but it is taxable. Pon
From India, Lucknow
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From India, Lucknow
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Dear Senior,
If any company policy suggests that a three-month notice period is mandatory and notice pay buyout depends on the company, what should an employee do if they wish to give only one month's notice and negotiate the remaining two months in some other way if the company does not offer the notice pay buyout option?
What are the possibilities?
Jayeeta
From India, Calcutta
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If any company policy suggests that a three-month notice period is mandatory and notice pay buyout depends on the company, what should an employee do if they wish to give only one month's notice and negotiate the remaining two months in some other way if the company does not offer the notice pay buyout option?
What are the possibilities?
Jayeeta
From India, Calcutta
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Hi Vidya,
As our fellow member Pon had commented, there would not be any receipt given for notice period buyout. Some companies may ask for a letter from the present employer stating that the employee can be relieved on a specific date if a certain amount is paid to buy out the notice period that the employee is required to serve.
Some companies pay the amount directly to the previous employer, while others reimburse the employee. Please check with the employee to see if a letter duly signed by HR would be sufficient for them to claim the amount from their new organization.
From India, Bangalore
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As our fellow member Pon had commented, there would not be any receipt given for notice period buyout. Some companies may ask for a letter from the present employer stating that the employee can be relieved on a specific date if a certain amount is paid to buy out the notice period that the employee is required to serve.
Some companies pay the amount directly to the previous employer, while others reimburse the employee. Please check with the employee to see if a letter duly signed by HR would be sufficient for them to claim the amount from their new organization.
From India, Bangalore
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Company Letter for Completion 01 Month Notice.docx