Hello! I am from a Real Estate Firm and would like to know about the Leave Encashment rule in India. Which employees are eligible? When to encash - annually or at the time of leaving? How to calculate the same? Thank you.
From India, Panjim
Acknowledge(0)
Amend(0)
1From India, Panjim
Acknowledge(0)Amend(0)
Hi Shraddha, leave provisions vary from state to state since they are governed by state acts and rules. You have not mentioned which state's rules you are looking for. Considering your profile location (Panjim), I am providing you with details for Goa:
Leave Provisions in Goa
Your real estate firm (Office) falls under the Shop & Estt Act. As per the act, an employee who has completed 240 days or more is eligible for 15 days of PL for the subsequent year. An employee can accumulate their leaves up to 45 days. The employee is also entitled to 9 days of SL and 6 days of CL during their first twelve months of continuous service and during every subsequent twelve months of such service.
Encashment
When an employee is discharged, their balance of paid leaves needs to be encashed.
Other Holidays
Every employee in any establishment is entitled to seven holidays in a year with wages. These holidays include 26th January (Republic Day), 1st May (May Day), 15th August (Independence Day), 2nd October (Gandhi Jayanti), and 19th December (Liberation Day), in addition to two holidays to be taken after prior fixation and declaration.
Feel free to call or revert for any assistance or clarification.
From India, Bengaluru
Acknowledge(1)
Amend(0)
Leave Provisions in Goa
Your real estate firm (Office) falls under the Shop & Estt Act. As per the act, an employee who has completed 240 days or more is eligible for 15 days of PL for the subsequent year. An employee can accumulate their leaves up to 45 days. The employee is also entitled to 9 days of SL and 6 days of CL during their first twelve months of continuous service and during every subsequent twelve months of such service.
Encashment
When an employee is discharged, their balance of paid leaves needs to be encashed.
Other Holidays
Every employee in any establishment is entitled to seven holidays in a year with wages. These holidays include 26th January (Republic Day), 1st May (May Day), 15th August (Independence Day), 2nd October (Gandhi Jayanti), and 19th December (Liberation Day), in addition to two holidays to be taken after prior fixation and declaration.
Feel free to call or revert for any assistance or clarification.
From India, Bengaluru
Acknowledge(1)Amend(0)CiteHR is an AI-augmented HR knowledge and collaboration platform, enabling HR professionals to solve real-world challenges, validate decisions, and stay ahead through collective intelligence and machine-enhanced guidance. Join Our Platform.
Employee Benefits.doc