Hi, I want to plan my resignation from my job and determine my full and final settlement. Here are the details about my income and company policies.
Details Provided:
1. Salary slip for February 2023
2. My old salary compensation structure (New one not given by the company)
I just want to point out that there is something wrong with the compensation structure and my salary. It mentions a variable amount of 2000 Rs. per month, but I didn't receive any information about PLB. Can I receive PLB if I resign in April 2023?
From India, Mumbai
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Details Provided:
1. Salary slip for February 2023
2. My old salary compensation structure (New one not given by the company)
I just want to point out that there is something wrong with the compensation structure and my salary. It mentions a variable amount of 2000 Rs. per month, but I didn't receive any information about PLB. Can I receive PLB if I resign in April 2023?
From India, Mumbai
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We are not aware of what PLB means. Is this an organization-specific factor, or does it possibly refer to a profit-linked bonus? If so, then all employees who have served for more than 30 days in a year are eligible to receive a bonus as per the Payment of Bonus Act 1965 for that year.
Eligibility for PLB During Notice Period
According to the attached compensation structure, PLB is ineligible for employees serving the notice period on the date of its payment. The guideline states that eligible employees should be active and not serving the notice period at the time of disbursement of PLB.
Unless we get clarity on what PLB means, we cannot advise further.
From India, Mumbai
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1593Eligibility for PLB During Notice Period
According to the attached compensation structure, PLB is ineligible for employees serving the notice period on the date of its payment. The guideline states that eligible employees should be active and not serving the notice period at the time of disbursement of PLB.
Unless we get clarity on what PLB means, we cannot advise further.
From India, Mumbai
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Dear Ashish, Your concern seems valid; however, you need to get clarification on the Variable Pay of Rs 240,000 mentioned in your CTC statement. They have mentioned it is as per the policy - what is the policy for the payment of variable pay? As such, it has not reflected in the attached salary sheet.
Regards
From India, Mumbai
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Regards
From India, Mumbai
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From the salary structure, what I observed is that there is an important component, namely, the Bonus, absent in it. In the absence of a bonus as a yearly component, you can take the PLB (Performance Linked Bonus?) as a statutory bonus. However, a bonus cannot be denied to persons who are serving a notice period. Since it is equal to one month's salary, it cannot be denied to the employee on the grounds of a notice period. Please check with the Personnel team what PLB stands for and why the Bonus is missing in it.
From India, Kannur
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From India, Kannur
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Compensation Structure.ppt
MODEL STRUCTURE OF COMPENSATION.do c