My company is PVT LTD and started in DEC 2017 & and it is in contract job. So in June 30, 2018 project will end. So for our employees leave what will be the financial year??
From India, Delhi
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From India, Delhi
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Understanding Leave Calculation
Leave is a statutory benefit granted to employees generally on a calendar year basis. The only exception is Earned Leave, the calculation of which is based on the number of days worked by the employee in a period of 12 months from the date of their joining. The financial year is the Accounting Year that can vary according to the preference of the individual organization. Therefore, naturally, any 12-month period reckoned with the actual date of joining of employees can spread across two financial years depending on their actual date of joining or the actual period of contract work in which they are engaged.
So, there is no need to bring in the financial year for the purpose of leave calculation. In such a situation, lapsable leave like C.L. (Casual Leave) and S.L. (Sick Leave), if applicable, has to be calculated for every calendar year on a proportionate basis, and accruable leave like E.L. (Earned Leave) on the actual length of service basis.
From India, Salem
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6108Leave is a statutory benefit granted to employees generally on a calendar year basis. The only exception is Earned Leave, the calculation of which is based on the number of days worked by the employee in a period of 12 months from the date of their joining. The financial year is the Accounting Year that can vary according to the preference of the individual organization. Therefore, naturally, any 12-month period reckoned with the actual date of joining of employees can spread across two financial years depending on their actual date of joining or the actual period of contract work in which they are engaged.
So, there is no need to bring in the financial year for the purpose of leave calculation. In such a situation, lapsable leave like C.L. (Casual Leave) and S.L. (Sick Leave), if applicable, has to be calculated for every calendar year on a proportionate basis, and accruable leave like E.L. (Earned Leave) on the actual length of service basis.
From India, Salem
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LEAVE ENCASHMENT NOT INCLUDED IN WAGES FOR P. F. CALCULATION.pdf
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