I want to leave my organization, and I can't serve a 2-month notice period. It is not practical to serve a 2-month notice period. If I buy out my notice period, how much would I have to pay? Would that be equal to my monthly gross salary multiplied by 2, or the amount that gets credited to my bank account as salary multiplied by 2?
The following is my salary breakup:
Basic Rate: $3,100.00
HRA Rate: $1,550.00
EARNINGS AMOUNT
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BASIC: $3,100.00
HOUSE RENT ALLOWANCE: $1,550.00
CONVEYANCE ALLOWANCE: $800.00
OTHER ALLOWANCES: $3,040.00
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Total Earnings: $8,490.00
DEDUCTIONS AMOUNT
--------------------------------
PROVIDENT FUND: $372.00
PROFESSION TAX: $175.00
E.S.I.S.: $149.00
--------------------------------
Total Deductions: $696.00
My CTC is $8,862, and Net Payable is $7,794.00. If I buy out my notice period, how much would I have to pay?
From China
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2The following is my salary breakup:
Basic Rate: $3,100.00
HRA Rate: $1,550.00
EARNINGS AMOUNT
--------------------------------
BASIC: $3,100.00
HOUSE RENT ALLOWANCE: $1,550.00
CONVEYANCE ALLOWANCE: $800.00
OTHER ALLOWANCES: $3,040.00
--------------------------------
Total Earnings: $8,490.00
DEDUCTIONS AMOUNT
--------------------------------
PROVIDENT FUND: $372.00
PROFESSION TAX: $175.00
E.S.I.S.: $149.00
--------------------------------
Total Deductions: $696.00
My CTC is $8,862, and Net Payable is $7,794.00. If I buy out my notice period, how much would I have to pay?
From China
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The buyout notice period is becoming common now. We cannot always encourage this because what would happen if you are unable to join that new company for some reason or other? They can sue you for their delivery delay and make you work without cost for a minimum period just because you didn't join them on time. Without any legal clause for their support, they will not buy you notice period.
Buying means your 'Gross' and not the Net, you assume that you have no LOP and statutory benefits are applicable. It is not a matter of negative thought but a precautionary measure of 'cause & effect.'
Regards, Chandru
From India, Madras
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Buying means your 'Gross' and not the Net, you assume that you have no LOP and statutory benefits are applicable. It is not a matter of negative thought but a precautionary measure of 'cause & effect.'
Regards, Chandru
From India, Madras
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Notice Period Policy Change and Earned Leave Adjustment
I have resigned from my organization and am currently on the notice period. Previously, my company had a 3-month notice period with a buyout option. Therefore, I had planned to serve 2 months of notice and requested them to adjust my earned leaves for 1 month. However, my company has now changed their notice period policy to 2 months while I am already on the notice period. They have informed me that this policy change will not apply to me because I am already in the notice period.
I am uncertain if this is fair as the policy change should be applicable to all employees while I am still working for them. I suspect they are trying to avoid paying for my accrued leave balance, which is why they are giving me this inadequate reason. Can you please advise me on what steps I should take in this situation?
Thanks!
From India, New Delhi
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I have resigned from my organization and am currently on the notice period. Previously, my company had a 3-month notice period with a buyout option. Therefore, I had planned to serve 2 months of notice and requested them to adjust my earned leaves for 1 month. However, my company has now changed their notice period policy to 2 months while I am already on the notice period. They have informed me that this policy change will not apply to me because I am already in the notice period.
I am uncertain if this is fair as the policy change should be applicable to all employees while I am still working for them. I suspect they are trying to avoid paying for my accrued leave balance, which is why they are giving me this inadequate reason. Can you please advise me on what steps I should take in this situation?
Thanks!
From India, New Delhi
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