Kindly provide me with the details about LTA. Who is eligible to take the LTA? What percentage of their salary is paid as LTA? Does LTA calculation vary from company to company? Especially, how does it work in the private sector? Kindly brief it.
From India, Chennai
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From India, Chennai
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Understanding Leave Travel Allowance (LTA)
LTA stands for Leave Travel Allowance. Yes, it varies from company to company depending on the policy of the organization. Per the appointment letter agreement, after the completion of 1 year, an employee will be eligible for LTA. To avail of this benefit, the employee must take a leave of 5-7 days and show their travel ticket (in some companies). Some companies grant LTA only after the employee shows a minimum leave of 5-7 days.
Usually, it is 4 or 5% of the basic salary and DA, along with any other allowances, to retain the employee.
I hope this information helps.
Thank you.
From India, Kolkata
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15LTA stands for Leave Travel Allowance. Yes, it varies from company to company depending on the policy of the organization. Per the appointment letter agreement, after the completion of 1 year, an employee will be eligible for LTA. To avail of this benefit, the employee must take a leave of 5-7 days and show their travel ticket (in some companies). Some companies grant LTA only after the employee shows a minimum leave of 5-7 days.
Usually, it is 4 or 5% of the basic salary and DA, along with any other allowances, to retain the employee.
I hope this information helps.
Thank you.
From India, Kolkata
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My friend Mr. A has clearly pointed out your query. In addition to this, I would like to state and explain more on this topic.
Understanding Leave Travel Allowance (LTA)
LTA is given so that employees can take time off and spend some quality time with their family or loved ones at their native place/hometown. The number of PL days to be taken to claim LTA depends on the company's leave policy. In many companies, LTA is given as one month's basic salary. In other companies, LTA is provided based on the designation and company policy.
Eligibility and Claiming LTA
The eligibility to claim LTA varies from company to company. It is a standard practice in most companies that employees become eligible for LTA after completing one year in the organization from the date of joining. Proof submission is not required for claiming LTA, and employees can claim it once every two years.
Kind regards
From India, Mumbai
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Understanding Leave Travel Allowance (LTA)
LTA is given so that employees can take time off and spend some quality time with their family or loved ones at their native place/hometown. The number of PL days to be taken to claim LTA depends on the company's leave policy. In many companies, LTA is given as one month's basic salary. In other companies, LTA is provided based on the designation and company policy.
Eligibility and Claiming LTA
The eligibility to claim LTA varies from company to company. It is a standard practice in most companies that employees become eligible for LTA after completing one year in the organization from the date of joining. Proof submission is not required for claiming LTA, and employees can claim it once every two years.
Kind regards
From India, Mumbai
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Leave Travel Allowance.doc
The Ins & Outs of Leave Travel Allowance.pdf