Is it compulsory to pay for balance Priviledge Leaves(PL) at the time of super annuation or retirement? According our company policy, PL is not encashable.
Another thing if PL is encashable, what part of salary is to be considered for Calculating the payable amount?
Kindly Suggest..........
Regards,
S Mitra
From India, Kolkata
Another thing if PL is encashable, what part of salary is to be considered for Calculating the payable amount?
Kindly Suggest..........
Regards,
S Mitra
From India, Kolkata
Yes, this has been supported by labor laws like Factories Act, selected Shops and Commercial Establishment Acts.
However employment terms could also play a vital role here by placing relevant clauses in employment terms. Eg: - " Employees are supposed to avail at least 10 days every year, maximum yearly carry forward limit is 14 and overall accumulation limit is 40. A maximum of 40 days Leave can be encashed at the time of settlement if employer refuses to allow employee to exercise the leave or adjust leave with notice period"
From India, Bangalore
192However employment terms could also play a vital role here by placing relevant clauses in employment terms. Eg: - " Employees are supposed to avail at least 10 days every year, maximum yearly carry forward limit is 14 and overall accumulation limit is 40. A maximum of 40 days Leave can be encashed at the time of settlement if employer refuses to allow employee to exercise the leave or adjust leave with notice period"
From India, Bangalore
Dear,
Generally EL encasement will be done on on-demand basis. If employee terminate due to some policy of termination than he is not avail EL encasement. Many company's are following the procedure of Earned Leave / Privilege leave, 1 EL credited in employee account. If total leave of any employee is 1st Jan. to 15th Feb. than he will get encasement of 15 days.
Calculation of EL encasement:
Encasable Amount = Basic Salary / 26 * No. of days to be encased.
From India, Ahmedabad
Generally EL encasement will be done on on-demand basis. If employee terminate due to some policy of termination than he is not avail EL encasement. Many company's are following the procedure of Earned Leave / Privilege leave, 1 EL credited in employee account. If total leave of any employee is 1st Jan. to 15th Feb. than he will get encasement of 15 days.
Calculation of EL encasement:
Encasable Amount = Basic Salary / 26 * No. of days to be encased.
From India, Ahmedabad
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