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Notice Pay

Abdul Kader
Ranch Hand

Joined: Apr 11, 2007
Posts: 115
I am Planning to put down my papers, i came to know in my company i have to pay my fixed 3 months pay, if i want to buy that.

what will the Fixed salary means ??? only Basic ???

What all the component it will include ?
Kj Reddy
Ranch Hand

Joined: Sep 20, 2003
Posts: 1704
I guess its not just Basic. All components of your salary except your variable pay like performance bonus. But better to confirm with your HR as different companies use different terminologies. Ideally your fixed salary includes all the components (BASIC, HRA, Conveyance etc.,) which you receive every month salary.
[ May 22, 2008: Message edited by: KJ Reddy ]
Abdul Kader
Ranch Hand

Joined: Apr 11, 2007
Posts: 115
We can only discuss after putting down our papers right ?
Abhijit Kumar
Ranch Hand

Joined: Sep 28, 2005
Posts: 225
Originally posted by Abdul Kader:
I am Planning to put down my papers, i came to know in my company i have to pay my fixed 3 months pay, if i want to buy that.

what will the Fixed salary means ??? only Basic ???

What all the component it will include ?


Was the HR policy that 3-month salary would be recovered a surprise "news" for you? You must be made aware about it by HR when signing appointment letter.

Also if there is no written communication regarding this, the company cannot do this. The norm is of 1-month notice or pay.

Regarding the components as part of notice pay, I have little idea.

Also you could try to convince HR or manager to waive off your notice period.

AK
Ayub ali khan
Ranch Hand

Joined: Oct 20, 2005
Posts: 382
    
    2
Most of the times for final settlement they will adjust your eligible leaves to that of your notice period and wave off the rest of notice period. In such a case you may not have to pay any money...check with your manager about these details...

Ideal notice period==90 days

Leaves pending==15 days,give notice period==30 days..

calculation==90-(15+30)=45 days remains..this will be waived off if your manager feels so or else they can get money for this from you..

Hope that helps
--Ayub


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subject: Notice Pay