Dear Poornima,
Please find herewith our leave encashment policy.
Our policy is to accumulate 30 days leave in account and the leave which are more thatn 30 are eacashed. i.e if total leave for any person on 1st Jan is 45 then he will get an encashment of 15 days. The leave encashment policy is as under
Basic Salary divided by 26 multiply by No. of days to be encashed. In the above case it is 15 days.
Personnel Policy No: 5
Policy : Leave
Authorized by :
Managing Director
Effective date :
1st December 2003
Supersedes Policy dated:
NIL
Next Review date:
30th November 2004
Purpose:
To enable employees, avail leave to meet personal exigencies and recoup periodically, by taking rest and being with the family.
Scope:
All the employees on the rolls of the organization shall be covered under this policy.
Policy Guidelines:
1. Leave shall be determined for the calendar year (i.e. January to December)
2. The Leave will be credited to an employee’s account on 1st of January every year. In case an employee joins after the above date, leave will be granted on pro-rata basis.
3. No employee shall be entitled to leave during the probationary period (except due to sickness/ personal exigencies). However, such probationary period preceding confirmation will be taken into account while calculating leave entitlement.
4. Intervening weekly offs and paid holidays will not be counted as part of availed leave.
5. Employee cannot avail leave as a matter of right. The Management reserves the right to refuse, revoke or curtail leave as per the exigencies of work.
6. Leave cannot be availed by any employee, unless and until the balance is available to ones credit. Exceptions can be made only by Chief Operating Officer / Unit Head and that too under extreme emergency only.
7. The employee has to retain a minimum of his leave entitlement as balance on the leave account on 31st December of every year. Any excess leave unavailed during the financial year, will be automatically encashed.( Based on one month’s basic salary for 26 working days, subject to deductions as per IT rules. Hope this helps : ) Warm Regards Aparna Sinha |
