Resignation issue and notice period buyout

813 votes

Your employment will be governed under the frame work of your employment contract. Since the contract states and provides for buy out of the notice period, you have the right to exercise this option. If the management continues to resist I would advise you to initiate the required legal process by way of serving a legal notice on the employer.

Advocate Nupur Ahluwalia LawRato

976 votes

Hi,
First of all you are only bound by the terms of the contract issued to you. If a provision is written in your contract than it will be applicable.

If there is an amendment in the company policies then it must be communicated to you and your contract must be amended. That has not happened it seems.

Coming to your resignation and notice period. Unless you are going to a competitive company, your company may not have any issue with and will not take any harsh action.

As per the law you can terminate the contract at any time and need not even serve any notice period. If clause says so they can recover any loss in full and final.
Don't pay anything on your own. Since your resignation is because of personal reasons, they have to relieve you. Just mention your last working day in the letter. If they don't accept it then send it by speed post. They are bound to accept it.

Make sure you return all company data like laptop, if card as it may become the issue.

Don't worry, companies do scare but can't do anything under the law!

For any further help get in touch

Advocate Prakhar Deep LawRato

948 votes

hi , no need to buyout option , you can leave your services dispute you signed the contract, illegal/arbitrary contracts are not valid in the eye of law. however you have to meet alongwith all documents to get expert advise . thnx

Advocate Alok Rattan LawRato

413 votes

A notice period buyout is a practice where an employee pays their employer to shorten or skip their notice period when resigning from a job. Here's what you need to know about notice period buyouts:

1. Definition: A notice period buyout refers to the option for an employee to pay their employer an agreed-upon sum of money to waive part or all of the notice period required when resigning.
2. Purpose: Employees may opt for a buyout to expedite their departure from the current job and join a new opportunity without waiting for the full notice period to conclude.
3. Agreement: The terms of a notice period buyout are typically outlined in the employment contract or offer letter. It's essential to review these terms to understand the cost and conditions associated with a buyout.
4. Cost: The cost of a notice period buyout can vary and depends on factors such as the length of the notice period and the terms negotiated between the employer and the employee.
5. Benefits: Notice period buyouts can benefit both parties. Employers may appreciate the flexibility, while employees can transition to new roles more quickly.

In conclusion, notice period buyouts provide flexibility for employees and employers during job transitions. However, the terms and conditions should be clearly understood and agreed upon by both parties.

Advocate Chikirsha Mohanty LawRato