When will get Earned leave amount it is showing 48days in my system For EL?SHALL I EXPECT MAY MONTH ? HOW MUCH I WILL EXPECT?
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Take a 10-min AI interview to qualify for numerous real jobs auto-matched to your profile 🔑Totally 48 days = 2 month basic salary? Shall I expect may month salary?
No. Anything above 48 is calculated and encashed once a year in the month of May.
I need few details John. I didn't get you actually. Now my system is showing 48days already encashed in April month getting around 560. What about 48 days? It is fully encashment may month right?
Your earned leave accumulates till 48 days . That is the pool from which you can take auto approved earned leaves . It cannot be encashed except as a part of your full and final settlement when you leave the company . You are free to use the 48 allocation to take leaves .
Anything that you accrue above 48 in a financial year ( maximum is 16 I believe in an FY) gets encashed and you get that days amount of basic salary ( depending on your overall CTC).
If you have a balance of 48 , you get 16 more next year , the maximum number of earned leaves that can be encashed is 16. Your pool of 48 will stay as it is ( if you do not take any leaves from that balance ) until you leave the company . When you do , it is encashed and paid off as part of your full and final settlement.
The additional leaves beyond 48 usually get encashed after March ( which is end of FY).
Say you have 50 leaves, they will minus 48 leaves and for balance 2 leaves you will get the cash by financial year end. If you want to encash all 50 leaves, then you need to leave the organisation.
Noo it's one time credit at the end of financial year so you can expect on mar 2025 salary
End of financial year..
Leave encashment will be credited in Mar salary only if you have more than 44 leaves.
In my scenario I had 55 leaves balance in Feb and which was reduced to 44 leaves In Mar. They have credited the leave encashment amount.
No, it will be credit at the end of financial year so you can expect on mar 2025 salary.
EL formula : Basic salary/264 * No of EL