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    Notice Period Buy Out Rev

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    Savita mat
    The document outlines a notice period buyout policy for an organization. The policy provides guidelines for situations where the employer needs to expedite the start date of a new employee by requesting to buyout their notice period from their current employer. It details eligibility criteria, general guidelines for the process, responsibilities of HR, and terms for reimbursing a portion of the buyout amount if the employee voluntarily leaves within a certain time period.

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    © All Rights Reserved
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    Notice Period Buy Out Rev

    Uploaded by

    Savita mat
    392 views3 pages
    The document outlines a notice period buyout policy for an organization. The policy provides guidelines for situations where the employer needs to expedite the start date of a new employee by requesting to buyout their notice period from their current employer. It details eligibility criteria, general guidelines for the process, responsibilities of HR, and terms for reimbursing a portion of the buyout amount if the employee voluntarily leaves within a certain time period.

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    Notice period buy out rev

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    The document outlines a notice period buyout policy for an organization. The policy provides guidelines for situations where the employer needs to expedite the start date of a new employee by requesting to buyout their notice period from their current employer. It details eligibility criteria, general guidelines for the process, responsibilities of HR, and terms for reimbursing a portion of the buyout amount if the employee voluntarily leaves within a certain time period.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    392 views3 pages

    Notice Period Buy Out Rev

    Uploaded by

    Savita mat
    The document outlines a notice period buyout policy for an organization. The policy provides guidelines for situations where the employer needs to expedite the start date of a new employee by requesting to buyout their notice period from their current employer. It details eligibility criteria, general guidelines for the process, responsibilities of HR, and terms for reimbursing a portion of the buyout amount if the employee voluntarily leaves within a certain time period.

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    HUMAN RESOURCE POLICY

    NOTICE PERIOD BUY-OUT POLICY

    Module no MAT HR/ Total Pages


    Issue Date Initiated by HR
    Revision No. & Date Approved by MAT India Management
    Subject Notice Period Buy out Policy Supersedes All earlier policies

    Applicable to All Employees of MAT India Distribution All employees

    NOTICE PERIOD BUYOUT POLICY

    PURPOSE

    The notice period buyout policy is established to provide guidelines for situations where the
    employer needs to expedite the start date of a new employee and may request the buyout
    of a notice period for the immediate onboarding of an employee.

    This policy outlines the conditions, processes, and responsibilities associated with such
    buyouts.

    ELIGIBILITY

    An employer can buy out an employee's notice period in the following situations to expedite
    the onboarding process

    1. Urgent Project Deadline


    2. Unique Skillsets required
    3. Short Staffing situations
    4. Key employee departure or Succession Planning
    5. Operational Emergencies approved by Management (Group MD/ MINT GM)

    GENERAL GUIDELINES

    To facilitate a notice period buyout for immediate on-boarding, the following steps and
    considerations are to be taken into account-

     The Respective HR is responsible for initiating the notice period buyout process.
     The HR department to assess the need for prompt onboarding and consider the option
    of compensating the selected candidates for their notice period from their current
    employer.
     The procedure for compensating the notice period, is to begin with a mutual agreement
    between HR and the candidate at the time of hiring.
     The HR Representative handling the buyout process to seek approval from the
    Corporate HR and Plant Director/GMD to ensure that the decision of buyout aligns with
    the organizational goals and operational requirements.

    VP- HR GMD GM- MINT

    For Internal Circulation Only


    HUMAN RESOURCE POLICY

     Upon approval of the notice period buyout, HR to notify the candidate and discuss the
    remaining notice period amount that needs to be compensated.
     HR to ensure that this communication is in writing and documented, along with the offer
    letter (Annexure-I).
     HR is required to obtain approved email confirmation from the relevant
    authority/approving authority regarding the candidate's notice period buyout offer.
     HR to ensure that the notice buyout document clearly outlines the tentative amount to
    be paid, the duration of the notice period being bought out, and any other pertinent
    details regarding the employment transition for future reference.
     During the selected candidate on-boarding process, the HR department is responsible
    for gathering and sharing all necessary documents and information.
     This includes obtaining approval for the buyout of the notice period from the
    appropriate authority and providing this information to the finance department.
     The approval email should clearly state the buyout amount and confirm the selected
    candidate's eligibility for compensation.
     The notice period amount to be paid only after the candidate submits their Full and Final
    (F&F) details, which may be a few months later also.
     Upon receipt of the aforementioned documents, the finance department is responsible
    for settling the payment within 30 days.
     Employees who receive notice buyout benefits are obligated to reimburse a portion of
    these benefits if they choose to voluntarily terminate their employment within a
    specified time frame following the initial on boarding process.

    Period Repayment percentage


    Employee leaves within 12 months of joining 100%
    Employee leaves between 12 to 18 months of joining 75%
    Employee leaves between 18 to 24 months of joining 50%
    Employee leaves after 24 months of joining 0%

    MANAGEMENT DISCRETION
    The management reserves the right to alter/amend/discontinue this policy at its sole
    discretion.

    VP- HR GMD GM- MINT

    For Internal Circulation Only


    HUMAN RESOURCE POLICY

    ANNEXURE-I
    Dated_______________

    Mr. ________________
    Address: ____________
    ____________________

    Subject: Offer Letter

    Dear ____________,

    With reference to your application & subsequent interview with us, we are pleased to
    appoint you as “________” in ____in our organization on mutually agreed terms &
    conditions.

    You will be responsible for all activities or any work required for the organization,
    commensurate with your qualification & experience as decided by the Management.

    You are requested to join us on or before ______, 202_.

    A regular letter of appointment will be issued to you on your reporting for duty with us.

    Please bring the following documents at the time of joining:

     Relieving Certificate / Experience Letter (as applicable).


     4-Passport & 4 Postcard Size Photographs.
     Photocopies of Educational Certificates.
     Affidavit/Police verification for no criminal record.
     Age Proof – High School Certificate.
     Photo ID proof (Aadhaar Card/PAN card/Passport) for opening a Bank Account.
     Fitness Certificate by MBBS/MD Doctor.
     Latest Form 16 if applicable.
     Covid-19 Vaccination Certificate.

    We acknowledge and agree to compensate you with an amount of _____________on the


    submission of supporting documents demonstrating any deductions made by your
    previous organization during the Full and Final (F&F) settlement or non-payment of salary.

    Thanking you,
    Sincerely,

    For MAT India Technologies Pvt. Ltd.

    Vice President –Corporate HR

    VP- HR GMD GM- MINT

    For Internal Circulation Only

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