The ESB - End of Service Benefit is most generally calculated as:
(Number of years of service * Last drawn basic salar)
I don't think labor law enforces this. This is a benefit used by companies to give employees incentive to stay on with the company. Some companies even progressively increase the percentage with each passing year. For example, if i leave after 3 years, i get 3 basics. If i leave after 5 years i get 7.5 basics. That was the rule in my previous company.
Some companies also have a minimum served duration before you can draw this benefit. So you need to vet your contract for this.
In addition, if you are not serving the contractual notice period, the employer can deduct salary equivalent to notice period not served from your end of service benefit.
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Quidquid latine dictum sit, altum sonatur.
The ESB - End of Service Benefit is most generally calculated as:
(Number of years of service * Last drawn basic salar)
I don't think labor law enforces this. This is a benefit used by companies to give employees incentive to stay on with the company. Some companies even progressively increase the percentage with each passing year. For example, if i leave after 3 years, i get 3 basics. If i leave after 5 years i get 7.5 basics. That was the rule in my previous company.
Some companies also have a minimum served duration before you can draw this benefit. So you need to vet your contract for this.
In addition, if you are not serving the contractual notice period, the employer can deduct salary equivalent to notice period not served from your end of service benefit.
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Quidquid latine dictum sit, altum sonatur.