1 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177824 Points)
Replied 16 July 2018
The term payment in lieu of notice refers to the compensation to be paid by an contractee to other party for breach of contract. Such contracts are made in employment between employer & employee. Either the employer or the employee can waive off the 'notice period' by paying a particular sum of money to the other party (mutually agreed).
For example: If the notice period is 1 month, the employer may terminate the employee earlier and pay 1 month salary (or any other sum mutually agreed) in lieu of the notice period. To be entitled to pay in lieu of notice, there must be an employment contract, company policy, or statutory requirement that outlines the wages owed the employee before termination of employment.
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