Employees receive compensation for their unused or accumulated leave days, like vacation or paid time off, through a process known as leave encashment. If employees choose not to use these accrued leave days, they have the option to convert them into monetary compensation.
Calculating leaves for every employee is a complex process that differs across companies. Each company may have its leave structure, consisting of various payroll components unique to that organization. The calculation is conducted based on the chosen month for leave encashment.
It involves the following broad steps
- The selection of the leave reset month depends on the requirement.
- There is an option to update the month whenever required.
- Reviewing employee leaves and managing leaves for the financial year.
- Providing options such as leave encashment or rollover reset for employees during payroll processing for the chosen month.
- Automated calculation of leaves for encashment.
However, It is a demanding task that requires time and concentration. In some companies, leave encashment policies may vary. To accommodate this, we have modified our application according to your requirements.
To enrich your experience you can customize your encashments based on your satisfaction
Understanding your needs and requirements, we are here to fulfill them. We offer you a delightful, all-encompassing ASAS-based application that provides you with all-around solutions in one place.
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