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Question
What do you understand by encashment of leave?
Long Answer
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Solution
Encashment of leave refers to the process where an employee receives monetary compensation for the unused leave that they have accumulated over time. Instead of taking the leave, the employee can choose to encash it, usually at the time of retirement, resignation, or as per the company's leave policy. This amount is calculated based on the employee’s last drawn salary and the number of leave days eligible for encashment. It acts as a financial benefit and reward for employees who have not used up their entitled leave during their service.
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