Leave Encashment is the amount of money received by an employee in exchange for the granted leaves, and not utilized in a year. As per law, every employee is entitled to some paid leaves, however, some don’t require much to use in a year. Those leaves are carryforward or encash after a year.
Sometimes encashment is done at the time of resignation or retirement from the company. Many companies also allow employees to hold forward paid leaves if they are not used in a single year.
Also, See: Earned leave (EL) | Leave Without Pay (LWP)
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