What Is Notice Period Buyout?
Notice period buyout is a feature where a worker or employer compensates by paying for the remaining period of time to serve the notice. This enables one to leave early without violating employment conditions. The amount of the buyout is usually equivalent to the salary during the unserved period of notice.
The notice buyouts usually apply when the employees are recruited to a new company earlier or when the employers require quicker transitions. It brings about professionalism, prevents conflicts, and accelerates movement of the workforce.
Examples:
She chose to have a notice period buyout so that she could join her new employer early.
To accelerate restructuring, the firm provided a notice period buyout.
A notice period buyout will avoid overlay in payrolls and delays.
Synonyms:
- Notice Pay Settlement
- Early Release Buyout
- Notice Waiver Compensation
- Exit Buyout Option
- Pay-In-Lieu Arrangement
