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What is encashment of leave balances (or leave encashment)?

April 26, 2017balances encashment leave

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What is encashment of leave balances (or leave encashment)?

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In some organisations, employees can encash their leave balances after a certain point in time. The number of untaken holidays is paid in cash in lieu of holidays. When an employee leaves, the holiday balances to the employee ‘s credit are paid out in cash.