One-Time Annual Leave Cash-Out
Begins 2 March 2015 (Thailand)
Distribution: Thailand-based employees
As previously communicated, effective 1 April 2015, your annual leave maximum accrual cap will be reduced from 40 days to 30 days. This means that your annual leave, which accrues on a monthly basis, must not exceed 30 days at any one time. Any leave in excess of 30 days will be forfeited.
One-time Optional Cash-Out Election
The one-time Optional Cash-Out Election period will be between 2 March 2015 (Mon) and 10 March 2015 (Tue). To ensure a smooth transition, please take note of the following:
Automatic Cash-Out
• Employees with ending leave balance in excess of 30 days as at 31 March 2015 (excluding any advance annual leave applied for future months) will be compensated through a one-time cash-out automatically.
Optional Cash-Out Elections
• All eligible employees will also be given a one-time opportunity to elect Optional Cash-Out of either 5 days, 10 days or 15 days. This will be based on your leave balance as at 31 March 2015.
• If your annual leave has a zero or negative balance upon selling your leave, your entire Optional Cash-Out election will be rejected.
• No action is required from you if you do not intend to sell additional annual leave.
If your final leave balance as at 31 March 2015 is close to or at the maximum accrual cap of 30 days, you will need to indicate your Optional Cash-Out election. Otherwise, your leave accrual in April 2015 will be forfeited.
Please click here if you wish to elect your Cash-Out options (available from 2 March to 10 March 2015). Kindly note that no further extension will be granted if you do not complete your elections by 10 March 2015, end of business day.
Notes:
1) Please ensure all your leave applications (including cancellations) up until 31 March 2015 are submitted and approved by your manager in Workday latest by 13 March 2015.
2) For any advance annual leave to be utilized starting 1 April 2015, we would recommend that you apply them in Workday only from 1 April 2015 onwards.
3) The one-time cash-out, which is subject to personal taxes based on the respective country’s tax laws, will be added to your payroll in the month of May 2015.
If you would like to find out more about this change, please refer to the attached memo that was sent out earlier. You may also refer to the enclosed guide on how to project your leave balances as at 31 March 2015. Please reach out to Ask HR if you require any clarifications.
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