THE HR GLOSSARY
Clear terms.
Better understanding.
Make sense of the language behind people, payroll, and everyday work. Find a definition, understand the context, and keep the conversation moving.
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- Leave EncashmentLeave encashment means getting paid for unused leave instead of taking time off, and it usually happens when an employee resigns or retires
- LOP (Loss of Pay)Salary cut for days an employee didn’t work and had no leave left to cover them.
- LWF (Labour Welfare Fund)A small contribution from employee and employer to a state fund for workers’ welfare. Rules and rates vary by state.