Your employees are entitled to a minimum number of time offs/leaves per year depending on in-country compliance, company policies, etc. While onboarding an employee on Multiplier, you are required to add/edit leaves on the Compliance section.
However, these leaves must be reset based on the financial/calendar year your company follows.
What does 'Financial Year' on the Multiplier platform mean?
The term 'Financial Year' on the platform refers to the month that marks the beginning of the year for the business.
Selecting the month/year start date will help us understand the date on which your employee’s leaves must be reset. For example, if you select ‘April’ as the year start date, on the 1st of April, the employee leaves will auto-reset, i.e., new sets of leaves are added, and existing leaves are carried-forward, expired, or encashed, depending on the country's labor laws.
Note - If you do not update the month that indicates the financial year start date on the platform, the default financial 'Year Start Date' that will be considered is 1st January. Hence the leaves will be reset on the 1st of January on the platform.
Depending upon the country's laws and company policies, leaves are either reset for the new financial year, carried forward, expired, or encashed.
For Example :
In India, an employee can carry forward up to 45 leaves.
In the Philippines, no unused leaves can be carried forward.
If you'd like to know more about carry-forward leave policies in your employee's countries, please contact your respective CSM.
To change/set the leave reset date follow the below steps :
Step 1: Click on “Settings” under the “Administration” section on the left sidebar.
Step 2: Click on ‘Company Settings’.
Step 3: Select the month that marks the beginning of the company’s Financial Year, and you're good to go.