Latest update: I have escalated this to my new manager in Company B and showing all the screenshot that company B HR asked for the buyout amount during background check.
Finally my new manager able to fight for me which the buyout has been approved. (Happy ending )

Maybe I would like to put this thread on so other LYN members are aware the so called buyout exercise.




Hi Folks, im facing some issue would like to ask some advice.

I have tendered resignation with Company A and will serve 3 months notice period to join Company B.
Company B asked what's the 1 month buyout amount if they want to proceed.
Given the amount to company B and company B ask me to request the buyout letter from Company A so the HR can submit for approval
(Remark: when i request this buyout letter, i did mention it's subject for my new company approval)

days later...
Company B came back and said buyout not approved
I reverted this back to Company A and telling them i would like to serve full 3 months notice, Company A HR said cannot anymore because they have agreed the 1 month buyout and release official buyout letter.
Then I share the same thing back to Company B

Now no company want to absorb this 1 month buyout and I need to bear this myself


This is very unfair to me and i think Company B is not doing it correctly.
The HR should asked me to request a buyout PROPOSAL instead of buyout letter and Proposal is subject for approval but a letter is official and confirm.
Somemore if they requested buyout letter means they intend to proceed with internal approval budget. Not telling they want to know amount and submit for approval.


I think Company A is not the faulter here as they entertain to all my request (from company B).


Hence, please advise

This post has been edited by Darkcloudz: Oct 20 2022, 08:17 PM

Wah, own company A tak mahu you lagi?

Beg your boss to cancel lo. Shouldn't have big problem right? They already hired your replacement?

Nope bro. Dec is change freeze so less activity.
Somemore my manager has already arrange handover session to be completed in 2 months time. Hence they don't actually need me to serve 3rd month notice.

If don't need you around, then try beg/discuss to waive it. Then at most you jobless one month.

Not impossible... But depends on your relationship

This post has been edited by kens88`: Oct 18 2022, 10:44 AM

dun go to company B. find company C.
why because if company B can be inconsistent, your time in the company will be inconsistent as well
you cant go back to company A because you know la why..
so last option is company C
my opinion jer..

Company B is a bank bro. Offer letter signed. Also resigned from Company A.
There's no turning back

I think it's nonsense from company A. Either u work the 3 mth or they let u off early. Ask then give you letter stating the request and report kau them

Bank can be so inconsistent? this is very bad practice by incompetent HR.

Then your payment for the one month, will be your investment. Ok jer.. good luck bro.

you need to pay b4 you leave? pretty sure you can negotiate to pay periodically

on the other side, company B do this b4 you join, what makes you think its worth the hassle?

go hunting

exactly.
Company B - even before starting work pull a fast one on you, do you think the relationship can survive for long?

I once was also played by a big company
offer letter given to me, signed and returned
resigned in company X
Y retracted the offer letter before my joining date
very lucky X company was still trying hard to retain me with counter offers.

this taught me the lesson - big companies also cannot be trusted. they can preach so much about integrity, but action speaks louder than words.

good luck to you.

Ummm.. Company B did tell you its subject to their approval, no? So how can it be their fault? I think Company A is at fault here if you have clearly indicated that the buyout is subject to Company B's approval and in your case it was not approved. So no deal

If company A insists you pay ask them on what grounds simce it was not approved and i hope you still have the e-mail or letter to indicate you did tell Company A HR that it is subject to Company B's approval

Co B has all the red flags.

if they can screw up on ur buy out, even so its 1 mth they can't even do it, its pathetic => think of what will happen to u when u join them ???

if u join, u r going to get it worse, since their HR is so unprofessional.

My advice - don't join, give finger to Co B, and beg ur boss to take u back into Co A.

This post has been edited by mezanny: Oct 20 2022, 10:28 AM

Wadefak ? Co Y can retract offer letter one ? What was ur reaction ? If I were u, I will call them up and maki hamun them, then go to their office, flip table.

That is just too much !!!!

It happened during the MCO period, was that why they retracted ?

not MCO period.
unprofessional people can exploit you easily, need to be extra cautious.

last time I use to think only small company does this, then I realized big company also can do this type of shit.

scary man.

dun mind to pm me the name of the co so next time I avoid them ?

Sounds like a communication breakdown by all parties. Company B didn't state it clearly that they needed the figure to request for an approval. Company A assumed that it was already a done deal. At the end of the day, if you are really keen on the bank (probably CIMB), think of it as an investment.

If you are willing to burn the bridge with Company A, then just threaten to report the matter to labour court.
Honestly I think the fault is with Company A, not procedurally but on legal aspect. By right when they issue the letter of buyout it should be an offer from them for you/Company B to buy, not a sale order which you must accept.

Agreed on the communication breakdown.
The whole idea of Company B requesting a buyout letter from Company A means it's a go ahead. Because when they were doing background check, company B HR already ask me what's the 1 month buyout amount.
So the blames all go to Company B HR, he is not doing it right as in he should advise me to request a "buyout PROPOSAL" instead of buyout letter. A proposal is always a proposal which subject for approval. if it's a buyout letter means everything is official.

You also mention submit for approval only so no gurantee will get approve. You should have reject the buyout. Don't be greedy over one month salary only

Company B did nothing wrong. TS also mention to submit for approval first. No gurantee will approve

TBH regardless of whether if it's an MNC, a big company, small fish company, or SME company, they all can pull such tricks on you. I've worked in both big companies, MNCs, and small time companies they all share the same traits. Only difference is that some do it discreetly whereas some just let it all out to exert dominance.

Yes offer letters can be retracted but it has to have a very solid reason. If no, can always bring it to Labour Dept for investigation. Tbh this is not very fair for the employee side because the new company is essentially putting the potential new hire at risk of not having a job.

Big companies can do this also. I wouldn't give any time of the day thinking and believing that big companies won't do the same thing

Pay your own and join new company earlier, same net/even more.

that's a giant red flag