Cashover

Cashover refers to the amount of money an employee receives at the end of their employment period, typically after their employment contract has been terminated. This is distinct from regular wages and may include payments for unused leave, bonuses or commissions that have been earned but not yet paid, and other benefits the employee is entitled to.

In some countries, cashover is mandatory and employers are required by law to pay their former employees a certain amount of money when they leave the company. This payment may be based on the employee's length of service, their final salary, or a combination of both.

The amount of cashover due to an employee can vary greatly depending on the country and the specific regulations in place. Employers may also have policies in place that dictate the amount of cashover that is paid, or the circumstances under which it is paid.

Examples of cashover include:

* Severance pay, which is a payment made to an employee who is being laid off or who has been forced to resign due to company restructuring.

* Payment for accrued but unused vacation or sick leave.

* Bonuses or commissions that have vested but not been paid out at the time of the employee's departure.

* Other benefits such as stock options or pension contributions.

In general, the payment of cashover is intended to provide some financial support to employees who are leaving a job, either voluntarily or involuntarily. However, the specific details of cashover payments can vary greatly depending on the company and the country in which it operates.