Hi fishes,
If I am not billable in the project, can I request HR to reduce the notice period to 1 month? Is it possible or do I have to serve a complete notice period?

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Yes, if you are not billable and don't have any project dependency.
You can decrease your notice period time to nearly 30 days I think.
Got this info from a colleague who has switched to a different company recently.

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Thanks a lot for valuable info!

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