Hi KL Siew,
Thanks for the advice. Just submitted my resignation letter today.
I missed out some information from message previously, i.e. the new company has agreed to pay maximum 1month in lieu of the notice. So, at this point, it is not whether I am willing to pay in lieu of notice but whether the current company is willing to accept my short notice amicably.
Compensation leave are leaves added to our annual leave as replacement when a public holiday falls on Saturdays. I guess, this is equal to annual leave as well? Anyway, I agreed that I will not clear my leave so as to give the company more time to find replacement. Instead, they will pay me for the leave balance.
The VP of Operation who is also the HR person in my current company requested I negotiate with new company for longer notice period, i.e. to start on 1 Oct instead of 23 Sep. This will give them 1 week extra time to look for replacement. I agreed to try to convince the new company and will see what they say about starting on 1 Oct. I am hopeful that all parties will be ok with this.
SIGH! Never easy to tender resignation! Once again, thanks for the advice!