How will I be taxed for leave encashment?

Is leave encashment exempted under Sec 10 (10AA) of the Income Tax Act on retirement? Is the money received from an employer towards encashment of pending leaves be considered for exemption irrespective of the number of times I switch jobs?

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Till March, the encashment limit for an employee was ₹3 lakh. My current employer has paid me ₹1.5 lakh towards leave encashment and this is not taxable. Now that the government has increased this limit to ₹25 lakh, will the exemption limit at my future job with a prospective employer be ₹23.5 lakh?

—Name withheld on request

As per the tax laws, any payment received by employees from their employer towards encashment of earned leaves at their credit, at the time of retirement, whether on superannuation or otherwise, shall be exempt from tax, subject to the specified limits.