Hi Bhagyashree,
As suggested by Satish, you may lock the payroll by using IT0003, but once the employee comes back, when you uncheck the check box in IT0003 payroll runs back to the previous period where the employee has been eg: if employee leaves on Jan 2012, employee comes back in Jan 201, payroll runs for all these periods.
Since you don't want to change the global status, i think it is the best approach.
Thanks,
Madhav.