Please Suggest Full & Final Settlement - XLS Download

Dear All,

Please suggest me if employee’s served notice period and Proper Hand Over taken, than how much company should take time for Full & Final Settlement.


Any act. Or any processor for it.


Thanks,
Regards,
J.N.Modi

Dear Jaynarayan

If your company's HR Policies are made properly, then there is no reason to delay. If the person submit his resignation and serve complete notice period then you have to issue the clearance before 3 days and make all the payment dues in the last working day. You can confirm from other branches and even, if required, entire company about any dues against the staff concerned. Regarding the Disciplinary/Administrative action you can get confirmed from the Admin Department before relieving the person.

In case of retirement you can stop his PF deduction before 3 months of retirement/superannuation and you can submit the form 10C and Form 19 on his last working day to PF Office and within one or two months his pension will also be effected.

In case of termination or resignation without full notice period you can take an undertaking from the terminated/resigned staff that "As the resignee / terminated staff is leaving the service before completing all the clearance formalities/procedures the settlement may take longer time than the normal case. In case of delay in settlement for more than 6 months the concerned should not approach any court of law to get his dues settled."

Hope I have cleared your doubt. In case any further querry please revert back.

Dear Mr. S.Bhakar & Ravibhushan.

Thanks you for immediate reply

Sir,
My last company told me again and again your settlement is under process from last 20 days. That is One Month Salary+Bonus+Leave encashment.


Kindly suggest me what should I do in legal action.


Thanks,
Regards,
J.N.Modi

Dear Mr. Jaynarayan Modi
Never think of taking any drastic action against your old employer. Please contact them politely and try to get cleared from them.
All the best

Dear Jayanarayan Modi,
I suggest you to take few necessary precautionary measures in future avoid to such panicking situations. It's always better for anybody to document the final settlement communication through Email / written rather then or oral communication, so that you can legally claim for your rights if the issue is not been sorted out in given timeline.

i want to know that what is rule of given the weakly off in the salary days or if any employee joined the company on saturday then the sunday will give him or not pls explain that question

Dear All,
I too have a same doubt kindly clarify me if we are not receive our F&F means shal we suit case against company of not ?
Is law says any kind of timeline for this ?
expecting your kind suggestions............

Dear Vijay,
Once the employee joins the organisation from the day itself he is eligible to get all the benefits......
If he joined on saturday he eligible to get sunday leave...and his service started from saturday itself..........

dear friend,
The employer is bound to settle an employee's account on cessation of his employment with the organisation.
This is statutory obligation on the employer.
Settlement shall be for the following & their repective Acts.
Earned leave: Factories Act / Shops and establishment Act.
unpaid salaries: Payment of Wages Act.
Gratuity: Payment of Gratuity Act.
Bonus: Payment of Bonus Act.
Notice Pay: As per terms and conditions / policy of the company.
The time limit varies from organisation to organisation, but it shall be in a reasonable time.
the attached is the format for final settlement. This can be used, in case you need it.
regards
YAGNIAH K
MANAGER -HR

Dear Mr. Bhaskar,
I have a query regarding F & F payment. Is there any standard rule set for this payment? Like from the last day of working how much time is set to make the payment?
Another query is- is it technically right if the salary is being paid first and then the other like leave encashment, gratuity if applicable, afterwards?
Regards,
Gargi Mitra