Hi All, Can anybody provide me Full & final settlement forms? Actually i don’t have idea how to make full & final settlement of employees. Thanks Vanita
From India, Gurgaon
Acknowledge(0)
Amend(0)
From India, Gurgaon
Acknowledge(0)Amend(0)
Hi Vanita,
During the preparation of the Full & Final settlement of an employee, we have to keep in mind the payable salary and total deductions. In the payment, we have to consider the salary status, the leave status, and any payable bonuses. On the other hand, in the deduction part, we need to account for any advances taken, Notice period recovery if applicable, and any other liabilities the employee has with the organization.
For example, if an employee's gross monthly salary is 10,000 Rs and he resigns on the 1st of July with the notice period ending on the 31st of July as his last working day, and he has 15 earned leaves in his account, then while preparing the Full & Final statement, we have to pay him the complete month's salary, the earned leave amount, and any applicable bonuses as per the HR policy.
On the deduction side, we need to consider the PF amount, ESI deductions, and any applicable Notice period recovery.
I hope this clarification is helpful.
Regards,
Amit Seth
From India, Ahmadabad
Acknowledge(0)Amend(0)
508During the preparation of the Full & Final settlement of an employee, we have to keep in mind the payable salary and total deductions. In the payment, we have to consider the salary status, the leave status, and any payable bonuses. On the other hand, in the deduction part, we need to account for any advances taken, Notice period recovery if applicable, and any other liabilities the employee has with the organization.
For example, if an employee's gross monthly salary is 10,000 Rs and he resigns on the 1st of July with the notice period ending on the 31st of July as his last working day, and he has 15 earned leaves in his account, then while preparing the Full & Final statement, we have to pay him the complete month's salary, the earned leave amount, and any applicable bonuses as per the HR policy.
On the deduction side, we need to consider the PF amount, ESI deductions, and any applicable Notice period recovery.
I hope this clarification is helpful.
Regards,
Amit Seth
From India, Ahmadabad
Acknowledge(0)Amend(0)
Dear Friend,
Although I am unable to give the exact information you require, Kindly click on the following link, it will give you some required information,
https://www.citehr.com/search_new.ph...orms&submit=Go
Pls let me know was this information useful,,
If not let me try out more & give information,,,,
An Instant & Easy way to get information is use Quick Search in the site,,
Type the keyword, for which you have a query, the answers will be displayed.
Still if you are unable to get the answer, then post it,,,
Please never loose patience once you have posted it,, give members time to reply,,,,
In CiteHR you will get A to Z information on HR…..
Regards
M. Peer Mohamed Sardhar
93831 93832
From India, Coimbatore
Acknowledge(0)Amend(0)
Although I am unable to give the exact information you require, Kindly click on the following link, it will give you some required information,
https://www.citehr.com/search_new.ph...orms&submit=Go
Pls let me know was this information useful,,
If not let me try out more & give information,,,,
An Instant & Easy way to get information is use Quick Search in the site,,
Type the keyword, for which you have a query, the answers will be displayed.
Still if you are unable to get the answer, then post it,,,
Please never loose patience once you have posted it,, give members time to reply,,,,
In CiteHR you will get A to Z information on HR…..
Regards
M. Peer Mohamed Sardhar
93831 93832
From India, Coimbatore
Acknowledge(0)Amend(0)
Hi I hyave one queri reg" full & finnal. My Org say that — — — Only Bonus is given but no EX-GRATIA is for the current year for leaving candidate. Is that a right(rule) ? Rd Sandeep
From India, Pune
Acknowledge(0)Amend(0)
From India, Pune
Acknowledge(0)Amend(0)
Hi Deepa,
Nowadays, most companies fix a bonus amount instead of calculating it separately and include it in one's CTC. This fixed bonus amount is termed as Ex-Gratia, which is paid at the time of Deepawali on a pro-rata basis.
Dear Sandeep,
The company should pay the Ex-Gratia to resigned employees during the preparation of their Full & Final settlement on a pro-rata basis. It might be a company policy, but most companies do pay it as well.
Regards,
Amit Seth
From India, Ahmadabad
Acknowledge(0)Amend(0)
Nowadays, most companies fix a bonus amount instead of calculating it separately and include it in one's CTC. This fixed bonus amount is termed as Ex-Gratia, which is paid at the time of Deepawali on a pro-rata basis.
Dear Sandeep,
The company should pay the Ex-Gratia to resigned employees during the preparation of their Full & Final settlement on a pro-rata basis. It might be a company policy, but most companies do pay it as well.
Regards,
Amit Seth
From India, Ahmadabad
Acknowledge(0)Amend(0)Looking for something specific? - Join & Be Part Of Our Community and get connected with the right people who can help. Our AI-powered platform provides real-time fact-checking, peer-reviewed insights, and a vast historical knowledge base to support your search.
Gmail - Full & Final Settlement Calculation sheet -16556 - Umesh Chand.pdf
Full n final settlement.doc