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Full & Final Settlement - Notice Period

ramya_pudi Started The Discussion:

Dear all, Can anyone please fwd me the full & final settlement format where in ultimately the employeee has to pay back to the employer.(whats the technical word used to describe it)

Name of company

STATEMENT OF FULL AND FINAL SETTLEMENT
Date : 03/09/07
Name
Emp. Code
Designation Foreman (Electrical)
Date of Joining
Date of Resignation
Date of Relieving
Period of Service 1030 Total Days ( 33 Months &26 Days )

(A) SALARY Nos. of day present 4 Days

I (A) Spl. Allowance Rs. Amounts (B) Deduction Amounts Rs.

1 Basic 13608 2268 1 Provident funds 272
2 Educational allowance 200 33 2 Professional tax 0
3 Convence Allowance 3022 504 3 T.D.S. 0
4 Medical Fac/Allo. - - 4 Accommodation Charges 170
HRA 5 Advance if any
5 Books & Perdl 35569
Corp Attire All. (Uniform & Washing
P.F.
6 Spl. Allowance 13608 6 Electricity
7 7 Other deduction
Total = 16830 51982 Total = 442

Sub Payable Salary (A-B) Rs. 51540

Description Amounts (Rs.) 51540

II (B) Reimbursement

1 Transportation Exp. 800 133
2 Medical 400 67
3 Accommodation 1021 170
4 Uniform Allowance 750 125
5 Magazine 0 0
6 LTA 1134 189
7 EXGRATIA 1134 189
Total 5238 873

Sub total Part - I + II = 52413

Total = Total = 52413


(C) Leave Encasement
1 Number of day 12
2 Basic 13608
3 Amount 5443

(D) LPG Refund
1 Deposit refund
2 Amount

Total A+B+C+D = 57856



(E) DEDUCTION
1 Mess payment of BH/PG 0
2 Service Bond 0
3 Other deduction 0
4 Notice pay for No. of Days 0
5 12% PF On Leave Encasement 653
6 Vehicle 0
7 Temple + Club 51
Total 704
Final cash payment(D-E) 57152

I certify that all the dues are cleared towards full and final settlement of
the Account Department





Prepared by Checked By Authorised Signatory

for Account use only

Earning
Description Amount (Rs.)
(a)
(b)
(c)
(d)

Deduction
(a)
(b)
Net cash paid

mohan@1784 - 
Hi Ramya, Please find the F&F format.


Attached FilesProvided by community member mohan@1784. Join us to learn and grow with your peers.
File Type: xls F&F FORMAT.xls (32.0 KB, 244 views)
Rubi - 
Dear Ramya,

Technically we say it as buying out the notice period , if the employee doesnt want to serve the notice period or his new organisation will pay on the emplyees behalf.In case if employee has taken any loans from the company, then in the F&F settlement his total compnesarion will be settled accordingly and will be given the due amount.

Regards
Rubi

Dear Ramya,

Greettring for the day.

If employee has to pay back to company, we called it "F&F recovery settlement".

We given him a recovery letter along with the f&f calculation sheet in which all the details are available.

Dear All,

I have a query. If an employee is leaving an organisation in the mid of a month without serving notice period and the organisation decides not to recover the notice period, but also not to pay the number of days the person worked for and restrict the amount, is the process legal and adhering to the compliance? If yes, can you please send me the link where I can get the legal procedures for the same.

Thank you.

Regards,
Subha

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