I have resigned from dlf pramerica lic on 14th feb 2013 nd served a one month notice period till 15th march 2013. Till today I have\'nt received my full and final(40 days). :3 dept is saying that they will settle this in 45 working days. I want to know is there any tat prescribed by govt of india or labour law to settle the full and final in 45 working days.
From India, Nagpur
From India, Nagpur
As per Indiustrial employment Standing Orders Rules 1946, u/s 12, in case of termination of a workmen, due wages need to be paid within 2 working days.
For office staff, normally a payroll cycle of one month is considered fair time to settle final dues.
From India, Mumbai
118For office staff, normally a payroll cycle of one month is considered fair time to settle final dues.
From India, Mumbai
Hello,
One word of advice : Please do not mention the name of the company, as it might create further trouble.
To answer your query, as suggested by Mr. Dixon, 1 month is a fair time period for the full and final settlement. But also please keep in mind that March being the last month of the accounting year, the finance dept will be overburdened settling various arrears. I advice you to wait until the end of this month and then contact them for updates.
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sree
From India, New Delhi
One word of advice : Please do not mention the name of the company, as it might create further trouble.
To answer your query, as suggested by Mr. Dixon, 1 month is a fair time period for the full and final settlement. But also please keep in mind that March being the last month of the accounting year, the finance dept will be overburdened settling various arrears. I advice you to wait until the end of this month and then contact them for updates.
------
sree
From India, New Delhi
No provisions of labour law prescribes the time frame for final settlement after resignation.A new legislation is required. Varghese Mathew 9961266966
From India, Thiruvananthapuram
From India, Thiruvananthapuram
I would disagree.
The payment of wages act, factories act and the various shop and establishment acts very clearly provide when the payment for full and final settlement is to be done.
Actual wages and salaries are to be paid to the employee within 2 working days of the end of employment (including notice pay). You are not allowed to hold the wages till the next payroll cycle.
For the rest of the payment due (gratuity, leave encashment, etc) is required to be paid within 30 days.
Only in case of bonus, the payment can be made when the actual bonus is paid to other employees.
From India, Mumbai
The payment of wages act, factories act and the various shop and establishment acts very clearly provide when the payment for full and final settlement is to be done.
Actual wages and salaries are to be paid to the employee within 2 working days of the end of employment (including notice pay). You are not allowed to hold the wages till the next payroll cycle.
For the rest of the payment due (gratuity, leave encashment, etc) is required to be paid within 30 days.
Only in case of bonus, the payment can be made when the actual bonus is paid to other employees.
From India, Mumbai
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Full n final settlement.doc
Full & final.xls