Shweta_G
Asst. Manager Hr
Sambala
Hr -executive
Richrachna
Gamut Hr
SWARUP
Human Resources
Jamalahmedhr
Hr Executive
Mustaq
Hr Executive
Crnehete
Service
+2 Others

Thread Started by #SWARUP

Hi , i prepared one Full & Final Settlement format. all are requested to check and give me your valuble feedback if any..... according to that i can update it. Thanks, :D
22nd June 2007 From India, Hyderabad

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Hi Swarup,
This format is really comeout very well, I am sure you may have done lot of research before preparing it.
You had almost cover all the necessary heads for F&F settelment.
I am not sure whether your Co. has LTA & Medical Allowance & Hospitalisation claim for their employees. (In general Medical allowance upto Rs.15,000/- is excempted from Tax, so many Co. pays it separately and didn't show it on pay slip.)
If LTA & Medical is there, then the Balance amount of LTA & Medical should be reflected on the format.
One more thing, you have shown 'reversal of PF Deduction' from Salary, it means you are refunding the deducted PF amount to the employee.
In general and also in our Co. we never refund the PF amount once deducted from the salary, even when the employee is leaving us.
I am attaching another format, just for your reference.
Overall, Good work done!
Regards,
Mustaq
22nd June 2007

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Thank You so much Mr.Mustaq & Vijay !!!!!
Dear Mr.Mustaq,
Thanks for your keen observation. You see once the format, the Reversal of PF Deductions cell linked with "f24". In some organizations especially Hospitals there is no deduction for Consultants , above 55 age group staff. for those it can apply.
FYI
Swaroop
25th June 2007 From India, Hyderabad
Hi Swaroop and Mustaq,
Nice work i was in need of such statement and I got it through your posting. But Swaroop in almost every organization LTA is paid as yearly componant which is not included in your format. I think the same query was raised by Mustaq.
Anyways thanks for the nice posting
Shweta
25th June 2007 From India, Mumbai
Dear thiyagaraj,
Thanks for your response. Basically, After submission of Resignation letter duly approved by concerned Reporting Authority/Head then we will go for Exit Interview or No Dues formalities (As per Org Rules/Reg/Procedure). Once the employee's accepted resignation letter received by HRD, next procedure is Exit Interview... later, No dues.... based on that HR can prepare Full&Final settlement. (As per my knowledge). After everything finished, HR will close the file along with a set of following. (HR GUYS ARE REQUESTED TO EDUCATE ME IN THIS REGARD)
1.Accepted Resignation letter
2.Exit Interview
3.No Dues Certificate
4.Copy of Issued Service Certificate/Relieving Letter
5.Payslip of the Current month
6.Full & Final Settlement
7.All documents of the Employees' service file
Thank You
Swaroop

26th June 2007 From India, Hyderabad
Hi Swarup,
Nice details on Full and final Settlement.
Also you can put one column for No Dues related to Companies Accessories like laptops, Mobile phones etc that were provided during employement. This you can get from the respective department Heads.
Regards,
RAchna Sinha
10th September 2007 From India, Hyderabad
Dear Swarup,
Nice work. Few things I think should be included in f & f and supporting documents.
1. You should include one colomn for Previous Tax free Previliage Leave received.
2. Previous Tax free gratuity received.
As there is a life time Tax free limit for Leave encashment and Gratuity i.e. 300000/- & 350000/- respectively. It will help you to calculate the accurate tax liability of the employee. Otherwise in IT assessment the company may have to face some problem.
And in supportings you should collect all his investment proofs as per his declaration to calculate the tax liability. You cant calculate the tax without proof or based on the investment declaration while doing F & F.
Regards,
Chetan
12th September 2007
Hi
Very useful info.
One suggestion
In the declaration part I __ TOTAL AMOUNT ( PAYABLE / RECOVERABLE ) Rs. :______-received / paid Amount towards my Full & Final Settlement as mentioned above also I checked this statement throughly and declare that no further complications / complaints regarding this settlement ,
can you make the link to TOTAL AMOUNT ( PAYABLE / RECOVERABLE ) Rs. :
Thanks
18th January 2008 From India, Madras
Hai
I am working in Engineering College we have received advance for Remeunaration purpose as advance from University we have to settle the account. I have prepared the account in excel and tallied. I have to enclose one covering letter for this. Please guide me for the same.
8th April 2010 From India
Dear Swarup,
You have come out with really nice and perfect form. I also used the same in my earlier company. As discussed by other friends, Reversal of PF is confusing for me. Otherwise you can use it.
Regards,
Hrushikesh
8th April 2010 From India, Mumbai
Indeed this format is very helpful.
12th February 2018 From Pakistan, Karachi
This is just a simple letter. Only suitable for small small business.
19th March 2019 From Pakistan, Islamabad
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