Boss2966
Industrial Relations
Cyclops_bala
Recruitment Payroll
Yagnaiah. K
Sr. Manager -hr
Kkadvocate
Labour Law
Gargi_mitra
Assistant Manager-human Resource
Sagar_Gaikwad
Hr Generalist
+1 Other

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

From India, New Delhi

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.
From India, Kumbakonam
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
From India, New Delhi
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
From India, Kumbakonam
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.
From India, Delhi
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
From India, New Delhi
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............
From India, Madras
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..........
From India, Madras
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
From India, Hyderabad

Attached Files
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File Type: xls final settlement.xls (41.0 KB, 1525 views)

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
From India, Calcutta
R.N.KHOLA SIR,
plz provide me the latest notification regarding fees under the pb. shop and commercial act(haryana) and the status on sunday opening, i hope you would have this one.
thanks
kuldeep sharma
advoate
From India, New Delhi
Dear Gargi Mitra
The Full and Final Settlement Payment should be made within the reasonable time. The meaning for the word reasonable time differs from time to time and company to company and place to place.
Yes, the company can make
the regular payment initially during the regular pay day, (for which they can obtain pre-receipted certificate),
further they can calculate regarding Notice Pay, Gratuity, Leave Encashment, Retrenchment compensation or Superannuation Fund, etc in reasonable time period
and on next financial year before November 30th they can settle the Bonus payment.
Hope I have clarified your doubt. In case you have any other doubt you can seek assistance from our learned members.
All the best

From India, Kumbakonam
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