During preparing Full & Final settlement of an employee we have to keep in mind the payable salary and total deduction.
In the payment we have to see the salary status, the leave status and Bonus if payable.. whereas in the deduction part comes the advance taken if any, Notice period recovery if applicable and any other liabilities he has with the organisation.
For example if an employee's gross/month is 10,000 Rs.
He resigns on 1st of July with teh notice period given that 31st of July will be his last working day with teh organisation. If he has 15 earned leaves in his account, then while preparing F & Final statement we have to pay him the complete month salary + earned leaves amount + Bonus if applicable with the HR policy..
Whereas in the deduction side we take of PF amount, ESI deduction and the Notice period if applicable..
Hope now it will be fine with you.
Fine enclosed one of the sample copy of the same..
16th August 2007 From India, Ahmadabad
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M. Peer Mohamed Sardhar
16th August 2007 From India, Coimbatore
Now a days most of the companies fix an amount of Bonus instead of calculations and all and do add that in one's CTC..
That fixed bonus amount is termed as Ex-Gratia.. which is been paid at the time of Deepawali on pro-rata basis...
Company should pay that Ex-Gratia to resigned employees during preparation of their Full & Final settlement on pro-rata basis... It might be company policy but most of the company do pay it also...
22nd August 2007 From India, Ahmadabad