Last & Final Settlement. - CiteHR
Vinay.m
Asst Manager - Hr
+1 Other

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Dear All,

I got the job in other company & I informd (present employer) to my management with one month notice, present co. is not submitting both the pf contribution, I asked my management to settle last & final settlement with both contribution on last working day. and the management ready to pay by cash (both). even I have the below doubts

No-1. I have gaven my resignation letter on 20th of last month and now the co is telling that we will not pay the employer contribution for June & July month. is that correct..?.

No-2. If I get both the contribution by cash, I can ask the intrest for the whole year, & What is the intrest rate as per rule,

No.3. They are not giveing the realiving letter on last working day they will give after one month, is that correct...?

No.4. In the Present co. I am not getting the sal slip, & in new co the are asking the sal sliip.

No.5. After submession of letter co will take back all the facilities/contribution like Pf, leave encashment, bonus, Medicle etc.,

pls suggest me....

Regards,

Dear Mr.Prajwalkoushik,

Q1A.Presently employer is suppose to pay employer contribution also to PF Authorities through online for the month of Jun & July-12(Notice Period)

Q2A.There is no such kind of rule as per my knowledge

Q3A.Regarding reliving letter, It may take some time, because generally it will come from corporate office and it should be signed by the respective authority called Vice President - HR.

Q4A.Better to ask for payslip, otherwise take a declaration from your previous company about your current drawing salary in company letterhead.

Q5A. PF : You can withdraw your PF funds or you can transfer your PF Funds from one establishment to another establishment.

Bonus: Previous employer is suppose to pay bonus to each and every person only if the employee suppose to work for a period of Min 30 Days in a accounting year, that bonus should pay within 8 months from the closure of accounting year.

Leave Encashment:UN-availed casual leave can encash as per your company leave policy, UN-availed Annual leaves payment is mandatory as per Factories act.

Regards

Vinay.M

94911 37050

Dear Vinay, Present co. is not submitting both contribution to PF authorities. how can I get the money. Regards, Prajwal
Dear Mr. vinay
it was very useful information provided by you in ur answer. I would like to know what action we can take if we are not getting F & F as per the regulations. like, if I have completed my 5 years with the current organisation at the time of relieving. If I am not wrong following are the components of the fnf.
1. salary of the days if pending any
2. compensation in case of shut down of opertion(kindly give the detail what it could be in case of retail industry)
3. leave encashement
4.graduity
5. Bonus
6. incentives if pending any
I would be grateful for your kind support
regards
Bhumika

Dear Seniors,
I am working in a Pvt ltd company from 1.09.11 to till today & Co is diducting both the contribution, for this one year what will the pf intrest for 780+780=1560 for 1 year is Rs.18720.00.
pls explain........
Regards,
Prajwal

Dear Prajwal
Both employer and employee shares on 6500/-
Contribution Towards Calculation Amount
EPF Employees share 6500 x 12% Rs 780
EPS Employer share 6500 x 8.33% Rs 541
EPF employer share 6500 x 3.67% Rs 239
Grand Total Rs 1560/-
Regards

Dear Bhumika,
If it is retrenchment, the employer should pay your dues with 2 days.
You are entitle for Gratuity as per the Payment of Gratuity Act 1972.
Just write a formal letter to your employer regarding your full and settlement and ask time for settlement. then you can act as per the reply from your employer
Regards

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