This is a good formula. Or else you can take a week of intimated assurance.you can mention in Appointment letter adding as far aslabour laws applicability...on your job service at that time.
Can you pl mention the authority underwhich 3 month's time can be taken by the employer to pay the F&F Settlement dues?
If you analyze the term "F&F Settlement", you will find it to normally comprise of surrender value of leave at credit on the date of termination, retrenchment compensation and notice salary if applicable, gratuity if eligible, salary or wages for the last spell of duty period etc. each of which has a specific period for its disbursement. As far as I know, none of them has such along duration of three months or more.
At the best, as rightly observed in general by our friend Prashant, it should not exceed more than 30 days from the date of termination of employment. The only exception is the proportionate bonus for the service rendered in the Accounting Year for which if the bonus has not been declared on the date of termination.
It has been clear that full & final settlement of an outgoing employee has to be made immediately after collecting no dues certificates and other formalities.
At the most you can clear it in fifteen to twenty-thirty days.
In the same manner you can give a relieving letter as mentioned by you without the content of dates for the settlement amounts, because it is the bounden duty of employer to clear the employees dues unless the employee is not submitting the no dues.
Thanks for your prompt reply.
I want to add some more information to you that ours is a partner firm.having owners wife
and his father is a partners,If suppose they have pass Resolution that Final dues will be paid
after 3 months from date of reliving.So that we can write on Resignation acceptance letter
that as per comp.policy we will clear your final dues within three(3) months.
Is it legal?or any alternative pl.
As per you your Firm/ Establishment is owned by Managed by Owners only so can they pass resolution that " No one will get salary in this firm?"
If answer is NO means even your Establishment need to follow minimum rules & regulations by the Government. Right?
Neither the constitution of an establishment nor the social or advantageous status of its owners can confer any rights to override the provisions of the Laws of the land applicable to the organization run by them. That apart, contracting out i.e., agreeing not to do something specified in Law is not permitted in Indian Labour Laws.
If you try to understand the meaning of the term " manager " in the back drop of the concept of management, I think such a question would not arise at all. To put it simple, a manager is a person responsible to run a part or the entire operations of an organization through effective utilization of the resources including men at his/her disposal to achieve the overall objective for which the organization stands. As such, it follows that the normal duties of a manager are not coterminous with the working hours of the persons under his/her control. However it does not mean that a manager has to be on duty 24X7; he also needs the time for rest, leisure and to discharge his family and social responsibilities like any other human being. But his prime position in the organizational hierarchy grants him the freedom to prioritize his works and that apart the higher compensation package offered will also, in my opinion, naturally negate the claim for overtime by any manager whether he belongs to top, middle or supervisory level.