Hi, I need a process for full and final settlement for the cases wherein we have recovery against employees. Pls suggest.
From India, undefined
From India, undefined
I believe your company must have laid out procedure for full and final settlement.
For Full and final settlement,
Employee's complete job record must be checked and evaluated for various entitlements and eligibilities therewith.
His inventory records must be verified for any dues etc.
His accounts record be checked for any dues, or payable pending against him.
After proper approval and sanctions from each department, he needs to get clearance and based on stipulated time lines his all dues and payables be cleared including recoveries if any.
Ensure that all the documentations be retained and preserved as per company policies.
Hope this helps you to intiate the process of full and final settlement.
From India, Vadodara
365For Full and final settlement,
Employee's complete job record must be checked and evaluated for various entitlements and eligibilities therewith.
His inventory records must be verified for any dues etc.
His accounts record be checked for any dues, or payable pending against him.
After proper approval and sanctions from each department, he needs to get clearance and based on stipulated time lines his all dues and payables be cleared including recoveries if any.
Ensure that all the documentations be retained and preserved as per company policies.
Hope this helps you to intiate the process of full and final settlement.
From India, Vadodara
Hi Ashima,
Good that you have decided to make one process for full and final settlement. I can recommend a guideline and post that you could make a detailed practice based on your organizational requirements,
1. Once the employee is resigned and last working date is finalized by the management, intimate all departments the date of relieving and also certain do/don'ts
2. Issue a dues clearance form to employee on the last working date or one day prior
3. Have separate sections for manager, library, canteen, information technology, payroll, finance, hr to update notes and issue clearance
4. Once the no due clearance is reached, hr may issue the following documents with a note on tentative date to receive settlement amount and statement
- Experience letter
- Relieving letter
5. In case of an employee with recovery amount which exceeds the settlement money (excluding gratuity), before releasing letters, make sure that employee clears all those dues
If you are using smart solutions like greythr, you will find checklists in the software which helps the user to track all these activities. In the absence of software, please use checklists in excel or printouts so that the entire activity will be under control.
From India, Bangalore
Good that you have decided to make one process for full and final settlement. I can recommend a guideline and post that you could make a detailed practice based on your organizational requirements,
1. Once the employee is resigned and last working date is finalized by the management, intimate all departments the date of relieving and also certain do/don'ts
2. Issue a dues clearance form to employee on the last working date or one day prior
3. Have separate sections for manager, library, canteen, information technology, payroll, finance, hr to update notes and issue clearance
4. Once the no due clearance is reached, hr may issue the following documents with a note on tentative date to receive settlement amount and statement
- Experience letter
- Relieving letter
5. In case of an employee with recovery amount which exceeds the settlement money (excluding gratuity), before releasing letters, make sure that employee clears all those dues
If you are using smart solutions like greythr, you will find checklists in the software which helps the user to track all these activities. In the absence of software, please use checklists in excel or printouts so that the entire activity will be under control.
From India, Bangalore
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