Employee Full and final settlement process
As per the new wage code employee full and final settlement to be cleared within 2 days of last working date. What are the best practices we can use to follow the same especially in organizations which are in the sales domain?
From India, Mumbai
As per the new wage code employee full and final settlement to be cleared within 2 days of last working date. What are the best practices we can use to follow the same especially in organizations which are in the sales domain?
From India, Mumbai
When the process of separation from service starts (like resignation or retirement) simultaneously start the F&F Settlement process too, keep the calculations ready for releasing the payment on the due date. There are organisations that make the payments, at least most of them on the last working day itself. As regards death or dismissal from service, it may come without advance notice, so it is necessary that the formalities are started at the earliest and certain payments like gratuity, last pay, etc can be released quickly on the issue of the order in this regard.
It is not that difficult to make the payments within the time limit but dedicated efforts are needed. If this could be done at least partly it will be a big relief, particularly in death cases.
From India, Mumbai
1530It is not that difficult to make the payments within the time limit but dedicated efforts are needed. If this could be done at least partly it will be a big relief, particularly in death cases.
From India, Mumbai
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Employee Handbook 2009 FINAL.doc