Full & Final Settlement - Full Final [Thread 102131]

Friends,
Have a query on the mode of payment to be followed at the time of ensuring full & final settlement of an employee. Is it advisable to prepare a cheque/ dd or effect a bank transfer to the account of the ex-emploee? Is there any law governing this?
Thanks,
Sriram N

Hi Sriram,
we do the final settlement via a cheque payment as most of the firm have
salary accounts..it becomes easy for the people to cash it.......
and it also is a quality requirement for us to mention the cheque number and the amount paid in the employee files.......
cheers:icon4::icon4::icon4:

It is advisable to give cheque to the employee concerned. We follow the same. When leaving we make the employee concerned sign on each and every document of full and final settlement so that we have proof of everything. According to the Law full and final settlement shall be given to the employee concerned within two days, effective from the day of his resignation.

Hi Sriram,
i have certain clarification to ask.
Is your your Full & final settlement includes Gratuityor any unpaid salary or any statutory bonus or is it includes PF
Because the above mentioned settlements are statutory complained.
Hence my suggesstion is if your settlement includes all the above it is better to have a written document proof before crediting or issue Chq to the employee
Cheers Attvar
:lol::lol::lol::lol: