Understanding Compensation Calculation, Pension Fund Rules, and Full & Final Settlement Procedures i

Dear friend,

Hi, I am working in the private sector, but I don't know how to calculate full and final compensation. Could someone please provide me with details and guidance on this?

Deepak
Pune

Hmm... Pension fund is a part of the provident fund, which you all know well about. It involves a monthly contribution of 8.33% from the employer towards the pension fund and 3.67% for the provident fund. I hope you got it.

Full and final settlement varies significantly from the pension fund. It covers employees' gratuity, leave encashment, bonus, and the balance of salary at the time of their resignation. Before proceeding with the full and final settlement, a no-due certificate should be signed by the HOD, HR, stores, accounts, and factory manager.

Regards,
Ramkishore
9900565609

Hi dear,

Your English is poor, and your knowledge of HR functions is lacking. How did you manage to get into the HR field?

Kindly let me know; I'll also try some shortcuts like you... :)

Regards,
Shivani

Dear Mr. Deepak & All,

As Ms. Shivani B says, it is a point to be noted that HR professionals should have a command of the English language. It is a request that all HR professionals should be very careful when they use words (like "pensation" for pension or compensation used by Mr. Deepak - God knows!!).

This is not a criticism! HR professionals are supposed to be intelligent people, guardians of the law, and it is needless to say that their command of the language, particularly English, should be good (if not excellent). Both written and spoken communication should be good, grammatical, and should carry sense.

Please make it a point that you read, keep reading, and improve your communication skills. It hurts that we have such people in our community! As this is not the time to learn English after coming to the HR profession!!

Regards,
K. Ramachandra
Bangalore

Hello,

IT is calculated as per the prevailing law, such as 8.33% of the employer's contribution. However, the calculation purely depends on the fund type and its management style.

Dear Deepak,

As per the PF Act, you cannot withdraw your pension amount after ten years of continuous service, and you are eligible for monthly pension. If you want details about the pension, kindly refer to the PF Act and Rules.

Regards,
Krishna Naik