Insights on Full & Final Settlement in HR Practices

Dear all,

Can anyone please forward me the full and final settlement format where ultimately the employee has to pay back to the employer? (What's the technical word used to describe it)

Thank you.

Name of the company

STATEMENT OF FULL AND FINAL SETTLEMENT

Date: 03/09/07

Name

Emp. Code

Designation: Foreman (Electrical)

Date of Joining

Date of Resignation

Date of Relieving

Period of Service: 1030 Total Days (33 Months & 26 Days)

(A) SALARY Nos. of days present: 4 Days

I (A) Spl. Allowance
1 Basic 13608 2268 1 Provident funds 272
2 Educational allowance 200 33 2 Professional tax 0
3 Convence Allowance 3022 504 3 T.D.S. 0
4 Medical Fac/Allo. - - 4 Accommodation Charges 170
HRA 5 Advance if any
5 Books & Perdl 35569
Corp Attire All. (Uniform & Washing
P.F.
6 Spl. Allowance 13608 6 Electricity
7 Other deduction

Total = 16830 51982 Total = 442

Sub Payable Salary (A-B) Rs. 51540

Description Amounts (Rs.) 51540

II (B) Reimbursement
1 Transportation Exp. 800 133
2 Medical 400 67
3 Accommodation 1021 170
4 Uniform Allowance 750 125
5 Magazine 0 0
6 LTA 1134 189
7 EXGRATIA 1134 189

Total 5238 873

Subtotal Part - I + II = 52413

Total = Total = 52413

(C) Leave Encasement
1 Number of days 12
2 Basic 13608
3 Amount 5443

(D) LPG Refund
1 Deposit refund
2 Amount

Total A+B+C+D = 57856

(E) DEDUCTION
1 Mess payment of BH/PG 0
2 Service Bond 0
3 Other deduction 0
4 Notice pay for No. of Days 0
5 12% PF On Leave Encasement 653
6 Vehicle 0
7 Temple + Club 51

Total 704

Final cash payment (D-E) 57152

I certify that all the dues are cleared towards full and final settlement of the Account Department

Prepared by Checked By Authorised Signatory

For Account use only

Earning

Description Amount (Rs.)
(a)

(b)

(c)

(d)

Deduction

(a)

(b)

Net cash paid

Hi Ramya,

Please find the F&F format.

Dear Ramya,

Technically, we say it as buying out the notice period if the employee doesn't want to serve the notice period or if his new organization will pay on the employee's behalf. In case the employee has taken any loans from the company, then in the F&F settlement, his total compensation will be settled accordingly, and the due amount will be given.

Regards,
Rubi

Dear Ramya,

Greetings for the day.

If an employee has to pay back to the company, we call it "F&F recovery settlement." We provide him with a recovery letter along with the F&F calculation sheet, which contains all the necessary details.

Thank you.

Dear All,

I have a query. If an employee is leaving an organization in the middle of a month without serving the notice period, and the organization decides not to recover the notice period but also not to pay for the number of days the person worked, and restrict the amount, is the process legal and adhering to compliance? If yes, can you please send me the link where I can get the legal procedures for the same.

Thank you.

Regards,
Subha