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?)
Technically, we refer to it as buying out the notice period if the employee doesn't want to serve the notice period or if their new organization will pay on the employee's behalf. In case the employee has taken any loans from the company, then in the Full & Final (F&F) settlement, their total compensation will be settled accordingly, and the due amount will be given.
If an employee has to pay back to the company, we call it "F&F recovery settlement." We provide them with a recovery letter along with the F&F calculation sheet, which contains all the necessary details.
Dear All, I have a query. If an employee leaves 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, is this process legal and compliant? If yes, can you please send me the link where I can find the legal procedures for the same?
Thank you.
Regards, Subha
If you are knowledgeable about any fact, resource or experience related to this topic - please add your views. For articles and copyrighted material please only cite the original source link. Each contribution will make this page a resource useful for everyone. Join To Contribute