Re: Statutory Settlement

Dear Seniors,
What is mean by " Statutory Settlement "?
Thanks......

Dear Prashant ji,
The term "Statutory Settlement" means settlement of legal dues. When you say settlement, it has to be in full and final, generally.
Thanks and regards.
Keshav Korgaonkar

To understand the meaning of “Statutory Settlement” it would be better to understand the meaning of both the words separately..
Statutory means- Relating to or created by statutes.
Settlement means- The act of adjusting or determining the dealing or disputes between persons without pursuing the matter through court of law.
When any settlement is made under the provision of any law and do not contravene what is permitted under the statute of the country can be said a “Statutory Settlement”. It has its legal enforceability and once done is final for good.
PKJain

Dear Jain ji,
Thank you very much for enlightening on the term "statutory" and "settlement".
In this forum we should take maximum advantage of learning (and sometime not learning too).
Now the query of Prashant ji, if it is partaining to legal dues of employee then he should understand the simple answer by me. The answer by you is more of academic discussion. But I appreciate your answer.
Thanks and regards.
Keshav Korgaonkar

Respected Keshav ji
Since from the query raised by the member it was not clear to me as to in what prospective it was raised I put my views on the same just to give a wide version of it.
However, I agree with you generally - Statutory Settlement – means, in the HR prospective, settlement of statutory dues of an employee.
Regards
PKJain

Dear Jain ji,
I rather invite / expect discussions with wide version. Your reply was a revision to me to what I read and understood earlier but forgotten now. I once again thanks for your elaborate reply and expect more and more such kind of discussions so that we all can enhance our knowledge.
With warm regards.
Keshav Korgaonkar

Hi
a written offer of a specific sum of money made by a defendant to a plaintiff, which will settle the lawsuit if accepted within a short time. The offer may be filed with the court, and if the eventual judgment for the plaintiff is less than the offer, the plaintiff will not be able to claim the court costs usually awarded to the prevailing party