Factory Resignations: Do We Really Need to Pay EL for 30 Days and Settle in 2 Days?

In our factory, we provide settlement (EL and Bonus) to all resigned employees if they have worked for the required days. We settle within 2 days of receiving the resignation. It is mandatory to pay EL for 30 days of work and settle within 2 days. As per my understanding, workers are not eligible for EL unless they have completed 240 working days. Please advise.

As per my knowledge, workers are not eligible for EL if they have not completed 240 working days.