Hi, I need a process for full and final settlement for the cases wherein we have recovery against employees. Pls suggest.
From India, undefined
Acknowledge(0)
Amend(0)
From India, undefined
Acknowledge(0)Amend(0)
I believe your company must have a laid-out procedure for full and final settlement. For full and final settlement, the employee's complete job record must be checked and evaluated for various entitlements and eligibilities therewith. Their inventory records must be verified for any dues, etc. Their accounts record should be checked for any dues or payables pending against them. After proper approval and sanctions from each department, they need to obtain clearance. Based on stipulated timelines, all dues and payables should be cleared, including any recoveries, if applicable. Ensure that all documentation is retained and preserved as per company policies. I hope this helps you initiate the process of full and final settlement.
From India, Vadodara
Acknowledge(0)Amend(0)
382From India, Vadodara
Acknowledge(0)Amend(0)
Hi Ashima,
It's great that you have decided to establish a streamlined process for full and final settlement. I can provide some guidelines, and based on those, you can create a detailed practice tailored to your organizational requirements.
1. Once the employee has resigned and the last working date is finalized by management, inform all departments about the relieving date and also specify certain do's and don'ts.
2. Provide the employee with a dues clearance form on their last working day or one day prior.
3. Create separate sections for the manager, library, canteen, information technology, payroll, finance, and HR to update notes and issue clearances.
4. Once the no-due clearance is obtained, HR can issue the following documents along with a note on the tentative date to receive the settlement amount and statement:
- Experience letter
- Relieving letter
5. For employees with recovery amounts exceeding the settlement money (excluding gratuity), ensure that all dues are cleared before issuing the letters.
If you are using smart solutions like Greythr, you will find checklists in the software that help users track all these activities. In the absence of software, please utilize checklists in Excel or printouts to ensure the entire process remains under control.
From India, Bangalore
Acknowledge(0)Amend(0)
It's great that you have decided to establish a streamlined process for full and final settlement. I can provide some guidelines, and based on those, you can create a detailed practice tailored to your organizational requirements.
1. Once the employee has resigned and the last working date is finalized by management, inform all departments about the relieving date and also specify certain do's and don'ts.
2. Provide the employee with a dues clearance form on their last working day or one day prior.
3. Create separate sections for the manager, library, canteen, information technology, payroll, finance, and HR to update notes and issue clearances.
4. Once the no-due clearance is obtained, HR can issue the following documents along with a note on the tentative date to receive the settlement amount and statement:
- Experience letter
- Relieving letter
5. For employees with recovery amounts exceeding the settlement money (excluding gratuity), ensure that all dues are cleared before issuing the letters.
If you are using smart solutions like Greythr, you will find checklists in the software that help users track all these activities. In the absence of software, please utilize checklists in Excel or printouts to ensure the entire process remains under control.
From India, Bangalore
Acknowledge(0)Amend(0)Join Our Community and get connected with the right people who can help. Our AI-powered platform provides real-time fact-checking, peer-reviewed insights, and a vast historical knowledge base to support your search.
FW Full and final settlement of all my dues including salary leave encashment Gratuity PF .zip
Full n final settlement.doc