Hi,
In our company, employees are receiving their full and final settlement within 45 days, even if they have served notice as per the company's norms. Please advise on what the criteria for full and final settlement should be.
In my previous company, if an employee gave notice of leaving, then on their final day, the company would provide their full and final settlement along with a relieving letter.
Regards,
Trapti
From India, Delhi
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7In our company, employees are receiving their full and final settlement within 45 days, even if they have served notice as per the company's norms. Please advise on what the criteria for full and final settlement should be.
In my previous company, if an employee gave notice of leaving, then on their final day, the company would provide their full and final settlement along with a relieving letter.
Regards,
Trapti
From India, Delhi
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Hi,
In our company, employees are receiving their full and final settlement within 45 days, even if they have served notice as per the company's norms. Please advise on what the criteria for full and final settlement would be.
In my previous company, if an employee provided notice of departure, then on their final day, the company would provide their full and final settlement along with a relieving letter.
Regards, Trapti
From India, Delhi
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In our company, employees are receiving their full and final settlement within 45 days, even if they have served notice as per the company's norms. Please advise on what the criteria for full and final settlement would be.
In my previous company, if an employee provided notice of departure, then on their final day, the company would provide their full and final settlement along with a relieving letter.
Regards, Trapti
From India, Delhi
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Dear Trapti,
The full and final settlement should be completed on the last day. If the employee has given notice, all formalities should be completed on the last day of the notice period. This includes completing relieving procedures, issuing the experience letter, and making the full and final payment.
Thank you.
From India, Pune
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The full and final settlement should be completed on the last day. If the employee has given notice, all formalities should be completed on the last day of the notice period. This includes completing relieving procedures, issuing the experience letter, and making the full and final payment.
Thank you.
From India, Pune
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Hi,
Full and Final Payment, i.e., settlement of service benefits, should be done on the last working day itself by the employer if everything is in order from the side of the employee.
Mohan Rao
Manager HR
From India, Visakhapatnam
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Full and Final Payment, i.e., settlement of service benefits, should be done on the last working day itself by the employer if everything is in order from the side of the employee.
Mohan Rao
Manager HR
From India, Visakhapatnam
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Dear Trapti,
As a principal employer, the company will have to ensure that the contractor maintains ESI & PF returns respectively, otherwise, penalties shall be charged by the authority. Please search the Statutory Checklist and ensure its maintenance.
Thanks,
Hari Bains
From India, Delhi
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As a principal employer, the company will have to ensure that the contractor maintains ESI & PF returns respectively, otherwise, penalties shall be charged by the authority. Please search the Statutory Checklist and ensure its maintenance.
Thanks,
Hari Bains
From India, Delhi
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Dear all you have any format of full & final settlement? Please advise me too. Hiren soni executive hr & admin. Ashapura minecehm ltd.
From India, Ahmadabad
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From India, Ahmadabad
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hi Hirensoni, Please find the attached full and final settlement format, which i am following in my Co. You may customize it according to your requirement...!! Regards, Vishwanath
From India, Hyderabad
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From India, Hyderabad
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Dear,
Please help clarify my doubt as below. If an employee serves a 17-day notice period and the company is paying him/her for 14 days (deducted 14 days for Notice Recovery and 3 days for LOP), should we deduct a proportionate amount of PF for only 14 days or for the full amount, considering it is fixed at a maximum of Rs. 780/- (basic+DA is more than Rs. 6500 even for 14 days)?
Please advise.
Bagi
From India, Bangalore
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Please help clarify my doubt as below. If an employee serves a 17-day notice period and the company is paying him/her for 14 days (deducted 14 days for Notice Recovery and 3 days for LOP), should we deduct a proportionate amount of PF for only 14 days or for the full amount, considering it is fixed at a maximum of Rs. 780/- (basic+DA is more than Rs. 6500 even for 14 days)?
Please advise.
Bagi
From India, Bangalore
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Hi If the Basic Plus D.A is working out for more than Rs.6500.00 even for 14 days of service, you have to deduct PF on Rs.6500.00 only. Mohan Rao Manager HR
From India, Visakhapatnam
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From India, Visakhapatnam
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Dear Sir That means need to deduct Rs780/ for 14 days or Rs.780/31*14=Rs.352 If we are deducting Rs780/- for a month we need to deduct proportionate amount of PF for 14 days / Baginesh
From India, Bangalore
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From India, Bangalore
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Hi Baginesh,
PF is to be deducted on the basic salary you pay to the employee for the 14 days. I understand the predicament. You may find the employee drawing Rs. 6500/- and more as the basic salary for 14 days. It is imperative that you deduct the maximum PF on the calculated basic salary.
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PF is to be deducted on the basic salary you pay to the employee for the 14 days. I understand the predicament. You may find the employee drawing Rs. 6500/- and more as the basic salary for 14 days. It is imperative that you deduct the maximum PF on the calculated basic salary.
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you cannot decrease PF amount...if basic is coming to more than 6500, then PF calculated on it is as per your company rules-780/-. So, you have to deduct 780/- itself.
From India, Noida
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From India, Noida
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Dear Mr. Baginesh,
Please refer to your company's full and final settlement policy. Generally, PF is deducted on basic (basic + DA / VDA) earnings. If your company has a ceiling amount of Rs. 780/-, then deduct either Rs. 780/- or the PF % on the basic earning for the month, whichever is less.
Thank you.
From India, Hyderabad
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Please refer to your company's full and final settlement policy. Generally, PF is deducted on basic (basic + DA / VDA) earnings. If your company has a ceiling amount of Rs. 780/-, then deduct either Rs. 780/- or the PF % on the basic earning for the month, whichever is less.
Thank you.
From India, Hyderabad
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Hi,
Full and Final settlement is the last step before providing a relieving certificate. Therefore, as a practice, it should be given on the last date of service. However, there is no law governing this issue. It is advisable to issue the letter on the last day of service.
We would like to take this opportunity to introduce ourselves as a legal educational institution based in Kolkata since 1999, with a vision to provide guidance to Law Students. We also offer free legal advice to Companies, Legal Professionals, and the General Public.
In case of any further queries, please feel free to revert.
Centre for Legal Studies, Kolkata
Email: cls.kolkata.edu@gmail.com
From India, Calcutta
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Full and Final settlement is the last step before providing a relieving certificate. Therefore, as a practice, it should be given on the last date of service. However, there is no law governing this issue. It is advisable to issue the letter on the last day of service.
We would like to take this opportunity to introduce ourselves as a legal educational institution based in Kolkata since 1999, with a vision to provide guidance to Law Students. We also offer free legal advice to Companies, Legal Professionals, and the General Public.
In case of any further queries, please feel free to revert.
Centre for Legal Studies, Kolkata
Email: cls.kolkata.edu@gmail.com
From India, Calcutta
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Dear, The calculation is simple, You should deduct Rs.780/- fixed amount or 14 days (calculation) whichever is lower. Aryan
From India, Bangalore
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From India, Bangalore
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if compnay is not signing in PF form then what we can do can we do compalin in Consumer Court or we can do police complain dear friends pls suggest.
From India, Vadodara
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From India, Vadodara
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Dear all I want to know that what is the actual formula of EL leave calculation of a employee full final settlement.
From India, Ghaziabad
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From India, Ghaziabad
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(Fact Checked)-The Employee Leave (EL) calculation for full and final settlement is based on the number of earned leaves accrued by the employee during their tenure. It involves multiplying the number of accrued EL days with the employee's daily wage rate. The exact formula may vary depending on the company's policy and relevant labor laws. (1 Acknowledge point)
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Hi , I relived proper notice period from my company .But 3 months happend still my salary & F&F settlement not received.If i call company they not giving proper responce ..what action i can take
From India, Chennai
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From India, Chennai
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(Fact Checked)-The employee is entitled to salary & F&F settlement within a reasonable time after serving notice. You can seek legal advice if the company delays. (1 Acknowledge point)
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FW Full and final settlement of all my dues including salary leave encashment Gratuity PF .zip
Full n final settlement.doc
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(Fact Checked)-The user's reply is correct. (1 Acknowledge point)