I am a Logistic Executive who served in a company for 5 years and resigned from service on 31/3/2011 after serving a notice period of 1 month. I have been issued a relieving letter on the same day. However, the company has not cleared my final settlement yet. When I check with HR, I am informed that the Finance Manager is holding my settlement due to discrepancies in stock. I am seeking a solution to this problem.
Questions Regarding Final Settlement
1. Can the company hold my settlement for differences in stocks when the final relieving letter has been issued?
2. What future course of action should be taken to claim the settlement?
Please help me.
Regards,
Lakhs 826
From India, Bangalore
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Questions Regarding Final Settlement
1. Can the company hold my settlement for differences in stocks when the final relieving letter has been issued?
2. What future course of action should be taken to claim the settlement?
Please help me.
Regards,
Lakhs 826
From India, Bangalore
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Hello Lakhs,
Understanding the Relationship Between Relieving Letter and Full and Final Settlement
Relieving letter and full and final settlement are interrelated. A relieving letter is issued to declare that the employee is relieved from their responsibilities and notes their last working day. The full and final settlement takes time and is usually completed within one month from the date of relieving. Now, check the following:
• Have you done a proper charge handover note?
• Were all pending or ongoing work detailed in that?
• Did you give a proper understanding of critical issues to the new person?
• Did the person accepting your charge sign your note along with your reporting boss?
If the answer is yes to all, the company cannot withhold your F&F. It seems discrepancies were found later; if it was earlier, they would not have issued the relieving letter. However, to maintain good relations with your past employer, I would advise you to consult your Finance Manager immediately to address any issues. Try to settle it amicably.
Best wishes,
Vaishalee Parkhi
From India, Pune
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179Understanding the Relationship Between Relieving Letter and Full and Final Settlement
Relieving letter and full and final settlement are interrelated. A relieving letter is issued to declare that the employee is relieved from their responsibilities and notes their last working day. The full and final settlement takes time and is usually completed within one month from the date of relieving. Now, check the following:
• Have you done a proper charge handover note?
• Were all pending or ongoing work detailed in that?
• Did you give a proper understanding of critical issues to the new person?
• Did the person accepting your charge sign your note along with your reporting boss?
If the answer is yes to all, the company cannot withhold your F&F. It seems discrepancies were found later; if it was earlier, they would not have issued the relieving letter. However, to maintain good relations with your past employer, I would advise you to consult your Finance Manager immediately to address any issues. Try to settle it amicably.
Best wishes,
Vaishalee Parkhi
From India, Pune
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Dear Sir/Madam, At the time of relieving, I handed over my responsibilities and relevant documents, including details, to my subordinate in front of my boss. It was duly signed by him, stating that there was no objection from him to relieve me. However, the issue now revolves around my Finance Manager, who, during a send-off party, did not raise any queries or objections to the issuance of the relieving letter. I personally sent him an email, but there was no reply from his side, and when I tried to contact him by phone, he refused to pick up.
As I am in urgent need of money, please suggest the best possible solution. Should I proceed through the Labor Department or seek legal assistance to recover the amount?
Regards,
Lakhs826
From India, Bangalore
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As I am in urgent need of money, please suggest the best possible solution. Should I proceed through the Labor Department or seek legal assistance to recover the amount?
Regards,
Lakhs826
From India, Bangalore
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Steps to Resolve Final Settlement Issues
1. You meet your finance manager and discuss face-to-face.
2. If nothing comes out, you can meet the HR head or MD to brief your case and seek justice in the matter. Adopting a legal approach is challenging at the individual level. As far as possible, a peaceful settlement is advisable.
Regards,
Vaishalee
From India, Pune
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1. You meet your finance manager and discuss face-to-face.
2. If nothing comes out, you can meet the HR head or MD to brief your case and seek justice in the matter. Adopting a legal approach is challenging at the individual level. As far as possible, a peaceful settlement is advisable.
Regards,
Vaishalee
From India, Pune
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Full n final settlement.doc