Dear All, Kinldy guide me with the procedure for Full and Final Settlement for an ex-employee.Like what is the time period, what components considered, what documents required. Regadrs, gayatri
From India, Thana
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1From India, Thana
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Hi Gayatri,
If you have the resignation letter of your employee on your desk, first of all, you have to circulate the NOC (No Objection Certificate to relieve the employee) and obtain signatures from all department heads in your organization. After receiving the NOC, you need to prepare an Interoffice Memo addressed to the Account department to calculate the final settlement.
In the Interoffice Memo, you should mention the worked days for the running month, ELs up to the last working day, Overtime Hours, etc., based on your organization's benefits. If the person has submitted the resignation letter before one month, there is no need to deduct one month's notice period. Otherwise, you have to deduct one month's notice period as per the resigning person's resignation letter date, and an Exit interview needs to be conducted.
Another benefit for the ex-employee is a bonus - the individual is eligible for a bonus for their past worked days. Finally, regarding PF, the ex-employee can apply for PF claim 45 days after submitting the resignation letter.
Thank you.
From India, Hyderabad
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If you have the resignation letter of your employee on your desk, first of all, you have to circulate the NOC (No Objection Certificate to relieve the employee) and obtain signatures from all department heads in your organization. After receiving the NOC, you need to prepare an Interoffice Memo addressed to the Account department to calculate the final settlement.
In the Interoffice Memo, you should mention the worked days for the running month, ELs up to the last working day, Overtime Hours, etc., based on your organization's benefits. If the person has submitted the resignation letter before one month, there is no need to deduct one month's notice period. Otherwise, you have to deduct one month's notice period as per the resigning person's resignation letter date, and an Exit interview needs to be conducted.
Another benefit for the ex-employee is a bonus - the individual is eligible for a bonus for their past worked days. Finally, regarding PF, the ex-employee can apply for PF claim 45 days after submitting the resignation letter.
Thank you.
From India, Hyderabad
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The time taken depends on the organization. Some companies just don't believe in this. One such example is Sterling Holiday Resorts. I got part of my settlement after 8 years, and I am still after them.
From India, Pune
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From India, Pune
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The time taken depends on the organization. Some companies just don't believe in this. One such example is Sterling Holiday Resorts. I got part of my settlement after 8 years and I am still after them. In some cases, they just refused to issue a relieving letter.
From India, Pune
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From India, Pune
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Hi, can you just give me an example of what happens if a person resigns within the required notice period? How much salary will he/she receive, depending on the number of days worked? Please explain this process.
From India, Delhi
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From India, Delhi
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Dear All, If an employee left their job on 10 th , in this condiation we’ll give 100 HRA for that month or give only 10 days HRA. pls tell me. Akhil
From India, Aligarh
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From India, Aligarh
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Dear Gayatri,
Full and final settlement involves many things. Unless we know the whole facts, we cannot advise you properly.
Regards,
Deepak Miglani
Advocate
Phone: 9958086337 (Delhi), 09215514435/36 (Haryana)
For any queries: legalbuddy@gmail.com
From India, Rohtak
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Full and final settlement involves many things. Unless we know the whole facts, we cannot advise you properly.
Regards,
Deepak Miglani
Advocate
Phone: 9958086337 (Delhi), 09215514435/36 (Haryana)
For any queries: legalbuddy@gmail.com
From India, Rohtak
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Full n final settlement.doc