I have resigned from DLF Pramerica LIC on 14th Feb 2013 and served a one-month notice period till 15th March 2013. Till today, I haven't received my full and final settlement (40 days). The HR department is saying that they will settle this in 45 working days. I want to know if there is any TAT prescribed by the Government of India or labor law to settle the full and final amount within 45 working days.
From India, Nagpur
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From India, Nagpur
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Industrial Employment Standing Orders Rules 1946
As per the Industrial Employment Standing Orders Rules 1946, under section 12, in the case of termination of a workman, due wages need to be paid within 2 working days.
For office staff, normally a payroll cycle of one month is considered a fair time to settle final dues.
From India, Mumbai
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120As per the Industrial Employment Standing Orders Rules 1946, under section 12, in the case of termination of a workman, due wages need to be paid within 2 working days.
For office staff, normally a payroll cycle of one month is considered a fair time to settle final dues.
From India, Mumbai
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One word of advice: Please do not mention the name of the company, as it might create further trouble. To answer your query, as suggested by Mr. Dixon, one month is a fair time period for the full and final settlement. However, please keep in mind that March is the last month of the accounting year, and the finance department will be overburdened settling various arrears. I advise you to wait until the end of this month and then contact them for updates.
Regards,
Sree
From India, New Delhi
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Regards,
Sree
From India, New Delhi
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No provisions of labour law prescribes the time frame for final settlement after resignation.A new legislation is required. Varghese Mathew 9961266966
From India, Thiruvananthapuram
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From India, Thiruvananthapuram
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I would disagree. The Payment of Wages Act, Factories Act, and the various Shop and Establishment Acts very clearly provide when the payment for full and final settlement is to be done. Actual wages and salaries are to be paid to the employee within 2 working days of the end of employment (including notice pay). You are not allowed to hold the wages until the next payroll cycle. For the rest of the payment due (gratuity, leave encashment, etc.), it is required to be paid within 30 days. Only in the case of a bonus, the payment can be made when the actual bonus is paid to other employees.
From India, Mumbai
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From India, Mumbai
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