Employee Full and Final Settlement Process
As per the new wage code, the employee's full and final settlement should be cleared within 2 days of the last working date. What are the best practices we can use to follow the same, especially in organizations that are in the sales domain?
From India, Mumbai
Acknowledge(0)
Amend(0)
As per the new wage code, the employee's full and final settlement should be cleared within 2 days of the last working date. What are the best practices we can use to follow the same, especially in organizations that are in the sales domain?
From India, Mumbai
Acknowledge(0)Amend(0)
When the process of separation from service starts (like resignation or retirement), simultaneously start the F&F Settlement process too. Keep the calculations ready for releasing the payment on the due date. There are organizations that make the payments, at least most of them, on the last working day itself.
As regards death or dismissal from service
It may come without advance notice, so it is necessary that the formalities are started at the earliest and certain payments like gratuity, last pay, etc., can be released quickly on the issue of the order in this regard.
It is not that difficult to make the payments within the time limit, but dedicated efforts are needed. If this could be done at least partly, it will be a big relief, particularly in death cases.
From India, Mumbai
Acknowledge(1)
Amend(0)
1593As regards death or dismissal from service
It may come without advance notice, so it is necessary that the formalities are started at the earliest and certain payments like gratuity, last pay, etc., can be released quickly on the issue of the order in this regard.
It is not that difficult to make the payments within the time limit, but dedicated efforts are needed. If this could be done at least partly, it will be a big relief, particularly in death cases.
From India, Mumbai
Acknowledge(1)Amend(0)CiteHR is an AI-augmented HR knowledge and collaboration platform, enabling HR professionals to solve real-world challenges, validate decisions, and stay ahead through collective intelligence and machine-enhanced guidance. Join Our Platform.
Full n final settlement.doc