Dear all friends can you help me in this topic, it is totaly new for me Mamta :?:
From India, Mumbai
7From India, Mumbai
Dear Mamta,
When their is a separation between the employee and the Organisation, the ascertaining of financial obligations and payments thereof between the two is termed as Full and Final Settlment.
Payments to be made to the Employee by Company (1) usually includes:
1) Salary and Arrears in Salary,
2) Bonus
3) Gratuity and Superannuation
4) Leave Pay
5) Other Payments like Medical Reimbursement, LTA etc.
Payments to be made by the employee to the Company (2) usually includes:
1) Loans and Advances Taken
2) Cash value of Materials taken from Company which the employee intends to keep and ready to pay the amount back. For example: Mobile Phone given to him for official purpose, he can keep the same provided the Company agrees and may take payment against it.
3) Payment to be made in case of Release before expiry of Notice Period.
Dues = Difference between (1) and (2).
Now, the Dues are cleared by way of payment from the side against whom there is due. This is termed as Full and Final Settlement
Once all dues are cleared and Certificate or written communication along with the details are issued to the employee who acknowledges and accept the same. This is termed as Full and Final Settlement Statement.
Once the above is issued the Employer-Employee relation between the two ceases to exist.
Kindly note: The settlement of PF if under EPFO is between the person and EPFO. If the Company has a Trust it is between the Trust and the Person.
Regards,
SC
From India, Thane
When their is a separation between the employee and the Organisation, the ascertaining of financial obligations and payments thereof between the two is termed as Full and Final Settlment.
Payments to be made to the Employee by Company (1) usually includes:
1) Salary and Arrears in Salary,
2) Bonus
3) Gratuity and Superannuation
4) Leave Pay
5) Other Payments like Medical Reimbursement, LTA etc.
Payments to be made by the employee to the Company (2) usually includes:
1) Loans and Advances Taken
2) Cash value of Materials taken from Company which the employee intends to keep and ready to pay the amount back. For example: Mobile Phone given to him for official purpose, he can keep the same provided the Company agrees and may take payment against it.
3) Payment to be made in case of Release before expiry of Notice Period.
Dues = Difference between (1) and (2).
Now, the Dues are cleared by way of payment from the side against whom there is due. This is termed as Full and Final Settlement
Once all dues are cleared and Certificate or written communication along with the details are issued to the employee who acknowledges and accept the same. This is termed as Full and Final Settlement Statement.
Once the above is issued the Employer-Employee relation between the two ceases to exist.
Kindly note: The settlement of PF if under EPFO is between the person and EPFO. If the Company has a Trust it is between the Trust and the Person.
Regards,
SC
From India, Thane
Hi Mamata, enclosed herwith format of Full and final Settlement, i hope this will help you. Reards, Akshay.
From India, Mumbai
From India, Mumbai
PLEASE,GIVE ME MORE INFORMATION IN THIS CONCEPT. THIS ACTIVITY FOLLOWED IN OUR COMPANY.BUT I DON’T NO ANYTHING ABOUT IT. ANAGHA
From India, Pune
From India, Pune
hello Every body,
can anybody help me to solve my prob?
I m working in homeopathic pvt ltd co.
few days before we have termitted our Regional manager in kerala. and send his termination letter through post, but it has been return coz he is denied to take it.
In this situation what we can do? his settlement issue is also pending, and around 7000 Amt is to be paid as settlement issue.
Please reply me as soon
Thanx in advance
Regards
sweta
From India, Ahmadabad
can anybody help me to solve my prob?
I m working in homeopathic pvt ltd co.
few days before we have termitted our Regional manager in kerala. and send his termination letter through post, but it has been return coz he is denied to take it.
In this situation what we can do? his settlement issue is also pending, and around 7000 Amt is to be paid as settlement issue.
Please reply me as soon
Thanx in advance
Regards
sweta
From India, Ahmadabad
Hi Shweta,
It's been over a month..and nobody replied..I hope you must have resolved this issue.
See, initial six months are called as probation period, which means an employee can be terminated without any written notice and in the same way, the employee may also resign.
But after six months, if the employee has completed the probation period (If he is communicated about the completion of probation period in writing), in such case (as per the company policy, in case of separation both employee and Organisation give a month notice in writing, in some companises, 3 months notice is given in case leaving the Organisation.
Further you can also terminate the employee paying a month's pay or 3 months's pay (whatever applicable in your case)..and in the same way the employee may also leave after submitting all company's property and giving notice pay.
If you have any questions, please feel free to ask.
warm regards,
Umesh Chaudhary
(welcomeumesh@yahoo.com)
From India, Delhi
It's been over a month..and nobody replied..I hope you must have resolved this issue.
See, initial six months are called as probation period, which means an employee can be terminated without any written notice and in the same way, the employee may also resign.
But after six months, if the employee has completed the probation period (If he is communicated about the completion of probation period in writing), in such case (as per the company policy, in case of separation both employee and Organisation give a month notice in writing, in some companises, 3 months notice is given in case leaving the Organisation.
Further you can also terminate the employee paying a month's pay or 3 months's pay (whatever applicable in your case)..and in the same way the employee may also leave after submitting all company's property and giving notice pay.
If you have any questions, please feel free to ask.
warm regards,
Umesh Chaudhary
(welcomeumesh@yahoo.com)
From India, Delhi
hi Umesh, Thanxs for reply, Issue is pending still, coz now he is not in touch with co. Once again thanxs Sweta
From India, Ahmadabad
From India, Ahmadabad
Hi,
As per Industrail Dispute act, Retrenchment means terminations
The Workmen has been given three months notice in writing indicating the reasons for retrenchment.
and the period of notice has expired, or the workman has been paid in lieu of such notice,wages for the period of the notice.
For return letter, keep in record on his personnel file and send one more letter.before process pls check under which act your company covered.
i hope you will get little idea
I request you to gothro abovesaid act.
regards
ranju
From India
As per Industrail Dispute act, Retrenchment means terminations
The Workmen has been given three months notice in writing indicating the reasons for retrenchment.
and the period of notice has expired, or the workman has been paid in lieu of such notice,wages for the period of the notice.
For return letter, keep in record on his personnel file and send one more letter.before process pls check under which act your company covered.
i hope you will get little idea
I request you to gothro abovesaid act.
regards
ranju
From India
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Full n final settlement.doc
Full & final.xls