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
1From India, Thana
Hi Gayatri,
If u have resignation letter of your employee at your desk 1st of all u have to circulize the NOC (No objection certificate to relieve the employee) and take signature from all department heads which u have in your organization.After receiving the NOC you have to prepare Inter office memo addressing to Account department to calculate the final settlement.
In IOM u have to mention the Worked days for running month, ELs upto last working day, Overtime Hrs etc as per your organization benefits. If the person given resignation letter before 1 month, no need to deduct 1 month notice period otherwise u have to deduct 1 month notice period as per releiving person's resignation letter date and we have to conduct the Exit interview.
One more benefit to ex-employee is bonus - the person is eligible for bonus for his/her past worked days.
Then finally PF, It will come after 45days of resignation letter the ex-employee can apply for PF claim.
From India, Hyderabad
If u have resignation letter of your employee at your desk 1st of all u have to circulize the NOC (No objection certificate to relieve the employee) and take signature from all department heads which u have in your organization.After receiving the NOC you have to prepare Inter office memo addressing to Account department to calculate the final settlement.
In IOM u have to mention the Worked days for running month, ELs upto last working day, Overtime Hrs etc as per your organization benefits. If the person given resignation letter before 1 month, no need to deduct 1 month notice period otherwise u have to deduct 1 month notice period as per releiving person's resignation letter date and we have to conduct the Exit interview.
One more benefit to ex-employee is bonus - the person is eligible for bonus for his/her past worked days.
Then finally PF, It will come after 45days of resignation letter the ex-employee can apply for PF claim.
From India, Hyderabad
The time taken depends on the organisation. Some companies just dont 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
From India, Pune
The time taken depends on the organisation. Some companies just dont 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 releaving letter.
From India, Pune
From India, Pune
Hi, can you just give me an example that if person gives resign on the required notice period then hw much salary if he/ she will be taking. It depends upon the days he had been working. plz explain this process.
From India, Delhi
From India, Delhi
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
From India, Aligarh
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Full n final settlement.doc