What will be the Full & Final settlement procedure? Do we need to hold the salary from the notice period till the last working day? Please suggest!
From India, Bengaluru
From India, Bengaluru
625
"F&F" settlement denotes the process of the final settlement of all financial dues by and to an outgoing employee on the occasion of his/her termination of employment. It can be finalised in a single go on the very date of termination or in instalments within some definite span of time depending on the nature of dues subject to the statutory time limits for payment.
In so far as notice period is concerned, if the incumbent is required to serve the entire notice period and he does so, the salary for every month shall be paid then and there as usual. No necessity to hold till he completes the entire notice period. Doing so would amount to non-payment of salary on time and hence would be unlawful.
From India, Salem
In so far as notice period is concerned, if the incumbent is required to serve the entire notice period and he does so, the salary for every month shall be paid then and there as usual. No necessity to hold till he completes the entire notice period. Doing so would amount to non-payment of salary on time and hence would be unlawful.
From India, Salem
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.