Whenever an employee is going to leave an organization which may be due to the resignation of the employee or termination by the employer etc… then the employer has to do full and final settlement to that employee.
The main aim of the full and final settlement policy is to pay all the balance payments to the employees including retirement benefits, bonus, gratuity, leave encashment, incentives, etc.
The rules of full and final settlements are the same in major cases, but the process may have slight variance. Here you can find the full and final settlement policy and full & final settlement rules.
Full And Final Settlement Policy | Full And Final Settlement Rules
The full and final settlement will initiate when the employer accepts employee willingness to leave the job. And the employee will also be responsible to for smooth full and final settlement policy, here are some important full and final settlement rules.
1. Employee Should Give Notice Period
In order to have a smooth full and final settlement process employee needs to give a proper notice period to the employer, and in this notice period he needs to transfer all his responsibilities to the new joiner and he needs to train the new employee.
The notice period will vary from one organization to another organization, in the majority of cases, the notice period will be 30 days. Giving notice period is the basic responsibility of the employee to get their full and final settlement.
2. Handover All The Company Properties
The second step in full and final settlement process is take an F&F form your HR department and submit all the company properties like laptops, mobiles, vehicles etc and take the acknowledgement signature on full and final settlement form and submit it to your HR department, to confirm that you have handed over all the company properties.
3. Salary, Leave Encashment & Retirement Benefits
Once your employer finds you have handed over all the company properties and if you don’t have any dues then they will do your salary calculation along with your leave encashment and retirement benefits like a gratuity. Once the salary calculation was done then they send a mail to you (in some cases they may not send).
Once you find everything is correct then send a reply mail to them. Once the employer gets the confirmation mail from you then they will credit your salary on your regular salary disbursement date or after the salary disbursement date.
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Hello Sir, I am Shyamal. I was an employee of Bandhan Bank, I was terminated due to fraud of a customer document. My last working day was 1 September 2023. But till now I have not received any F&F payment from Bank. What should I do? Will I get F&F payment or not? Please help me sir.
Holding full and final settlement and releveling & experience letter
I had 3 months of notice period from employee side in my last organization. i had asked for early relive but they were not agreed for it, but as their requirement of me came to low they decided to relived me telling that they are reliving me because of my chanting nature. and relived me after served 64 days. now its been a 2.5 months, still they have not give me any letter or not settle FFS. and giving the reason that since i has asked for early relive they agreed and it will take time to complete the process.
Can anyone help me how should i deal with them to get my things early without hurting their ego?
Hi sir am raja .how to get Pf contribution amonut also.is there any options is available in online to get.. When am apply physical mode what are all the details I need to submit to epfo organization. Pls guide me sir.
Hair sir am Raja .I had requested Pf in online at advanced form 31.&I got 14 k.that is employee share,employer share&pension contribution.Pf member will get all these amount or only employee share and employer share.I want to withdraw Pf contribution also.and one more thing my online claim has exceed. It is said try to physical mode.how can get remaining amount in physical mode. Here I mentioned my amount employee share is 14,011&employer share is 4,281&Pf contribution is 8,707. I can get those all these amont or particular among .pls kindly guide me am totally confused. Pls help me sir.
Hi Raja,
PF advance will be paid from employee and employer PF contribution amounts, you can’t get advance from your pension amount. To claim PF amount offline submit EPF composite claim form Aadhar and bank passbook xerox copy or cancelled cheque.
Bonus payment will be settled or not with F&F
Hi Deependra Rajak,
Some organizations will settle bonus amount during F&F but the majority of organizations will settle bonus to the left employees along with remaining employees i.e left employees will get the bonus in the months of October or November.