Dear All,
I want to know what is the actual time period for settle full & Final settlement Account.
if the worker or employee is left the job and he will not come for receiving his Full n Final Amount so how much time we will mention his Fnf amount in Account.
if we have taken all necessary action for give his fnf amount but he will not come for receive it so in this situation what we do.
and how many months we will saw this amount in unpaid amount.
From India, Mumbai
I want to know what is the actual time period for settle full & Final settlement Account.
if the worker or employee is left the job and he will not come for receiving his Full n Final Amount so how much time we will mention his Fnf amount in Account.
if we have taken all necessary action for give his fnf amount but he will not come for receive it so in this situation what we do.
and how many months we will saw this amount in unpaid amount.
From India, Mumbai
Dear Nayan,
Consequent upon the termination of service of an employee for whatsoever reason the responsibility of the employer ends after he tenders to the ex-employee the latter's dues. Once it is done,the employer has no further liability, if the ex-employee does not turn up to collect his dues. But remember that the process of tendering of payment should be carried out in a non-controversial manner.
I am sure this will help. In case of any further issue please come back.
S.K.Johri
From India, Delhi
84Consequent upon the termination of service of an employee for whatsoever reason the responsibility of the employer ends after he tenders to the ex-employee the latter's dues. Once it is done,the employer has no further liability, if the ex-employee does not turn up to collect his dues. But remember that the process of tendering of payment should be carried out in a non-controversial manner.
I am sure this will help. In case of any further issue please come back.
S.K.Johri
From India, Delhi
This can be treated as unclaimed wages/salary till 2 years and after two years the same can be booked as Income till the employee claim for it
From India, Ahmadabad
From India, Ahmadabad
Dear Sir,
This is a wrong stand and can get you into trouble.
The payment of wages act, as well as the various labour welfare act regulations are very clear. You can not misappropriate an amount due to an employee.
You need to follow the process as below.
1. Send a notice to the employee that his full and final amount is ready. You need to send it his official (permanent as well as current) residence as per the records in your files. The notice must be sent by registered AD and the proof of delivery must be kept for reference.
2. If you have the account number (salary account) you must deposit the same in the account if you do not get a response. It is preferable that you specify in the notice that you will deposit it if he does not respond.
3. If the above is not possible, and he does not come to take it, you must put the amount in the "Unpaid Wages Register".
4. After a period of 3 years from the original amount was due, the same must be deposited with the Labour Welfare Fund. You can not under any circumstance claim it as your money / profit.
Please note that this also applies to Statutory Bonus that is due to an employee that is not paid to him when he left the organisation.
From India, Mumbai
This is a wrong stand and can get you into trouble.
The payment of wages act, as well as the various labour welfare act regulations are very clear. You can not misappropriate an amount due to an employee.
You need to follow the process as below.
1. Send a notice to the employee that his full and final amount is ready. You need to send it his official (permanent as well as current) residence as per the records in your files. The notice must be sent by registered AD and the proof of delivery must be kept for reference.
2. If you have the account number (salary account) you must deposit the same in the account if you do not get a response. It is preferable that you specify in the notice that you will deposit it if he does not respond.
3. If the above is not possible, and he does not come to take it, you must put the amount in the "Unpaid Wages Register".
4. After a period of 3 years from the original amount was due, the same must be deposited with the Labour Welfare Fund. You can not under any circumstance claim it as your money / profit.
Please note that this also applies to Statutory Bonus that is due to an employee that is not paid to him when he left the organisation.
From India, Mumbai
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