Dear All, I am in the process of drafting a final settlement policy. Can any one share the the policy.... this will be great help for me. Thank you in advance. Best Regards: Luqman
Hi Luqman,
Where are you located? I don't think any serious elaborate policy would be necessary for Full & Final settlement. As you are aware F&F settlement is required when an employee leaves/severance with your estt. on a/c of resignation, retirement, retrenchment/ relieved, in-capacity due to physical/mental disabilities, death, closure of unit and so on.
F&F generally are relevant to Last month salary, leave encashment, gratuity, residual bonus/incentives, EPF & EPS welfare funds/society memberships, vacation of quarters, compensation, recovery of fines, if any etc.
What are required to be done are (among other things if any I would have left over) -
- formulating steps from the time office onwards & updating service records, (use a well thought out check list),
- organise flow of documents like service data, claim forms, clearance certificates from the respective departments, clearance of loans, retrieving co. assets, records, handing over-taking over charge on relieving etc.,
- clearance of pending disciplinary/departmental enquiry, if any,
- processing them in the manner required/obtaining necessary approvals,
- setting time line statutorily required for settlement and strictly meeting the target dates,
- mode of payment and ensuring availability of necessary funds.
- In the case of settlement in respect of a deceased employee either while in service or thereafter, there are certain aspects like ensuring filing of 'Nomination' of legal heir', obtaining NOCs from the family members, clearing legal cases/hurdles pending at various forums etc.
- Issue of relieving letter/service certificate and so on.
If all these are placed in a format, with target dates and get the approval of the HOO then it becomes your policy and can be circulated to all concerned for adherence.
From India, Bangalore
1077Where are you located? I don't think any serious elaborate policy would be necessary for Full & Final settlement. As you are aware F&F settlement is required when an employee leaves/severance with your estt. on a/c of resignation, retirement, retrenchment/ relieved, in-capacity due to physical/mental disabilities, death, closure of unit and so on.
F&F generally are relevant to Last month salary, leave encashment, gratuity, residual bonus/incentives, EPF & EPS welfare funds/society memberships, vacation of quarters, compensation, recovery of fines, if any etc.
What are required to be done are (among other things if any I would have left over) -
- formulating steps from the time office onwards & updating service records, (use a well thought out check list),
- organise flow of documents like service data, claim forms, clearance certificates from the respective departments, clearance of loans, retrieving co. assets, records, handing over-taking over charge on relieving etc.,
- clearance of pending disciplinary/departmental enquiry, if any,
- processing them in the manner required/obtaining necessary approvals,
- setting time line statutorily required for settlement and strictly meeting the target dates,
- mode of payment and ensuring availability of necessary funds.
- In the case of settlement in respect of a deceased employee either while in service or thereafter, there are certain aspects like ensuring filing of 'Nomination' of legal heir', obtaining NOCs from the family members, clearing legal cases/hurdles pending at various forums etc.
- Issue of relieving letter/service certificate and so on.
If all these are placed in a format, with target dates and get the approval of the HOO then it becomes your policy and can be circulated to all concerned for adherence.
From India, Bangalore
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