Hi,
I have served notice period of 18 days, and company will recover for 42 days.
My CTC includes, Basic, HRA, Company Allowances, Advance statuary bonus, pf and gratuity.
My question is, since, comany pays me as per CTC, means gross salary, do they recover the same amount as per gross or advance statuary bonus will be excluded.
I think, adv. stat. bonus, is an bonus, for which an employee will get when they work in a company, if they haven\'t worked for that period, they are not liable to get amount and company cannot recover the same amount from an employee.
Let me know what should be done in this case in my Full and Final payment.
From India, Ghaziabad
I have served notice period of 18 days, and company will recover for 42 days.
My CTC includes, Basic, HRA, Company Allowances, Advance statuary bonus, pf and gratuity.
My question is, since, comany pays me as per CTC, means gross salary, do they recover the same amount as per gross or advance statuary bonus will be excluded.
I think, adv. stat. bonus, is an bonus, for which an employee will get when they work in a company, if they haven\'t worked for that period, they are not liable to get amount and company cannot recover the same amount from an employee.
Let me know what should be done in this case in my Full and Final payment.
From India, Ghaziabad
Hello,
Your query is little perplexing. Having said that I mean to draw your attention towards your statement,
"comany pays me as per CTC, means gross salary, " CTC & Gross salary are very different in nature. Also do you mean to say that Bonus forms part of your Gross Salary & is paid out monthly? If yes, then it will surely be adjusted against 42 days pay also. Company reserves right to adjust all the components of Gross Salary against the un fulfilled notice period.
From India, Ahmedabad
204Your query is little perplexing. Having said that I mean to draw your attention towards your statement,
"comany pays me as per CTC, means gross salary, " CTC & Gross salary are very different in nature. Also do you mean to say that Bonus forms part of your Gross Salary & is paid out monthly? If yes, then it will surely be adjusted against 42 days pay also. Company reserves right to adjust all the components of Gross Salary against the un fulfilled notice period.
From India, Ahmedabad
Sorry, I meant by Gross Salary.
And yes, its part of gross salary and paid every month.
Lets take an example,
Basic 8000
HRA 4000
Allowances 2000
Adv. statutary bonus 500
Gross Salary = 14500
Do company recover, 14500 X 42 / 30 = 20300, since I haven't worked for 42 days.
Now, continuing with same example,
If I worked for 10 days, company pays me = 14500 X 10 / 30 = 4833, including BONUS, because I worked for 10 days.
Now, if company has norms for 1 month notice period, they will charge for 20 days, = 14500 X 20/30 = 9667
Since, I didn't worked for 20 days, can company take back Adv. Stat. BONUS, since this is extra pay, company pays to an employee.
Its just a matter of company, showing BONUS in monthly to save tax, I think so..
From India, Ghaziabad
And yes, its part of gross salary and paid every month.
Lets take an example,
Basic 8000
HRA 4000
Allowances 2000
Adv. statutary bonus 500
Gross Salary = 14500
Do company recover, 14500 X 42 / 30 = 20300, since I haven't worked for 42 days.
Now, continuing with same example,
If I worked for 10 days, company pays me = 14500 X 10 / 30 = 4833, including BONUS, because I worked for 10 days.
Now, if company has norms for 1 month notice period, they will charge for 20 days, = 14500 X 20/30 = 9667
Since, I didn't worked for 20 days, can company take back Adv. Stat. BONUS, since this is extra pay, company pays to an employee.
Its just a matter of company, showing BONUS in monthly to save tax, I think so..
From India, Ghaziabad
Please check this attachment and tell me if they have charged correct or not...
Full and Final recovery amount is derived from Master Salary, but I think, Adv. Stat. Bonus, should not be included in Recovery of Notice period shortage.
Let me know your views..
From India, Ghaziabad
Full and Final recovery amount is derived from Master Salary, but I think, Adv. Stat. Bonus, should not be included in Recovery of Notice period shortage.
Let me know your views..
From India, Ghaziabad
Dear sourabh.agarwal1,
The sheet enclosed by you doesn't really give clarity. The earnings mentioned by you doesn't really are for 18 days. Also how come transport allowance not mentioned in master salary appears to be a component of earning? The PF contribution is also not equal to 12% of basic earned. Can you rather enclose the exact full n final settlement statement.
Coming to your query regarding Bonus, if paid monthly, is recovered against notice pay.
From India, Ahmedabad
The sheet enclosed by you doesn't really give clarity. The earnings mentioned by you doesn't really are for 18 days. Also how come transport allowance not mentioned in master salary appears to be a component of earning? The PF contribution is also not equal to 12% of basic earned. Can you rather enclose the exact full n final settlement statement.
Coming to your query regarding Bonus, if paid monthly, is recovered against notice pay.
From India, Ahmedabad
Thanks Hiral for your reply..
Sorry for confusion,salary for 14 days.
Transport allowances, it is not fixed. These are variable, paid on no. of trips.
Whereas PF is concerned, Basic 2498 * PF 12% = Rs. 300.
Now, regarding Bonus, please clarify, is there any article or law, where it is written, it has to be recovered by company, if you know?
From India, Ghaziabad
Sorry for confusion,salary for 14 days.
Transport allowances, it is not fixed. These are variable, paid on no. of trips.
Whereas PF is concerned, Basic 2498 * PF 12% = Rs. 300.
Now, regarding Bonus, please clarify, is there any article or law, where it is written, it has to be recovered by company, if you know?
From India, Ghaziabad
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Full n final settlement.doc