WHAT IS THE DIFFERENCE BETWEEN COMPENSATION PAID TO AN EMPLOYEE ON
RESIGNATION AND LAY-OFF.
"WE ARE PAYING THE FOLLOWING FULL AND FINAL PAYMENT TO OUR
SUPERVISOR ON HIS RESIGNATION.PL.CHECK AND CONFIRM."
YEAR OF SERVICE-21YRS
GRATUITY-Gratuity = Monthly Salary(BASIC) x 15 days x No. of yrs. of service
26
NOTICE SALARY = 1*BASIC SALARY
LEAVE SALARY = 1*BASIC SALARY(30 UNUSED LEAVES)
BONUS = FOR PENDING MONTHS BASIC SALARY.
TO OUR KNOWLEDGE RETRENCHMENT(EQUAL TO GRATUITY AMOUNT) IS NOT APPLICABLE AS RETRENCHMENT IS PAYABLE ONLY INCASE OF
LAY-OFF OR TERMINATION.
PL.ADVICE
From India, Pune
RESIGNATION AND LAY-OFF.
"WE ARE PAYING THE FOLLOWING FULL AND FINAL PAYMENT TO OUR
SUPERVISOR ON HIS RESIGNATION.PL.CHECK AND CONFIRM."
YEAR OF SERVICE-21YRS
GRATUITY-Gratuity = Monthly Salary(BASIC) x 15 days x No. of yrs. of service
26
NOTICE SALARY = 1*BASIC SALARY
LEAVE SALARY = 1*BASIC SALARY(30 UNUSED LEAVES)
BONUS = FOR PENDING MONTHS BASIC SALARY.
TO OUR KNOWLEDGE RETRENCHMENT(EQUAL TO GRATUITY AMOUNT) IS NOT APPLICABLE AS RETRENCHMENT IS PAYABLE ONLY INCASE OF
LAY-OFF OR TERMINATION.
PL.ADVICE
From India, Pune
No compensation nor any notice pay is payable when an employee leaves by putting his resignation. Therefore, in your calculation, you may have to exclude notice pay. At the time of full and final settlement, normally bonus is not paid since the same is decided only after closing the financial statements and the rate of bonus will vary according to allocable surplus. Similarly, it is not worked out on the basis of 'pending months basic salary(!) but it is to be calculated proportionately to the days he has actually worked during the year. If he is leaving this month, then he will get bonus for four months and his bonus will be paid in 2012 only.
Lay off is an entirely different subject which has nothing to do with full and final settlement. It is a compensation payable to an employee on roll to whom the company is not in a position to give work due to non availability of materials, power etc. It is paid when the work is temporarily stopped.
Regards,
Madhu.T.K
From India, Kannur
4240Lay off is an entirely different subject which has nothing to do with full and final settlement. It is a compensation payable to an employee on roll to whom the company is not in a position to give work due to non availability of materials, power etc. It is paid when the work is temporarily stopped.
Regards,
Madhu.T.K
From India, Kannur
Dear friend Notice pay can be paid if we send the employee out but not eligible for resignations. regards alphonse
From India, Madras
From India, Madras
HI
THE RESIGNING EMPLOYEE IS NOT ACCEPTING THE FINAL PAYMENT AND INSISTING THAT FOR THE FOLLOWING.
1.HE SHOULD BE PAID GRATUITY @ 16DAY/YEAR AS HE HAS 21YR OF SERVICE.
2. GRATUITY SHOULD BE CALCULATED ON GROSS AND NOT ON BASIC SALARY.
SINCE IT'S MORE THAN 3 MONTHS SINCE HE HAS RESIGNED,PL ADVICE,WHAT WE CAN DO IF HE GOES LEGAL.
THANKS
From India, Pune
THE RESIGNING EMPLOYEE IS NOT ACCEPTING THE FINAL PAYMENT AND INSISTING THAT FOR THE FOLLOWING.
1.HE SHOULD BE PAID GRATUITY @ 16DAY/YEAR AS HE HAS 21YR OF SERVICE.
2. GRATUITY SHOULD BE CALCULATED ON GROSS AND NOT ON BASIC SALARY.
SINCE IT'S MORE THAN 3 MONTHS SINCE HE HAS RESIGNED,PL ADVICE,WHAT WE CAN DO IF HE GOES LEGAL.
THANKS
From India, Pune
Let him go legal but by the time, please calculate his Gratuity on Basic salary + DA (if any) at the rate of 15 days salary (not 16) for 21 years and deposit the amount with the District Labour Officer/ Commissioner who is the appropriate authority for Payment of Gratuity in your jurisdiction.
Regards,
Madhu.T.K
From India, Kannur
Regards,
Madhu.T.K
From India, Kannur
CAN YOU PL.TELL ME HOW TO CALCULATE DA FOR THE BELOW. BASIC-4400 CONV.ALLW-1625 MED ALLW-1650 HRA -400 DATE OF JOINING 01/07/1990 DATE OF RESIGNATION 31/03/2011 PLACE SILVASSA(D&NH) KINDLY ADVICE.
From India, Pune
From India, Pune
DA stands for dearness allowance and it is a component of salary though not mandatory. From your salary structure it is understood that you do not have Da in your salary structure. DA shall be paid either as a percentage of Basic Salary or on the basis of consumer price index. In the latter case DA will keep on changing with changes in CPI. The Govt. would have notified the minimum amount of Variable DA per point of increase in the CPI. Without knowing this and the present CPI in your area VDA can not be calculated. Therefore, please go through the minimum wages notification of the state government.
Regards,
Madhu.T.K
From India, Kannur
Regards,
Madhu.T.K
From India, Kannur
HI
I HAVE CHECK THE NOTIFICATION UP TO 31/03/2011 AS FROM 01/04/2011 THERE IS DIFFERENT NOTIFICATION AND THE EMPLOYEE HAS
RESIGNED ON 31/03/2011,SO I THINK THE BELOW NOTIFICATION IS APPLICABLE.IT STATES THAT.
THE MINIMUM WAGE PAYABLE PER DAY IN RESPECT OF THE M.W.ACT1948 IN THE U.T OF DADRA AND
NAGAR HAVELI UPTO 31/03/2011 IS AS PER BELOW.
THE PERSON RESIGNED WAS A SUPERVISOR.
Category Skilled Semi-Skilled Unskilled
Basic 69.00 62.50 56.00
Special Allowance 80.60 80.60 80.60
------ --------- ----------
149.60 143.10 136.60
CAN YOU CALCULATE NOW AND PL.LET ME KNOW IF YOU WANT ANYMORE DETAILS.
THANKS
From India, Pune
I HAVE CHECK THE NOTIFICATION UP TO 31/03/2011 AS FROM 01/04/2011 THERE IS DIFFERENT NOTIFICATION AND THE EMPLOYEE HAS
RESIGNED ON 31/03/2011,SO I THINK THE BELOW NOTIFICATION IS APPLICABLE.IT STATES THAT.
THE MINIMUM WAGE PAYABLE PER DAY IN RESPECT OF THE M.W.ACT1948 IN THE U.T OF DADRA AND
NAGAR HAVELI UPTO 31/03/2011 IS AS PER BELOW.
THE PERSON RESIGNED WAS A SUPERVISOR.
Category Skilled Semi-Skilled Unskilled
Basic 69.00 62.50 56.00
Special Allowance 80.60 80.60 80.60
------ --------- ----------
149.60 143.10 136.60
CAN YOU CALCULATE NOW AND PL.LET ME KNOW IF YOU WANT ANYMORE DETAILS.
THANKS
From India, Pune
When you have no DA in your salary structure, why should you go for DA when compensation or full and final settlement is done?. It has relevance only to fix wages and that also to ensure that wages fixed is not below minimum wages. In your example, minimum wages is Rs 149.60 per day or Rs 3890 per month. When your employee is paid higher than this, you have to follow that only.
Regards,
Madhu.T.K
From India, Kannur
Regards,
Madhu.T.K
From India, Kannur
WE HAVE UNDERSTOOD FOLLOWING FROM THIS DISCUSSION.PL.CORRECT ME IF REQUIRED.
THE BELOW IS PAYABLE AS FULL AND FINAL SETTLEMENT IN CASE OF RESIGNATION BY AN EMPLOYEE.
Gratuity = Monthly Salary(BASIC) x 15 days x No. of yrs.of service-(IF THE BASIC SALARY IS ABOVE MINIMUM WAGES ACT REQUIREMENT THAN NO NEED TO CALCULATE THE
"DA".
LEAVE SALARY = UNUSED LEAVES ON BASIC SALARY
BONUS = FOR PENDING MONTHS ON BASIC SALARY.
WE WILL BE SUBMITTING THE TOTAL OF ABOVE AMOUNT TO THE LABOUR COMMISSIONER,SINCE THE EMPLOYEE IS DISPUTING THIS.
THANKS
From India, Pune
THE BELOW IS PAYABLE AS FULL AND FINAL SETTLEMENT IN CASE OF RESIGNATION BY AN EMPLOYEE.
Gratuity = Monthly Salary(BASIC) x 15 days x No. of yrs.of service-(IF THE BASIC SALARY IS ABOVE MINIMUM WAGES ACT REQUIREMENT THAN NO NEED TO CALCULATE THE
"DA".
LEAVE SALARY = UNUSED LEAVES ON BASIC SALARY
BONUS = FOR PENDING MONTHS ON BASIC SALARY.
WE WILL BE SUBMITTING THE TOTAL OF ABOVE AMOUNT TO THE LABOUR COMMISSIONER,SINCE THE EMPLOYEE IS DISPUTING THIS.
THANKS
From India, Pune
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.
People make the difference….ppt
Difference between Vision & Mission.doc