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  • Full & Final Settlement Policy

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    Dipika
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    The document outlines the full and final settlement policy for Pandit Ventures Pvt Ltd. It details the process for employees who are separating due to resignation, retirement, death, or termination. The policy specifies that full and final settlement will be completed within 45 days of the employee's last working day, as long as any outstanding dues to the company are settled. It also explains the roles and responsibilities of managers, HR, payroll, and other departments to ensure a smooth transition for departing employees.

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    Full & Final Settlement Policy

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    The document outlines the full and final settlement policy for Pandit Ventures Pvt Ltd. It details the process for employees who are separating due to resignation, retirement, death, or termination. The policy specifies that full and final settlement will be completed within 45 days of the employee's last working day, as long as any outstanding dues to the company are settled. It also explains the roles and responsibilities of managers, HR, payroll, and other departments to ensure a smooth transition for departing employees.

    Copyright:

    © All Rights Reserved
    Flag for inappropriate content
    5K views2 pages

    Full & Final Settlement Policy

    Uploaded by

    Dipika
    The document outlines the full and final settlement policy for Pandit Ventures Pvt Ltd. It details the process for employees who are separating due to resignation, retirement, death, or termination. The policy specifies that full and final settlement will be completed within 45 days of the employee's last working day, as long as any outstanding dues to the company are settled. It also explains the roles and responsibilities of managers, HR, payroll, and other departments to ensure a smooth transition for departing employees.

    Copyright:

    © All Rights Reserved
    Flag for inappropriate content
    of 2

            

    FULL AND FINAL SETTLEMENT POLICY

    Objective:

    To lay down the company policy on full and final settlement process for the 
    employees separating from Pandit Ventures Pvt Ltd

    Coverage:

    All employees separating from Pandit Ventures Pvt Ltd

    Salient Features:

    1. Full and Final settlement (F&F)is done for the employees who are 
    separating from employment, due to voluntary resignation, retirement, 
    death, and termination.

    2. F&F stake holders are separating employee, respective HR, corporate 
    payroll, administration, IT and finance department.

    3. Separated employee will comply with the notice period mentioned in his/her 
    employment agreement. The final date of relieving is decided by the 
    reporting manager.

    4.  In case, an employee wants to get relieved before completion of Notice 
    Period, Pay in lieu of notice period will be recovered from the settlement 
    amount, or, if the manager or HOD has    agreed to relieve the employee 
    earlier then accordingly the salary will be calculated  

    5.  The accepted resignation of employee is shared to HR  payroll on cutoff 
    date by the manager/HOD  to process F&F and to withhold the salary for 
    the current month.

    6.  Employee takes clearance from all stakeholders. Any dues to company will 
    be paid before the last working day or will be deducted from the settlement 
    amount.
    7. F&F payment will be done to salary account in 45 days from last working 
    day.

    8. HR will send a recovery letter through mail and registered post for the dues 
    which is unpaid after the last working day. If employee fails to pay, F&F will 
    be withheld.

    9. All statutory related payments will be done as per the process by statutory 
    bodies. All the encashment are subject to tax.

    Procedure

    1. When employee sends the resignation to the reporting manager, it is the 
    manager’s responsibility to inform HR, branch/functional head immediately.

    2. The manager conducts the retention meeting.

    3. If the employee decides to move on, the reporting manager confirms back to 
    HR and provides resignation acceptance mail with last date of the service 

    4. HR provides the resignee data to payroll team.

    5. Corporate payroll puts the salary on hold and starts F&F process.

    6. Seven days in advance to the last working day, the employee has to take the 
    clearance from allDepartment Heads in Exit Clearance Form (Annexure A) and
    submit to HR on the last working day. 

    7. During this process, employee will have to submit all assets received from 
    company. Any dues will be taken to account and get deducted from the F&F or 
    the dues payable to company will be paid by employee.

    8. Within 45 days from the last working day, employee will get F&F settlement 
    and service letter from company only if the dues are recovered.

    Formulated on  Effective From Created by  Approved by


    1­Apr­2018 HR Manager CEO

    Note: The Company reserves the right to amend, modify, and revise any or all 
    clauses of this policy depending upon market practices or exigencies of business.

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