hello frnds,
please provide your valuble views ...
if an employee is being terminated from job by a company ,can the company ask him for full and final settlement?
i what case id tis valid and where it holds invalid.
kindly guide dear frnds..
thnx n rgds
From India, Jalandhar
12please provide your valuble views ...
if an employee is being terminated from job by a company ,can the company ask him for full and final settlement?
i what case id tis valid and where it holds invalid.
kindly guide dear frnds..
thnx n rgds
From India, Jalandhar
Hi Karthiken,
Where you talking about F&F or Salary in lieu of Notice Period?
Full and Final Settlement is a process wherein you settle all financial transactions with the employee who is leaving w.r.t his salary,leave encashment, bonus(if applicable) etc. At the end of the process, the company doesnt owe anything to the employee and the employee doesnt owe anything to the company as well....that's the whole purpose of F&F.
So, even if you terminate the employee, you still need to do his F&F settlement. Its not something you 'ask from' the employee. Its something you need to do as part of the exit process for each and every employee..whether resigned or terminated.
If you are talking about retrieving the notice period amount then it depends on your company policy. Usually, companies dont ask the employee to pay the notice period if he is being terminated.
Hope this helps.
From India, Hyderabad
Where you talking about F&F or Salary in lieu of Notice Period?
Full and Final Settlement is a process wherein you settle all financial transactions with the employee who is leaving w.r.t his salary,leave encashment, bonus(if applicable) etc. At the end of the process, the company doesnt owe anything to the employee and the employee doesnt owe anything to the company as well....that's the whole purpose of F&F.
So, even if you terminate the employee, you still need to do his F&F settlement. Its not something you 'ask from' the employee. Its something you need to do as part of the exit process for each and every employee..whether resigned or terminated.
If you are talking about retrieving the notice period amount then it depends on your company policy. Usually, companies dont ask the employee to pay the notice period if he is being terminated.
Hope this helps.
From India, Hyderabad
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Full n final settlement.doc