Difference between revisions of "Full and Final Settlement"
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== '''Path''' == | == '''Path''' == | ||
No Dues » Employee | No Dues » Employee | ||
| + | |||
| + | == '''Inputs Needed''' == | ||
| + | * Organizations Resignation Policy. | ||
| + | * Department wise, post wise resignation policy. | ||
| + | |||
| + | == '''Terminology Used''' == | ||
| + | * FnF : Full and Final Settlement | ||
| + | * No Dues : Clearance to be obtained from each department for no dues on either employee or employer's side. | ||
== '''Functionality''' == | == '''Functionality''' == | ||
* Full and Final Settlement commonly known as FnF process is done when an employee resigns from their services and the resignation needs to be approved from the reporting authorities. | * Full and Final Settlement commonly known as FnF process is done when an employee resigns from their services and the resignation needs to be approved from the reporting authorities. | ||
| − | * | + | * Depending upon how the Resignation Policy is configured, the employee will have to obtain No-Dues from defined authorities |
| + | * Full and final settlement will happen from the Finance department. | ||
| + | ** The settlement will include Leave en-cashment | ||
| + | ** Adjustment of any Employee Expense/Advance | ||
| + | ** Any settlement from other departments like library, stock, leave and guest house etc to be done in the finance department | ||
| + | ** Any other settlement claim from the Employee or Organization | ||
| + | * Once the settlement agreement is done, the Finance Department will notify the HR Department to Process the Relieving Letter and Experience certificate | ||
| + | * The HR Department then can handover the Relieving Letter and Experience certificate | ||
== '''Step by Step''' == | == '''Step by Step''' == | ||
| + | Full and Final Settlement | ||
| + | [[File:Full and Final Settlement.png|center|frameless|950x950px]] | ||
| + | Fine Deduction | ||
| + | [[File:Full and Final Settlement2.png|center|frameless|752x752px]] | ||
Latest revision as of 09:58, 29 April 2020
Contents
Full and Final Settlement
Full and Final Settlement commonly known as FnF process is done when an employee is leaving the organization. At this time, he/she has to get paid for the last working month + any additional earnings or deductions. The procedure has to be carried out by the employer after the employee resigns from their services.
Prerequisite
- Renewal policy should be configured
- Retirement policy should be configured
- Resignation policy should be configured
- Termination policy should be configured
Role
Finance Admin
Path
No Dues » Employee
Inputs Needed
- Organizations Resignation Policy.
- Department wise, post wise resignation policy.
Terminology Used
- FnF : Full and Final Settlement
- No Dues : Clearance to be obtained from each department for no dues on either employee or employer's side.
Functionality
- Full and Final Settlement commonly known as FnF process is done when an employee resigns from their services and the resignation needs to be approved from the reporting authorities.
- Depending upon how the Resignation Policy is configured, the employee will have to obtain No-Dues from defined authorities
- Full and final settlement will happen from the Finance department.
- The settlement will include Leave en-cashment
- Adjustment of any Employee Expense/Advance
- Any settlement from other departments like library, stock, leave and guest house etc to be done in the finance department
- Any other settlement claim from the Employee or Organization
- Once the settlement agreement is done, the Finance Department will notify the HR Department to Process the Relieving Letter and Experience certificate
- The HR Department then can handover the Relieving Letter and Experience certificate
Step by Step
Full and Final Settlement
Fine Deduction
