What is Comp off?

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Comp off leave granted to an employee as compensation for additional work. The compensatory leave is considered as permission to work an additional day of work weekly or on holiday. Compensatory leave policy is defined by rules outlined by the company says wisdom jobs career edge experts.

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Compensation off rules are half days are not sanctioned as a leave. Compensatory off of two half-day exclusions should be combined to allow a one-day compensation off and use within a specified time finds wisdom jobs reviews career experts. Pre-authorization division head, not below the rank of senior managers must be obtained to deploy the employee on a holiday / Weekly closure / holiday indicating the urgency and nature of the work by submitting Comp off leave Letter.

If an employee cannot obtain the written permission verbal authorization by phone must be obtained and that should be followed by a written approval of the head of the department for the participation of employees in the compensation leave says wisdom jobs complaints experts.
Comp off leave request is used for a requesting for initiating the Comp off leave. If the employee is working on a public holiday or at the weekend employee has the right to take the leave.
The leave off process can be granted on the schedule of the employee bulk Comp offs. The department concerned should keep a separate attendance register for weekly/closed holidays. Head of Department approves the compensation off at the request of the concerned workers within three months from the date on which the employee worked. The company will avoid granting more than two employees compensation off at a time for a specific day to avoid the lack of worker.

What is F & F settlement?

F&F settlement or Full and Final settlement is a procedure that is required to be followed by the employer at the time of employee’s resignation or last working day. F & F settlement systems include recovery of leave encashment, pending dues and notice pay so that the final settlement slip is generated says wisdom jobs career edge experts. F & F is based on the guidelines, terms, and conditions at the time of appointment. A condition is set for the F & F settlement that the final clearance will be done between 30 to 45 days from the employees last working day finds wisdom jobs reviews career experts.

F&F settlement process:
F&F settlement process is done by the employer when an employee quits the job and this F & F  is calculated by checking the all the salary dues, leave dues and the employee receives a sum after all the deductions are made says wisdom jobs complaints career experts. While calculating the F & F amount different aspects are taken into consideration such as
Unpaid salary - salary for the working days between resignation and last working day along with DA and TA.
Deductions - include PF due, profession tax if applicable, income tax and compensation for not working during the notice period.
Bonus & non-availed leaves – payment of non-availed leaves (privilege leaves) as per the Factories Act 1948 section 79 (11).
Pension - if eligible for pension services after retirement.
Gratuity - a lump sum of money is given to the employee by an employer for his/her valuable services to the organization (gratuity is only applicable to employees who completed 5 years of service in the organization).
The F&F process is done by submitting no due certificate from the organization and clearance form signed by the employee to the HR department. Advances took before the salary can be adjusted during the F&F settlement process. An employee must complete the notice period in terms of the contract to avail F&F settlement