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

How to check EPS amount?

The EPS or Employees’ Pension Scheme is part of the EPF deductions of the salary. Of the 12% of the basic salary that the employer contributes towards the EPF, 8.33% gets diverted to the EPS funds says wisdom jobs career edge experts.

The EPS amount can be checked within the EPF passbook. Government has now integrated the EPF portal within the UMANG app.

Wisdom jobs reviews career experts suggests following steps to check the EPS amount:

• Download the UMANG app.
• Click on the EPFO icon.
• Choose ‘Employee Centric Services’ from the menu drop-down.
• Select the ‘View Passbook’ option and enter the UAN number when prompted.
• Enter the OTP that would be received on the registered mobile number.
• The view passbook option is now enabled and the EPS amount can be checked.
• Keep in mind the fact that the ‘view passbook’ option would be locked again if it remains inactive for some time.

To check EPS balance, follow the above-mentioned steps using the UMANG app suggested by wisdom jobs complaints career experts. The EPS amount can also be alternately checked by:

•  Search the phone text messages for the keyword UAN. The EPFO portal sends regular   messages whenever any activity happens on the EPF account of which EPS is a part.
•  Send the SMS ‘EPFOHO UAN’ to 7738299899 where UAN is the respective number   provided by the EPFO office. The resultant message will display the balance.
•  Give a missed call to 011-22901406 and you would receive a message with the balance details.
• The most preferred and recommended way to check EPS balance is through the UMANG app due to its sheer ease of use. The app is available for download for both Android and iPhone.