Ex employee not settel loan
Querist :
Anonymous
(Querist) 10 October 2011
This query is : Resolved
Our company employee Mr A had taken 50000 On the same month new management set up they insisted to regine Mr A HAS REGINED GIVING ONE MONTH NOTICE . COMPANY SAID LEAVE THE COMPANY IMMEDIATELY. COMPANY GIVEN ONE MONTH NOTICE PAY WHICH WAS ADJUSTED FROM HIS LOAN ACCOUNTS ALSO GIVEN LEAVE SALARY WHICH WAS ADJUSTED FROM LOAN ACCOUNT NOW 17000 WAS PENDING AMT WHICH COMPANY SAID SETTEL IMMEDIATELY . MR A SAID SETTEL WHEN HIS PF AMT SETTLED. BUT HIS PF AMT RECEIPT AFTER ONE YEAR AND FOUR MONTH RS. 76000 HE IS EXPECTED 90000 SO HE GOT LESS AMT . THIS PF AMT DELAYED BECAUSE COMPANY HAD NOT COMPLETED FORMALITY .
AS PF RULES PF CLAIM WILL BE RECEIVING AFTER LEAVING 60 Days which WAS not settled MR A WANT BUY GOLD THAT TIME GOLD RATE 17000 NOW TODAY GOLD RATE 27000. HE SAID I GOT LOSS ALMOST FOR BUYING GOLD BECAUSE OF COMPANY HAD NOT COMPLETED FORMALITY.THAT FORMALITY COMPLETED AFTER THAT MR A HAD E INSISTED TO EMPLOYER. HE HAS RECEIPT AMT LATER THEN WHICH SIX MONTH BACK ANOTHER EMPLOYEE LEFT JOB. ANOTHER EMPLOYEE GOT EARLY PF CLAIM SETTLEMENT .MR A HAS SIGN ON LOAN NORMAL PAPER APPLICATION WHICH IS APPLICATION ADDRESS TO QATAR OFFICE NOT IN INDIA OFFICE . APART FROM COMPANY HAS NO PROOF. WHAT ACTION COMPANY CAN BE TAKEN ON HIM? HE IS READY TO PAY 500 p.M. BUT COMPANSATION OF HIS LOSSES OF GOLD RATE AND ALSO RECEIPT LESS PAMENT . COMPANY CAN RECOVER 17000 FROM HIM OR COMPANY HAS TO PAY HIS LOSSES DEALY PF SETTLEMENT DUE TO COMPAY NOT COMPLETED FORMALITY .
Guest
(Expert) 11 October 2011
When company was in a hurry to throw out the employee immediately without thinking of recovery of loan amount of the employee, the company should also be ready to bear with the loss of balance of loan. Any amount cannot al;so be recovered from the PF balances of the employee when paid. Whatever amount the employee agrees to refund willingly, should be accepted to decrease the loss of the company.
However, the company is not liable to bear with any fictitious loss on increase in gold prices, which the exployee pretended to buy on receipt back of the PF money last year. He would be entitled to receive only the PF deposits along with interest due at the prescribed rates.
prabhakar singh
(Expert) 11 October 2011
Company can not realize any amount on its own from PF a/c of the employee,recovery if any can be made now only by a civil suit unless he himself pays the balance from any source.
