Retirement law-Shop & Establishment, Delhi

Querist : Anonymous (Querist) 11 March 2010 This query is : Resolved
I am working in service industry, Please let me know what are the necessary steps or components a Co. has to pay at the time of retirement of employees acc. to the shops and establishment act, Delhi.

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Raj Kumar Makkad (Expert) 12 March 2010
repeated quarry

Querist : Anonymous (Querist) 12 March 2010
Please let me know what are the necessary steps or components a Co. has to pay at the time of retirement of employees acc. to the shops and establishment act, Delhi.
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Querist : Anonymous (Querist) 12 March 2010
Dear Mr. Makkad,

I am not getting the required info, i wl be highly oblidged if you can help me in this matter.

Regards

Adviser-HRManagement (Expert) 13 March 2010
Dear Ananymous:
1) Your query is too broad. Hence this response is also broad.
2) Broadly, Steps are:
a) To issue retirement letter, a nicely worded, appreciation for service, etc.,
b) hold a send off party,
c) carry out full and final settlement, if possible to make company's dues payment on this day.

3) Components to pay are:
a) Last earned salary - by the company,
b) leave encashment - by the company,
c) Bonus/ Medical/ Incentive etc., whatever direct/monthly payments by company.
d) More important: Gratuity payment for service length, either immediate payment, or you have 30 days time for this. If under LIC Policy, LIC will pay this.
dd) Superannuation benefit, if scheme exists.
e) PF accumulations - by PF dept. Company to complete some formalities.
f) ESIC: no payment as such.

Hope, you have main info. Bye. Thks. Adviser-HR Management.