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With the new labour code in place, several small details that were either informal or handled differently by various companies have now been officially standardised. One notable change involves the full and final settlement (FnF).
According to the new labour code, companies are required to pay your full and final settlement money within two working days. In the past, some companies would issue the FnF on the last working day while some paid within the statutory timeframe of about 30 days. This is due to the fact that when an employee leaves, there are many settlements to consider like gratuity and leave encashment, each with its own deadline. So, companies would often settle everything at once to ensure that they were following the law.
According to Arjun Paleri, Partner, BTG Advaya, the new wage code introduces uniformity across all employment situations. Under Section 17(2) of the Code on Wages, 2019, all employees must receive their final wages—the complete full and final settlement (FnF) of salary (excluding certain statutory payments such as gratuity)—within two working days after the last working day. This provision now:
Asish Philip, Executive Partner at Lakshmikumaran and Sridharan Attorneys agrees with Paleri and adds that...
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