Are there built-in features for managing bonuses, arrears, and full & final settlements?

General Discussions
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Does GreytHR have ready-made tools to help calculate and pay employee bonuses, old unpaid amounts, and the final amount when someone resigns?

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Hi @Suheb ,

Yes, GreytHR does offer tools that can help with calculating and paying employee bonuses, old unpaid amounts, and the final settlement amount for employees who resign.

Here’s how it works:

  1. Employee Bonuses: GreytHR allows you to set up bonus calculations based on predefined rules. You can create custom formulas, track performance metrics, and generate bonus reports for employees based on various criteria (e.g., annual performance, special achievements, etc.).
  2. Old Unpaid Amounts: GreytHR provides tools to calculate pending dues, such as unpaid leave, overtime, or any other allowances. This helps ensure that all financial obligations are met before an employee exits.
  3. Final Settlement: When an employee resigns, GreytHR offers a comprehensive Final Settlement module. This calculates and tracks the final payments due to the employee, including:
  • Last month’s salary
  • Leave encashment
  • Bonus or incentives
  • Deductions (if any)
  • Full and final settlement calculations
  • Tax computations

The system ensures that all calculations are accurate and compliant with your organization’s policies and local regulations, simplifying the entire process.

If you’d like more details or need help configuring these features, feel free to ask!

Community Manager.

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Yes, many modern HR and payroll systems come with built-in features to manage bonuses, arrears, and full & final settlements. These tools automate calculations, ensure compliance, and streamline the processing of employee exits and payouts.

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