Retrenchment Compensation

General Discussions
1

How to calculate the retrenchment compensation? Pls help with the example.

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2

The retrenched employee must be provided with 15 days of average pay for a year of continuous service or any part thereof in excess of 6 months.

A bit more clarity for average pay.

  1. Paid salary on monthly basis – average of the 3 calendar months.
  2. Paid salary on weekly basis – average of the 4 completed weeks.
  3. Paid salary on daily basis – average of the last 12 working days.
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3

thank you for the reply. I want to clarify this paid monthly salary is basically a Fixed Gross Salary (before tax; including deduction of PF) right?

Or Paid Monthly Salary is a net pay after all the deductions?

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4

The amount shall be computed by considering basic wages, DA, all allowances incl house rent, conveyance etc. Also the value of housing provided and value of amenities offered along with housing to be considered.

Also please note that

  • Employee shall be informed about the retrenchment through a notice. The notice must be issued 1 month before the date of retrenchment.
  • The notice shall give the reason for retrenchment
  • The employee shall be compensated at the time of retrenchment and can not make him/her wait
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5

Hi Greythr team,

I am trying to activate my uan number but it is not opening actually I have not set the password for my uan number now when I try to create password it shows that the name is not correct and the name is different from the uan in aadhaar card can you please give me a solution for this.

Thanks,
Dinakar

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6

You will have to submit a Joint Declaration along with required documents for change of PF details as per Aadhar. Declaration & supporting has to be signed by both Employee & Employer.
JOINT DECLARATION FORM.pdf (81.7 KB)

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7

@Dinakar.reddy As discussed with you, request you to contact your current company HR and submit a joint declaration form for name correction as per Aadhar to the PF department they will update your correct name and then you will be able to login/activate your UAN.

Regards
Nagaraj J

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8

Dear Dinakar,

Kindly reach your HR department to get your correct name as per UAN data. They can get it from PF portal very easily.

Regards,
Reeta

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9

Hi Greythr,

I have changed 3 company’s till now, which company should I contact the HR. When I spoke to the HR of the first company I joined, he told me to fill the joint declaration form and give that form to the PF office, then name correction will be done.

@please give the advice if any one know that…

Thanks,
Dinakar

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10

@Dinakar.reddy I will speak to you and explain the process.

Regards
Nagaraj J

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