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Employee settlement agreement format download. Employee full and final payment and settlement document.

 
 

What is the format of employee settlement agreement? How to make employee full and final settlement agreement and document?. Format of employee settlement agreement is given below. Please make necessary modification. This is only a draft format.

Settlement with Employee

The present settlement is entered between M/s. ------------------------ (name of the employer) hereinafter called as the company/ management / employer Mr. -------------------------(name of the employee) hereinafter called as the employee/ workman

Whereas the employee Mr. ------------------------------------------ (name of employee) was working with the company and there has been some dispute with regard to his various claims with the employer however the same stands finally settled after due negotiations between the parties and the present settlement is being entered between the parties accordingly on following terms and conditions :

i) Employee will be paid an amount of Rs-----as full and final settlement of all his claims which include his back due wages, overtime wages , gratuity, bonus and all unpaid wages for the entire period of employment.

ii) Employee will forgo all his claims of re-employment, reinstatement etc in all respects after the present settlement and shall not claim any thing over and above the amount being paid under the present settlement. All his other claims are treated to be withdrawn and forgone.

iii) The present settlement shall be treated as a settlement under section 18 of the Industrial Disputes Act and the company shall be at liberty to file the same before the authorities concerned.

iv) The employee will execute a separate receipt of the money received by him from the company which shall be a part of the present settlement.

v) That all the complaints made by the employee shall be treated as withdrawn hence forth and the company may place the present settlement before the authorities concerned to close any proceedings initiated on the complaint of the employee.

For --------------------Co


Manager / Authorised Signatory

 

Employee

Witnesses:

1.

2.

Receipt

Received an amount of Rs. -----------as full and final settlement amount in terms of the settlement dated -------with the management of M/s------------- This receipt is being issued as a part of the settlement being entered with separately.

Employee
Witnesses:

1.

 

2.

 

 

 

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