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Krishna

Krishna Kumar  |341 Answers  |Ask -

Workplace Expert - Answered on Feb 09, 2024

Krishna Kumar is the founder and CEO of GoMoTech, a company that provides strategic consulting in B2B sales, performance management and digital transformation.
Before branching out on his own, he worked with companies like Microsoft, Rediff, Flipkart and InMobi.
With over 25 years of experience under his belt, KK is a regular speaker at industry events and academic intuitions, both in India as well as abroad.
KK completed his MBA in marketing from the Sri Sathya Sai Institute of Higher Learning in Andhra Pradesh and his management development programme from XLRI, Jamshedpur.
He has also completed his LLB from Nagpur University and diploma in PR from Bhavan’s College of Management, Nagpur, where he was awarded a gold medal.... more
Asked by Anonymous - Sep 06, 2023Hindi
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Hello Sir/Madam, This has been a practice of my company to delay the Full & Final settlement for employees who resign from the company. The final settlement along with the experience letters will be received after almost 2 months of leaving the organisation. This is the case with normal employees who serve three months notice period. These 2 months are very chaotic as the new company keeps requesting for the experience letters. There is no specific reason cited by the organisation for the delay in making the settlement. Sometimes the reasons seem petty. As a manager, I know this is wrong but I was helpless. 3 months back, our organisation had laid off many employees including me. They informed us that we will be getting three months salary as severance pay. The first two months were credited on time i.e 1st of each month. However, the third month payment has been stopped. They informed us it will be settled with the F&F settlement. There were no timelines mentioned to us. There is no letter issued to us - Neither laptop acceptance or resignation acceptance. I am getting job offers but they expect a firm date for joining along with the experience letters. I am not in position to furnish them these details. What can I do in this case? The company that I worked for is a BSE listed firm with strong financials.

Ans: Dear

I can understand your situation. What ai would suggest is better open and transparent with your potential employer, show them your resignation letter and the salary credited. I am sure they will appreciate.

All the best.
Career

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R P

R P Yadav  |304 Answers  |Ask -

HR, Workspace Expert - Answered on Feb 01, 2024

Asked by Anonymous - Jan 27, 2024Hindi
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My previous company is delaying my FNF settlement. They are saying my dues of sample are pending which i already submitted to them. Also HR has given experience cum reliving letter. I have all proof of submission LR copy for sample returns. Now it's 3months and they are delaying still saying we have to check the samples. Please guide me how to resolve this situation on immediate basis so I can get my money.
Ans: I’m sorry to hear that you are facing issues with your Full and Final (FnF) settlement. According to Paytm Business, FnF settlement refers to the process of calculating various dues payable to an employee who has resigned, retired, or been removed from an organization. It includes the calculations as per the salary drawn till the last working day but also deductions or additional earnings. The major components of the full and final settlement dues include outstanding/unpaid salary, unavailed privileged leaves and bonuses.

It is a common practice to finalize the FnF settlement process within 30-45 days from the last working day of an employee, irrespective of whether he has resigned or is being terminated. If the employer fails to fulfill the FnF settlement requirements, the employee can contest it legally, and the employer will be liable to pay interest on all the dues as a penalty.

You mentioned that you have all the proof of submission of LR copy for sample returns. You can try to reach out to your previous employer and request them to expedite the process. If they do not respond, you can send a legal notice to your previous employer stating that you will take legal action if the dues are not cleared within a specified time frame. You can also consult a lawyer to help you with the legal process.

I hope this information helps you. Good luck!

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Moneywize

Moneywize   |122 Answers  |Ask -

Financial Planner - Answered on Jun 25, 2024

Asked by Anonymous - Jun 13, 2024Hindi
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Ours is a family of 3 people -- My wife, I and my daughter who is 15. I am 39, my wife is 37 and our monthly expenses are Rs 90K. I own my house and expect to have no fixed income after 65 years, and expect to live till 75. Considering the ever increasing price rise what should be my corpus at 65 for me to continue living the life style I am living today?
Ans: Calculating your retirement corpus:

Here's how to estimate the corpus you'll need to maintain your current lifestyle after retirement:

1. Retirement period:

You plan to retire at 65 and expect to live till 75. So, your retirement period is 75 - 65 = 10 years.

2. Inflation adjustment:

You've rightly considered inflation. To estimate future expenses, we need to factor in inflation. A safe assumption for India is 5-7% inflation. Let's take an average of 6%.

3. Current monthly expenses:

You spend Rs 90,000 per month currently.

4. Future monthly expenses:

To find the monthly expense at retirement (at 65), we need to consider inflation for 26 years (39 years till retirement + 10 years retirement).

You can use an inflation calculator online or a simple formula:

Future monthly expense = Current monthly expense * (1 + Inflation rate)^number of years

In your case, Future monthly expense = Rs 90,000 * (1 + 0.06)^26 ≈ Rs 3,28,550 (approximately Rs 3.29 lakh)

5. Total corpus calculation:

Now you can calculate the total corpus needed. Here's a common approach:

Total corpus = Monthly expense * Number of years in retirement * 12 (months)

However, this method doesn't consider the fact that you'll be withdrawing money every month, reducing the corpus. A more accurate method is using the Time Value of Money (TVM) concept. There are online TVM calculators or Excel functions you can use.

Here's an alternative approach that provides a reasonable estimate:

Multiply the future monthly expense (Rs 3.29 lakh) by a factor considering inflation over the period. This factor can vary depending on your risk tolerance and investment strategy. A factor of 200 is often used as a conservative estimate.
Total corpus = Rs 3.29 lakh/month * 200 (factor) = Rs 6.58 crore (approximately Rs 658 million)

Additional factors to consider:

• Daughter's future expenses: Your daughter will be an adult by the time you retire. While she won't be financially dependent, consider any potential future support you might want to provide for her education or marriage.
• Healthcare costs: Healthcare expenses tend to increase with age. Factor in potential medical needs during retirement.
• Debt: If you have any outstanding debt by the time you retire, you'll need to account for its repayment in your corpus calculation.
• Investment returns: The corpus amount assumes a certain rate of return on your investments. Research different investment options and their potential returns to refine your calculations.

Recommendation:

Consult a financial advisor for a personalised retirement plan considering your specific financial situation, risk tolerance, and investment goals. They can help you create a more comprehensive plan and suggest suitable investment strategies to achieve your corpus target.

Remember, this is an estimate. Regularly review your plan and adjust it based on changing circumstances.

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Mayank

Mayank Chandel  |1003 Answers  |Ask -

IIT-JEE, NEET-UG, SAT, CLAT, CA, CS Exam Expert - Answered on Jun 24, 2024

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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