Get the free Annual and Sick Payout Form - City of Flint
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FINAL PAYOUT FORM Today's Date: Employee ID#: ... Pay Period End Date (to be used for payout): Finance Office:
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How to fill out annual and sick payout
How to fill out annual and sick payout
01
To fill out the annual payout, you need to gather all relevant documentation such as the employee's annual leave entitlement and any applicable company policies.
02
Next, calculate the amount of annual payout by multiplying the employee's daily wage by the number of unused annual leave days.
03
Ensure that you correctly calculate any additional payments or allowances that may be applicable, such as any prorated entitlement for incomplete years of service.
04
Provide the employee with a breakdown of the annual payout and obtain their written acknowledgement of the amount.
05
Process the payment through the company's payroll system to ensure it reflects in the employee's final paycheck or separate payment.
06
Lastly, maintain proper records of the annual payout for future reference and tax purposes.
Who needs annual and sick payout?
01
Employees who have accumulated unused annual leave and wish to receive a financial compensation for the unused days.
02
Employees who are leaving the company and want to be paid for their accrued annual leave before their departure.
03
Individuals who have been on long-term sick leave and are eligible for sick payout benefits as per their employment contract or applicable regulations.
04
Employees who need financial support during a period of extended sickness or injury and are unable to work for an extended period of time.
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