Payroll
Final pay
The one-off settlement calculated when an employee leaves.
Final pay is the settlement on exit: prorated salary to the last day, leave encashment for unused days, and gratuity if the policy applies, less any outstanding loan recovery. It's a one-time payment, separate from the regular payroll run.
Related terms
Help & how-to
See it in practice
The payroll run lifecycle, explained
Run, review, approve and lock, pay, remit, then roll over. The same flow every month.
Read the variance report
Compare this run to last period and catch a silently-wrong payroll before you approve.
Set up salary structures & pay elements
Define what people earn once, assign it in bulk, and override per employee where needed.
See it applied to real payroll
Vintage People applies these statutory rules on every run, with a full audit trail.