We have been working working and working.....Do we receive all the benefits for it? Do we really know about all the benefits that we suppose to gain?
GRATUITY is one such benefit to the employees paid as a gratitude to their service for the organization during their retirement / resignation.
APPLICABILITY :
In India, the gratuity is paid according to the The Payment of Gratuity Act, 1971.
GRATUITY is one such benefit to the employees paid as a gratitude to their service for the organization during their retirement / resignation.
APPLICABILITY :
In India, the gratuity is paid according to the The Payment of Gratuity Act, 1971.
- To provide gratuity, a company must have more than 10 employees.
- An employer should have been completed 5 years of service in the organization.
CALCULATION :
Gratuity can be calculated with the formula :
Gratuity = Last Drawn Salary * 15 / 26 * No. of years of service.
Where,
Last Drawn Salary = Basic Pay + Dearness Allowance
15 / 26 = 15 days out of 26 working days.
No. of years of service = Number of years worked by the employee in an organization.
CALCULATE YOUR GRATUITY :
Eager to calculate your gratuity pay, enter the information and find it with the Gratuity Calculator of India.
