Employee Gratuity Benifits - Basic Salary
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Employee Gratuity Benifits - Basic Salary

prashantha Started The Discussion:

Dear All


Purpose:

Compliance with statutory requirements.

Features:

•All employees are covered under the Gratuity scheme, as per the Act.
•All employees are eligible for Gratuity only after completion of 5 years of continuous service.
•Gratuity is payable to employees on superannuation / retirement, death, resignation or disablement leading to separation from service.
•The amount payable at the time of separation is 15 days Basic Salary for every completed years of service.
•In case of death of employee while still in service, the benefit payable will be equal to 15 days salary as on date of death, for each year of service up to the age of 58 years, which is the retirement age in addition to, completed service. The amount due will be paid to the nominee.
•Gratuity will be forfeited in case of termination of service of the individual due to misconduct or any other act of moral turpitude committed by the individual during the course of his / her employment.

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