Hr & Administration
Hr & Admin
Labour Laws And Financial Matters
I appreciate you have done a good work but a little bit confusion and incomplete updation becuase ESIC ceiling is 15000 now and gratuity 10 lacs.
You have posted past material before posting we should make sure is the right and should be accurate.Becuase this knowledge can create misunderstanding.
So in future we will be happy to check out and then post.
19th November 2010 From India, Jhajjar
You will find all information about Gratuity in Madan Mohan Verma's attachment.
As indicated by Karamvir the Gratuity ceiling is 10 Lakhs against 3.5 Lakhs found in the attachment.
Sonyaa can you please amend this aspect in your PPT please.
One more addition to the subject
LIC of India operates a Group Gratuity scheme to facillitate employers for payment of Gratuity.
As per this scheme LIC of India prepares an actuarial valuation based on the employee data provided by the employer and arrives at the liability of the employer. This amount has to be deposited by the employer to LIC of India. The amount deposited also earns interest at rates notified by LIC from time to time.
The unique feature of the scheme is there is a provision to cover risk on the life of employees as well. In other words if an employee dies while in service, normally the employer pays Gratuity till his date of death. But in LIC's scheme the Gratuity is paid till the date he would have superannuated from service.
20th November 2010 From India, Madras
there is good attachment by me verma, and also a ppt from sonyaa, so get started........
Gratuity is payable to employees who have completed 5 years of continuous service.
Gratuity is payable from Date of joining i.e. date of probation (training, contract, retainership basis are not considered.) This should be mentioned in HR Policy of the company and appointment letter issued to employee.
Gatuity is calculated as = Last drawn (Basic+DA) x 15/26 x No. of year of continus. completed service It can be a component in CTC.
If employee leaves before 5 years Gratuity is not payable.
Gratuity upto Rs.3.50 lacs is not taxable.LIC is having a good Group Gratuity Scheme.
Payment of Gratuity is a statutory requirement.
all the best,
20th November 2010 From India, Gurgaon
15/26* last salary drawn * no. of completed year of service.
maximum gratuity is payable is 10,00,000, earlier it was 3,50,000.
hope it will help you.
21st November 2010 From India, Pune
my service was teminated n 2006
I never submitted any gratuity form to claim my gratuity money.
Bur my employer send me a cheque indicating this is your gratuity amount payable.
I replied mentioning the clause of gratuity act where employee must claim the gratuity money under prescribed form.
As I claimed some money from employer under legal procedure, I encashed the cheque after informing my employer that this is the money you paid towards my claim.
Please help me
Thank u all
21st November 2010 From India, Calcutta