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As for your query about Gratuity calculations,
It is 15 days' salary for every year of service rendered.
Please note that though a person is eligible to claim the gratuity amount only after he serves a minimum period of 5 years (except in case of death or disablement) the employer are supposed to credit the gratuity amount year on year in an account. Gratuity is a safe and compulsory due on employer to be given to employee. Gratuity cannot be withheld except in certain situations as prescribed by the Gratuity act.
Calculation is 15/26 * (Last drawn salary) * No. of years served.
Note that after 5 years of service is rendered, we can thereafter round the service tenure to nearest decimal by -
If the person serves for upto 6 months, the years is rounded to lower number (i.e. 5.5 years is rounded to 5 years)
If the person server more than 6 months, years is rounded to upper number (i.e. 5.7 years is rounded to 6 years)
You can read further on -
Hope this will help you.
15th July 2013 From India, Mumbai
Only for your information if employee continues work in same organization more than 4.8 or 5 year than he is eligible for gratuity.
current basic/26*15*no of years
Gratuity amount limit is 10 Lakh
Thanks and Regards
16th July 2013 From India, Mumbai
1. Any person employed on wages/salary.
2. At the time of retirement or resignation or on superannuation, an employee should have rendered continuous service of not less than five years.
3. Payable without completion of five years only when death and disablement.
This gratuity calculator is applicable only for indan employee.
Gratuity Calculation In India = [ (Basic Pay + D.A) x 15 days x No. of years of service ] / 26
24th July 2013 From India, Chennai