Labour Law & Hr Consultant
Director - Hr
Asst. Gen. Manager -hr
Assistant Engineer, Indian Telephone Industries,
Private Consultant On Labour Laws
The Formula for the calculations of the Gratuity is as under:-
Gratuity Calcution:- Basic+D.A multiplied by 15 X No. of completed years of service /26
In your case the amount of gratuity comes to- 30000X15X27=12150000/26= Rs. 4,67,307/-
The maximum amount of gratuity has been recently increased to Rs. 10 lakhs from Rs.3.5 lakhs.
27th August 2015 From India, Mumbai
27th August 2015 From India, Hyderabad
Requirement: shall have completed 5 years of service.
( Madras High Court said that 4 completed years of service and in the 5th year if the employee completes 240 days of service (as per Factories Act.), he is eligible for gratuity.
(*BASIC + DA / 26) X 15 X **NO. OF COMPLETED YEARS OF SERVICE
* BASIC +DA : As shown in pay bill (Basic shown for PF will be basic for gratuity also)
**COMPLETED YEAR OF SERVICE: Date of leaving - Date of joining.
(Fraction of a year: less than six (6) months shall be limited to the completed years i.e., 26 years 4 months = 26 years / more than six months, it can be treated as one more year i.e, 26 years 8 months = 27 years)
I am afraid that the above calculation may be wrong.
28th August 2015 From India, Visakhapatnam
Labor law consultant
28th August 2015 From India, Thiruvananthapuram