Ashutosh Thakre
Hr Professional
Shefali Chauhan
Hr Executive
+2 Others

Thread Started by #Anonymous

Greetings Learned members:
1. 5 years and above – one month basic salary for every year of service.
2. 10 years and above – six weeks basic salary for every year of service
Please what do the above statement mean?
Regards
24th August 2017 From Nigeria, Lagos
That means company is going to pay additional gratuity if an employee works from 5 to 10 years & for more than 10 years. This is followed by company as it wants its employees to work for 5 or more years to be entitled to nearly double gratuity. For 10 or more years the gratuity offed is 3 times.
24th August 2017 From India, Mumbai
@Shrikant, thank you for your contribution. Where I find difficult to understand is "One month basic salary for every year of service" and "Six weeks basic salary for every year of service"
In the case of the latter, does it means the beneficiary shall be paid 'only' six weeks salary per year for 5 years? Take for instance, the beneficiary earns $500 as basic salary, that's is $750 x 5years = $3750 gratuity?
25th August 2017 From Nigeria, Lagos
it would be 750( 6 weeks basic)*15/26(the days of the month for gratuity)*11( no of completed year) = 4760
26th August 2017 From India, Mumbai
Formula of Gratuity is as stated by Ashutosh Thakre.
Regards
Venkata Vamsi Krishna
28th August 2017 From India, Hyderabad
I deeply appreciate your contributions @Ashutosh @Venkata
29th August 2017 From Nigeria, Lagos
Is this mention in the gratuity act or this company own will
31st August 2017 From India, Pilkhuwa
Dont break the sentences mentioned for gratuity eligibility & match them. Each sentence is separate.
31st August 2017 From India, Mumbai
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