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What happens to my gratuity if my current employer is going into bankruptcy. Can I got my gratuity amount or not, explain reasons and rules.
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Payment of Gratuity Act, 1972
Section: 4A
Compulsory insurance
Relevant portion of Act reads as follows:
Compulsory Insurance
The Payment of Gratuity (Amendment) Act, 1987 has prescribed provisions for compulsory insurance for employer’s liability for payment towards the gratuity under the Act from the Life Insurance Corporation of India establishment under the Life Insurance Corporation of India Act,1956 or any other prescribed Insurer. However, employer of an establishment belonging to or under the control of the Central Government or the State Government are exempted from operations of these provisions. (Section 4A)[xxiii]
So cross check whether the company has taken insurance from LIC of India or not.
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