Labour Law & Hr Consultant
Soical Compliance Auditing
Hr & Payroll Consultant At Kredily
Insolvency N Gst Professional
Asso.prof.(commerce & Management) Pg
Prashant B Ingawale
Consultant Hr / Legal Services
Just because some employer includes the term Gratuity in the CTC does not change anything as far as the applicability of the Payment of Gratuity Act. It will and shall remain the same with 5 years being the criteria in an employment continuously, subject however to the technical qualification of the last year if anyone resigns/retires/superannuates in the fifth year, in which case 240 working days comes into play.
Thanks and Regards
No part of expenditure on account of gratuity is payable by employee.
Having a gratuity fund with LIC is the company's look out for timely payment of gratuity as and when employees exit and are authorised gratuity.