How To Calculate Graduaty

Hi,
Can anybody help tell me how to calculate graduaty.
its urgent,plez help
Regards
Neha

Neha,
The Act provides for the payment of gratuity to workers employed in every factory, shop & establishments or educational institution employing 10 or more persons on any day of the proceeding 12 months. A shop or establishment to which the Act has become applicable shall continue to be governed by the Act even if the number of persons employed falls bellow 10 at any subsequent stage.
All the employees irrespective of status or salary are entitled to the payment of gratuity on completion of 5 years of service. In case of death or disablement there is no minimum eligibility period. The amount of gratuity payable shall be at the rate of 17 days wages based on the rate of wages last drawn, for every completed year of service. The maximum amount of gratuity payable is Rs. 3,50,000/-.
Formula is - Last Wages *15*No. of services/26
Also check out the link Below :
Calculate Gratuity
Thanks,
Nilangshu

Grat is calculated from the DOJ INCLUDING training period- it is given wilfully by the employer in reward for appreciation of services of the employee for 5 continous yrs-
the formula bein-
(Basic+ DA)*15/ 26* No of yrs worked
{ Grautuity shud't be more than 5% of basic}
i HOPE THIS HELPS U
Rgrds

Dear Ms.Nilangshu
Thanks a lot for the detail given by you.It was realy urgent.
Thanks a lot again,incase i'll have any query,then i'll ask u.
Regards
Neha

Dear Colleagues
I need information regarding payment of wages:
By which clause of Act, payments are calculated for 26 days instead of 30/31 days in Maharashtra State ? ( Why we don't consider weekly offs ? )
Regards
Satish Kulkarni
mail : [Login to view]

Dear Neha,
Please find the formula to calculate grauity.
BASIC + DA (Last Pay drawn) X 15 /26 X No.OF YEARS WORKS.
Basic * 15 / 26 * No. of years works
Thanks,
jagan :)

Minimum req for grad 5 year of contnu service after complete 5 years 6moths and abov service counted as full year less than 6 month not counted
calculation of graduty = last salary*no of year of service*15
-----------------------------------------
26
ie = 5000x10x15
-------------
26
= 28846.15
regards
i will be happy to helo u on = 9818785678

Dear Neha,
Grautuity is subject to payment of continuous service of 5 years. The formula is Last Basic x 15days x number of year of service / 26. The slab has now been revised from Rs3,50,000.00 to Rs.10,00,000.00