Payment Of Gratuity Amendment Bill 2010 - PDF Download

Recently the payment of gratuity amendment bill has been passed by the parliament and it shall come into force on such date as the central Govt. may, by notification in the official Gazette. Does it mean that the effective date of this bill is on the date of notification or any retrospective date ?
K.V.Aravindakshan

Hi,
I recently retired from a Public Sector Unit. I was eligible for a gratuity of Rs 5,31,00 as per the rules, but because of the ceiling existing as on 05-05-2010(the date on which the proceedings were awarded) I could get only Rs 350,000.
The newspapers on 06-05-2010 have the story that the proposed amendment in the Gratuity Act to raise the ceiling to Rs 10 Lakhs in place of the original Rs 3.5 Lakhs has now been approved.
The amended Act was not available on search here.
Please tell me:
(1) Where can I get a pdf file of the new Gratuity Act?
(2) When does it become operative
(3)Will it apply with retrospective effect in my case of retirement on 31-03-2010?
Thanks,
Venugopalan K M.
more at http://citehr.com#ixzz0nbiEst5h

I thank you very much for having provided with a valuable information. I request you to kindly inform me whether Rs 10 lakhs is exempted from income tax? 2. if so from which date?

Dear Sir,
I am serving as senior exrecutive with a Public Sector Bank & am retiring on May 31, 2010. Payment of Gratuity Bill was been passed by both houses of Parliament by May 7. No news of President's signatures since then. As the bill had all party support why Madam President is taking so long to sign & when will notification come. Also Will it be effective from date of signing by President as it converts into an Act ie law on that day or date of notification? Please clarify. Shall await yr response as time is running out.RK KAPOOR

Dear friends,
The Bill has received assent of the President on 17th May 2010 and has now become an Act. However, it will come into effect on such date as may be notified by the government. We have to wait for the notification.
Thanks

Dear friends,
I am attaching copy of Payment of Gratuity Amendment act circular No- 56 2010 published on 04.5.2010 for your information may be this can help you.
Regards,

Many HR friends have been circulating the Bill as it was presented to the Parliament. Whats actually needed is information whether the bill has been notified and if not when it shall be done and also whether the effective date for enhanced gratuity will be retrospectively 1st jan 2006 for Central Govt empls and 1st Jan 2007 to some PSUs who have implemented the wage revision.

As per notification issued by the Government, the increase in ceiling for gratuity from Rs.3.50 lacs to Rs.10 lacs is effective from 24.5.2010. Copy of the notification is attached for information of all.
Thanks

How to calculate gratuity after this amendment, as i came to know from some friend that now basic is multiplied by some percentage and then by number of years to calculate gratuity, please help as i am totally confused.....

Dear Member,
Do not be confused. The method of calculation of gratuity is the same as it was earlier as provided in section 4 of the Payment of Gratuity Act, 1972.
Regards,
R.N.Khola