Please let me know if a fraction of a year is rounded off to the nearest year for calculating completed years for Gratuity in India. For example, in the case of 4 years and 11 months, will it be considered as 5 years?
For gratuity calculation, fractions up to 6 months will be rounded down, and any excess will be rounded up. However, for eligibility, one should have a minimum of 5 years of service. This rounding up is only for payment calculation.
In the case of 4 years and 11 months, will it be considered as 5 years? If it is 6 months or more, it will be rounded off to one year.
Regards,
Indu
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