The formula for calculating gratuity is (Basic*DA)*15* Number of years of service/26. What is this 26 in the formula? Can anyone please help me with that?
The formula is ((((Basic + DA)/26) * 15) * number of years of service). Okay, and 26 represents the number of days in a month. Please note that OFF days are not considered.
Calculation for Gratuity Act: Last Drawn Basic + DA / 26 * 15 * Number of years of Service. As per the Gratuity Amendment Act 2010, the maximum ceiling to get Gratuity is ₹10,00,000.
I understand gratuity is paid after a period of four years and 240 days (4 years and 240 days). If anyone is aware of this new development, please advise.
Regards,
Kumar
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