Gratutity Calculations

Dear All
Could you please tell me how the gratutity is calculated.
I am working in private company and joined on 2007 March 12. I resigned an
relieving on 3rd november 2011.
As I know any employee can get Gratutity even if he completes the 4 years and 240 days.
My Question is on what date gratutity calculation will be considering. is it joing date of the employee? or it will be calculated based on Year starting date. like Jan to december.
Am I applicable for getting the gratutity even if i am not completing the 4 years 8 months. I am completing the 4 years and nearly 230 days. Could you please tell me i am applicable for getting the gratutity.

Hello Ragunath,
Thank you giving quick reply. but I have verified all the documents but unable to find my case. When I enquired with my company finance department, I came to know that I am not eligible for gratutity. They are saying that for gratutity eligible minimum criteria is 4 years and 240 days. but for my case, 4 years 232 days only. please let me know if I am eligible for any clause.
Thanks in advance.
regards
Ram

PAYMENT OF GRATUITY

Gratuity is a kind of retirement benefit like Provident Fund or Pension. This payment is intended to help an employee after his/her retirement, whether the retirement is the result of superannuation or physical disability.

ELIGIBILITY: Employee should have completed minimum of 4 years and 8 months of continuous service.

CALCULATION OF NO OF YEARS OF SERVICE:

If a person has completed 5 years and 7 months continuous service, it will be taken as 6 years.

If a person has completed 5 years and 6 months continuous service, it will be taken as 5 years only.

CALCULATION OF GRATUITY AMOUNT:

Gratuity is to be calculated at the rate of 15 days salary (i.e.last drawn salary) for each completed year of service, subject to a maximum of Rs.10 lakhs.

METHOD OF CALCULATION:

LDS = LAST DRAWN SALARY(BASIC).

`LDS’ X 15 days X No of years of service completed

--------------------------------------------------------------------- = Gratuity Amount.

26 days

Dear ram,
Bhuvan rb has rightly described the payment of gratuity act please go through your service book & check your details thenafter we can say anything.
thanks & regards,
from,
sumit