Gratuity Eligibilty - Gratuity Eligibility [Thread 387623]

Dear Friends,
Though there are lot of postings and volumes of material on the subject is uploaded but I have one very basic question regarding eligibility of gratuity i.e.;
1. The minimum 5 years of service for gratuity eligibility, and
2. When an employee works 240 days in year it is assumed that he has completed the year.
Now. situation is if an employee worked for 240 days in 5th year of service but not completed the 5 years, weather he/she will be eligible for the gratuity?
would like to know your views on this, please provide reference if you have any ( enactment or judgment).
Thanks & regards,
S R Shivrayan

Dear Friends,
As per my knowledge if any employee completed 4 years 8 month in his services he will be eligible
reg

Dear sir,
Payment of gratuity can only be paid after completion of 5 years of continues service, secondly 4 years + 240 days in 5th year should be consider the completion of 5 years of service.
sumit

Dear Friends,
Anything better than statutory requirement is good and companies are allowed exercise the option, but here I am looking for legal position , if some one can through some light on this.My question is restricted to a period 4 year + 240 days to 5 years period only
Regards,
S R Shivrayan