Gratuity Act Form A: Do We Need to Apply if Our Company Predates the Act?

Can anyone please let me know if we have to apply for Form A (Gratuity Act) even if your company was started 50 years before the act was enacted?

Regards,
Swathy T
Branch HR Executive - South
HUL

Applicability of the Payment of Gratuity Act

Whenever an act is passed, it will be applicable to all existing establishments under its purview. Therefore, the required forms are to be sent by the existing companies as well. According to the Payment of Gratuity Act, gratuity is payable only to those who leave the company after rendering continuous service of five years. Hence, a person leaving after two or three years is not eligible to receive it.

Regards,
Madhu.T.K