Gratuity Calculation [Thread 421645]

Dear Sir / Madam / HR Professionals,
Kindly provide me the latest Gratuity calculation.
One of my colleague have recently resigned & have completed 5 yrs. & 3 mths. in the current organization. Kindly advise if we have to calculate & pay him the Gratuity for 5 yrs. or 6 yrs. I am confused to pay him (for 5 yrs. or 6 yrs.) as he has completed more than 5 yrs. of continuous service.
Thanks & Warm Regards
Vinayak Sonawane

Dear Vinayak,
In this case the Calculation for gratuity would be :
Current Basic/26*15*5
There will be no payment for extra 03 months.

Gratuity = (last drawn Basic+DA)/26 x 15 days x No. of yrs. of service
regards
bhav narayana
asst manager hr

Hi,
Post completing 5 years in the organization, every 6 months what an employee complete's in rounded & considered as 1 year.

Hi Vinayak ,
You have to consider only for 5 years of service for caluculating graiity .(In case if he had served for more than six months then you can consider as 6 years, but in your case he has served for only 3 months of service after 5 years . so you have to caluculate only for 5 years )
Regarsd
Kumar

Hai Vinayak,
in these case you consider only 5 years. you can take more then six months at rounded of one year.
Suresh

Dear Mr.Vinayak,
Refer to your query on the above subject, pl.go through Sec 4 for eligibility criteria for employee to claim gratuity.It means any employee who has rendered/completed 5 years continuous service at the time of resignation or retirement, reaching the age of superannuation etc.,Calculation to be made 0n 15 days wages for every completed year service or part there of in excess of six months.In your case he is eligible for 5 years only.
Regards
P.V.Rama Rao.
9666051720

Dear All,
our company is taken LIC group gratuity scheme. Is there any alternate option for the employer to maintain their employee Gratuity scheme
Is there any suggestions in this regard
please clarify
regards,
R Udayakumar

since the person has worked for 5yrs 3months. 5yrs should be considered for 6yrs if person has worked for more 6 months then it is rounded off to 6yrs

Hai Sir,
What is the Gartuity amount limit after 1.4.2001 to 31.03.2010 .