Is My Gratuity Calculation Up-to-Date? Seeking Clarity on Current Limits and Methods

Kindly help me with the latest calculation for Gratuity. As per my information, I know the following calculation:

Last drawn Basic * 15 days * No. of years of service / 26

The maximum limit for Gratuity calculation is Rs. 350,000/-. Is this information correct? If not, kindly let me know the latest calculation.

Regards,
Vinayak Sonawane

The maximum gratuity limit is not Rs. 3,50,000, but the recent amendment states it is 10 lakh. I am attaching the GO for your reference and records. The formula is as follows:

Gratuity Calculation Formula

Basic
--------
x 15 x number of completed years of service
26

Regards,
Alphonse
[Phone Number Removed For Privacy Reasons]

Kindly tell me if any employee who has completed 4 years and 11 months will be eligible for gratuity as per our law? I am waiting for your prompt response.

Best regards,
Lalit Mohan

If an employee has worked for 5.4 years, will gratuity be calculated based on 5 years or the full 5.4 years?

Gratuity Calculation Example

Below is the calculation. Is it correct?

DOJ DOL No. of Years Last Basic Gratuity Amount
11-Aug-07 1-Jan-13 5.4 10350 29856

Regards,
Naval
[Phone Number Removed For Privacy Reasons]