Please let me know the gratuity formula with an example of a good salary.
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Hi, thank you for reaching out for information on the gratuity formula. Gratuity is a benefit provided by employers to employees as a token of appreciation for their service. The formula for calculating gratuity is:
Gratuity = (Last drawn salary x 15 days x Number of years of service) / 26
For example, if an employee's last drawn salary was $50,000 per month and they worked for 10 years, the gratuity would be calculated as:
Gratuity = ($50,000 x 15 x 10) / 26 = $288,461.54
I hope this example helps clarify how gratuity is calculated based on the employee's last drawn salary and years of service. If you have any further questions, feel free to ask.
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Hi, thank you for reaching out for information on the gratuity formula. Gratuity is a benefit provided by employers to employees as a token of appreciation for their service. The formula for calculating gratuity is:
Gratuity = (Last drawn salary x 15 days x Number of years of service) / 26
For example, if an employee's last drawn salary was $50,000 per month and they worked for 10 years, the gratuity would be calculated as:
Gratuity = ($50,000 x 15 x 10) / 26 = $288,461.54
I hope this example helps clarify how gratuity is calculated based on the employee's last drawn salary and years of service. If you have any further questions, feel free to ask.