Times of India dated 5th March 2010:
It has been reported that the Government has approved raising the ceiling for payment of Gratuity for Private Employees from Rs. 3.50 Lacs to Rs. 10 Lacs. The decision was taken in a meeting chaired by the Prime Minister on Thursday.
Vasant Nair
From India, Mumbai
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92It has been reported that the Government has approved raising the ceiling for payment of Gratuity for Private Employees from Rs. 3.50 Lacs to Rs. 10 Lacs. The decision was taken in a meeting chaired by the Prime Minister on Thursday.
Vasant Nair
From India, Mumbai
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We will have to wait for some more time. The Government is planning to introduce a bill in the current session of parliament to amend the Payment of Gratuity Act 1972. Once the bill is passed, the act will be amended, and then it will be applicable.
Arvind
From United States, Toledo
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Arvind
From United States, Toledo
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Does this cover the autonomous societies under the administrative control of the various Ministries of the Govt. of India
From India, Visakhapatnam
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From India, Visakhapatnam
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Dear All, Attached please find one of the news published with Deccan Herald in reference with the below detailed by Mr. Vasant. Regards, Amit Seth.
From India, Ahmadabad
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From India, Ahmadabad
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it will be effective only when this (amendment) be forwarded to the president signature. regards jawahar
From India, Mumbai
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From India, Mumbai
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Thanks for the information. yes it is raised but the same will be placed in the parliament on Monday.
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Hi,
Can somebody let me know if there is any change in the formula for the calculation of gratuity in corporates?
Gratuity = Basic * 15 * Number of years served in one organization / 26
If there is any change in the above formula?
From India, New Delhi
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Can somebody let me know if there is any change in the formula for the calculation of gratuity in corporates?
Gratuity = Basic * 15 * Number of years served in one organization / 26
If there is any change in the above formula?
From India, New Delhi
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No The amount so calculated is more than Rs.3.50 lakhs an employee will get Rs.3.50 only. Now this ceiling has been raised to Rs.10 lakhs
From India, Calcutta
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From India, Calcutta
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Gratuity is calculated under the methodology laid down in the Payment of Gratuity Act. The amount so arrived at, if it exceeds beyond Rs. 3.50 lakhs, the employee will receive Rs. 3.50 lakhs only. If it is less than Rs. 3.50 lakhs, he will receive the actual amount. Now, this ceiling has been raised to Rs. 10 lakhs. The upper ceiling has been revised several times in the past since the Gratuity Act was passed and came into force. For eligibility, calculation, and entitlement, one should go through the details of the Payment of Gratuity Act.
From India, Calcutta
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From India, Calcutta
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Earlier, Gratuity upto 3.5 lakhs was not taxed. Does anyone know if in the raised limit, Income tax for the amount above 3.5 Lakhs is applicable?
From India, Bangalore
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From India, Bangalore
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If any provosion in the new amendment for those who do not complete 5 years service. AKSHAYSOLANKI
From India, Delhi
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From India, Delhi
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Certainly not because no other change had taken place in the amendment except an increase in the ceiling limit from Rs. 3.50 to Rs. 10.00 lakhs, for which the effective date is yet to be notified in the Government of India Gazette.
From India, Madras
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From India, Madras
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Payment of Gratuity Amendment Act 2009.doc
PAYMENT OF GRATUITY AMENDMENT ACT 2010.pdf