what is meant by gratuity? how to calculate gratuity in a company? who are all eligible for gratuity? what are the gratuity forms?
From India, Delhi
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2From India, Delhi
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Gratuity is a statutory amount given by the employer to an employee if the employee completes 5 years of continuous service in the same company. If an employee joins a company in roles for which they are eligible from the first day, the calculation is as follows:
Last drawn base * 15/26 * number of years of service.
In the case of death, the 5-year requirement does not apply. The amount can only be claimed in the event of separation from the company. The forms used for gratuity are:
- Form F: self-declaration.
I hope you can somewhat understand.
Regards,
Sendil G
From India, Madras
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Last drawn base * 15/26 * number of years of service.
In the case of death, the 5-year requirement does not apply. The amount can only be claimed in the event of separation from the company. The forms used for gratuity are:
- Form F: self-declaration.
I hope you can somewhat understand.
Regards,
Sendil G
From India, Madras
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As Mr. Sendil detailed, the minimum service required for the payment of gratuity is 5 years. If there is a fraction of years in excess of 6 months, it will be rounded up to one year and added to the completed years. If the fraction is 6 months or below, it will be neglected.
Gratuity Calculation Formula
The formula to calculate gratuity is Service x (Basic + DA) x 15/26.
Regards,
Abbas.P.S
From India, Bangalore
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Gratuity Calculation Formula
The formula to calculate gratuity is Service x (Basic + DA) x 15/26.
Regards,
Abbas.P.S
From India, Bangalore
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Dear Madhu, Go through section 4 of the Payment of Gratuity Act, 1972 for calculation of gratuity amount. R.N.Khola
From India, Delhi
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From India, Delhi
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Dear Member, Welcome to CiteHR. Plz go through section 2A on continuous service under the Payment of Gratuity Act, 1972 for your query. R.N.Khola
From India, Delhi
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From India, Delhi
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Understanding Gratuity
Gratuity is applicable to an employee who has completed 5 years or more in any service of the company. The formula as per the Gratuity Act is Basic x 15 x number of years in service / 26. After resignation, you can make an application to claim your gratuity by stating your details such as address, date of joining, gross salary, basic salary, number of years completed in service of the company, and your signature.
Regards,
Aparna
From India, Mumbai
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Gratuity is applicable to an employee who has completed 5 years or more in any service of the company. The formula as per the Gratuity Act is Basic x 15 x number of years in service / 26. After resignation, you can make an application to claim your gratuity by stating your details such as address, date of joining, gross salary, basic salary, number of years completed in service of the company, and your signature.
Regards,
Aparna
From India, Mumbai
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Gratuity Act-Teachers-Ma dhya Pradesh.docx
Payment of Gratuity Act, 1972 & The Rules.ppt