Dear Seniors, I am working in a company that is only one year old. What should I do for the purpose of gratuity for the employees? Please suggest the procedure along with the calculation process of gratuity.
Regards, Sutanu Maulik
From India, Bolpur
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Regards, Sutanu Maulik
From India, Bolpur
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If your establishment is covered under the Payment of Gratuity Act, 1972 and is one year old, then ask the employees who have completed one year of service to fill and submit the nomination form 'F' to the management in duplicate. To know the procedure for the calculation of gratuity, you may refer to section 4 of this Act.
Regards,
R.N. Khola (LL&IR)
Welcome Skylark Associates
From India, Delhi
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424Regards,
R.N. Khola (LL&IR)
Welcome Skylark Associates
From India, Delhi
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Gratuity Eligibility and Calculation
Gratuity is for employees in an organization who have been employed for 5 years or more. The clause of 4.6 years is rounded off to 5 years. Check if the organization is under the gratuity cover scheme or not.
If under the scheme, then follow the calculation below:
- Last drawn basic salary * Number of years of service * 0.5
If the organization is not under the cover scheme, then follow the calculation below:
- Last drawn basic salary * Number of years of service * (15/26)
From India, Bangalore
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Gratuity is for employees in an organization who have been employed for 5 years or more. The clause of 4.6 years is rounded off to 5 years. Check if the organization is under the gratuity cover scheme or not.
If under the scheme, then follow the calculation below:
- Last drawn basic salary * Number of years of service * 0.5
If the organization is not under the cover scheme, then follow the calculation below:
- Last drawn basic salary * Number of years of service * (15/26)
From India, Bangalore
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I have been working in an organization and have completed 3 years, out of which I was on maternity leave for 3 months (paid) and 2 months (LOP). My question is how my gratuity days will be calculated. Would it be from the day I joined the organization until 5 years, or do I need to work for an additional 2 months to reach 5 years?
Thanks,
Guest N.
From United States, Chicago
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Thanks,
Guest N.
From United States, Chicago
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Employee Benefits.doc
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