Dear Senior, please let me know what the rate of simple interest will be for delayed payment of the gratuity fund to the employee. Additionally, after how many days of non-payment of gratuity from the date of leaving is this delayed interest applicable?
Regards,
Saurav
From India, Madras
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2Regards,
Saurav
From India, Madras
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As per the Gratuity Act, the gratuity payment should be made within 30 days. For delayed payments over 30 days, the employer has to pay interest at the rate of 12% per annum.
Regards,
S. Sethupathy
Excellent HR Services,
Erode
From India, Coimbatore
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Regards,
S. Sethupathy
Excellent HR Services,
Erode
From India, Coimbatore
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Payment of Gratuity Act, 1972 & The Rules.ppt
THE PAYMENT OF GRATUITY ACT 1972.doc