Hi, Can anybody help tell me how to calculate graduaty. its urgent,plez help Regards Neha
From India, Mumbai
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1From India, Mumbai
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Neha,
The Act provides for the payment of gratuity to workers employed in every factory, shop, and establishment or educational institution employing 10 or more persons on any day of the preceding 12 months. A shop or establishment to which the Act has become applicable shall continue to be governed by the Act even if the number of persons employed falls below 10 at any subsequent stage.
All the employees, irrespective of status or salary, are entitled to the payment of gratuity on completion of 5 years of service. In case of death or disablement, there is no minimum eligibility period. The amount of gratuity payable shall be at the rate of 17 days' wages based on the rate of wages last drawn, for every completed year of service. The maximum amount of gratuity payable is Rs. 3,50,000/-.
Formula: Last Wages * 15 * No. of services / 26
Also, check out the link below:
Calculate Gratuity
Thanks,
Nilangshu
From India, Calcutta
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The Act provides for the payment of gratuity to workers employed in every factory, shop, and establishment or educational institution employing 10 or more persons on any day of the preceding 12 months. A shop or establishment to which the Act has become applicable shall continue to be governed by the Act even if the number of persons employed falls below 10 at any subsequent stage.
All the employees, irrespective of status or salary, are entitled to the payment of gratuity on completion of 5 years of service. In case of death or disablement, there is no minimum eligibility period. The amount of gratuity payable shall be at the rate of 17 days' wages based on the rate of wages last drawn, for every completed year of service. The maximum amount of gratuity payable is Rs. 3,50,000/-.
Formula: Last Wages * 15 * No. of services / 26
Also, check out the link below:
Calculate Gratuity
Thanks,
Nilangshu
From India, Calcutta
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Gratuity is calculated from the Date of Joining (DOJ), INCLUDING the training period. It is given willingly by the employer as a reward for the appreciation of the services provided by the employee for 5 continuous years. The formula is as follows: (Basic + DA) * 15 / 26 * Number of years worked. Please note that gratuity shouldn't exceed 5% of the basic salary. I hope this information helps you.
Regards
From India, New Delhi
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Regards
From India, New Delhi
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Dear Ms.Nilangshu Thanks a lot for the detail given by you.It was realy urgent. Thanks a lot again,incase i’ll have any query,then i’ll ask u. Regards Neha
From India, Mumbai
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From India, Mumbai
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Dear Colleagues,
I need information regarding payment of wages: By which clause of the Act are payments calculated for 26 days instead of 30/31 days in Maharashtra State? (Why don't we consider weekly offs?)
Regards,
Satish Kulkarni
Email: kulkarni_satish@yahoo.com
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I need information regarding payment of wages: By which clause of the Act are payments calculated for 26 days instead of 30/31 days in Maharashtra State? (Why don't we consider weekly offs?)
Regards,
Satish Kulkarni
Email: kulkarni_satish@yahoo.com
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Dear Neha, Please find the formula to calculate grauity. BASIC + DA (Last Pay drawn) X 15 /26 X No.OF YEARS WORKS. Basic * 15 / 26 * No. of years works Thanks, jagan :)
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Minimum requirement for gratuity is 5 years of continuous service. After completing 5 years and 6 months, service above 6 months is counted as a full year, whereas service less than 6 months is not counted.
Calculation of gratuity is as follows:
Gratuity = (Last salary * Number of years of service * 15) / 26
For example:
Gratuity = (5000 * 10 * 15) / 26
= 28846.15
Regards,
I will be happy to help you on 9818785678
From India, Faridabad
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Calculation of gratuity is as follows:
Gratuity = (Last salary * Number of years of service * 15) / 26
For example:
Gratuity = (5000 * 10 * 15) / 26
= 28846.15
Regards,
I will be happy to help you on 9818785678
From India, Faridabad
Acknowledge(0)Amend(0)
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Gratuity calculation.doc
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