Hi! All ! Sharing some basic brief comments for "Gratuity Payment Act 1972" Thanks & Regards,
From India
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Thank you for your valuable suggestions and information. Please provide clarification for the following doubt:
Clarification on Gratuity Payment
The Payment of Gratuity Act, 1972 states that it shall be payable to the employee upon the termination of their employment after they have rendered continuous service for not less than five years. If it is mentioned in our CTC annexure (provided along with our appointment letter), does the employer have to pay the employee upon the termination of their employment after one or two years of service?
Please find attached the sample annexure for your reference.
Kindly provide me with the details as soon as possible.
Thank you,
Regards,
K. Anjireddy
Personnel Officer
From India, Bangalore
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2Clarification on Gratuity Payment
The Payment of Gratuity Act, 1972 states that it shall be payable to the employee upon the termination of their employment after they have rendered continuous service for not less than five years. If it is mentioned in our CTC annexure (provided along with our appointment letter), does the employer have to pay the employee upon the termination of their employment after one or two years of service?
Please find attached the sample annexure for your reference.
Kindly provide me with the details as soon as possible.
Thank you,
Regards,
K. Anjireddy
Personnel Officer
From India, Bangalore
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Dear Anjireddy,
Greetings for the day. I have gone through the annexure provided and have some queries regarding this.
Queries on EPF and Bonus Calculations
Firstly, how is the calculation of EPF done? As far as my knowledge goes, the deduction should be done on basic + DA + food allowances. My calculation shows it should be Rs. 463, i.e., 13.61% of the basic employer share + admin charges.
Secondly, how has the calculation of the bonus been done?
Leave Salary and Gratuity Calculations
Thirdly, leave salary should be the leave encashment, which I believe should be calculated on gross salary/26. Also, how is the gratuity calculated? Please let me know so that it will help me for future reference.
Thanks & regards,
Sumit Kumar Saxena
From India, Ghaziabad
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Greetings for the day. I have gone through the annexure provided and have some queries regarding this.
Queries on EPF and Bonus Calculations
Firstly, how is the calculation of EPF done? As far as my knowledge goes, the deduction should be done on basic + DA + food allowances. My calculation shows it should be Rs. 463, i.e., 13.61% of the basic employer share + admin charges.
Secondly, how has the calculation of the bonus been done?
Leave Salary and Gratuity Calculations
Thirdly, leave salary should be the leave encashment, which I believe should be calculated on gross salary/26. Also, how is the gratuity calculated? Please let me know so that it will help me for future reference.
Thanks & regards,
Sumit Kumar Saxena
From India, Ghaziabad
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Payment of Gratuity Act, 1972 & The Rules.ppt
THE PAYMENT OF GRATUITY ACT 1972.doc