hi, can someone please tell me how to calculate gratuity under cover scheme and not covered scheme? thanks and regards alankrita
From India, Mumbai
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From India, Mumbai
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Formula for the Calculation of Gratuity:
1. Basic/26 x 15 days x number of years of service OR
2. BASIC + DA (Last Pay drawn) x 15 / 26 x No. OF YEARS
In the case of piece-rate wages, daily wages shall be computed on the average of total wages received by the employee for a period of three months immediately preceding the termination of his employment. Overtime (OT) shall not be considered.
For example, suppose I have completed 6 years in the same company, and my last basic + DA is 15,000. The calculation is as follows:
15,000 x 15 days / 26 x 6 years = Rs. 51,923/-
Regards
From India, Mumbai
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451. Basic/26 x 15 days x number of years of service OR
2. BASIC + DA (Last Pay drawn) x 15 / 26 x No. OF YEARS
In the case of piece-rate wages, daily wages shall be computed on the average of total wages received by the employee for a period of three months immediately preceding the termination of his employment. Overtime (OT) shall not be considered.
For example, suppose I have completed 6 years in the same company, and my last basic + DA is 15,000. The calculation is as follows:
15,000 x 15 days / 26 x 6 years = Rs. 51,923/-
Regards
From India, Mumbai
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