Hi, can someone guide me?
Gratuity Payment After Resignation
After resignation, gratuity becomes payable within 30 days. If not paid within this period, then a 10% ROI (simple interest) is payable. The Gratuity Formula is as follows: Last month's basic salary x 15 x Number of Years of Service Completed / 26 (number of days in the month).
Interest Calculation Options
To calculate the interest amount, which option should be used: Option 01 or Option 02?
Interest Formula - Option 01
Total delayed gratuity x 10% (ROI with simple interest) x Number of days delayed / 26 (number of days in the month).
Interest Formula - Option 02
Total delayed gratuity x 10% (ROI with simple interest) x Number of days delayed / 365 (number of days in a year).
Regards
From India, Bangalore
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1Gratuity Payment After Resignation
After resignation, gratuity becomes payable within 30 days. If not paid within this period, then a 10% ROI (simple interest) is payable. The Gratuity Formula is as follows: Last month's basic salary x 15 x Number of Years of Service Completed / 26 (number of days in the month).
Interest Calculation Options
To calculate the interest amount, which option should be used: Option 01 or Option 02?
Interest Formula - Option 01
Total delayed gratuity x 10% (ROI with simple interest) x Number of days delayed / 26 (number of days in the month).
Interest Formula - Option 02
Total delayed gratuity x 10% (ROI with simple interest) x Number of days delayed / 365 (number of days in a year).
Regards
From India, Bangalore
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Gratuity calculation.doc
PF INTEREST CALCULATION SHEET.xls