Hi All,
I need clarification in payment of Gratuity,
if an employees gratuity amount exceeds 10 lakhs, then what amount should be paid to employee as the maximum gratuity amount should not exceed 10 lakhs according to Gratuity Act - Amendment 2010.
kindly suggest.
Regards
Shilpa
From India, Hyderabad
I need clarification in payment of Gratuity,
if an employees gratuity amount exceeds 10 lakhs, then what amount should be paid to employee as the maximum gratuity amount should not exceed 10 lakhs according to Gratuity Act - Amendment 2010.
kindly suggest.
Regards
Shilpa
From India, Hyderabad
Hi Shilpa, If Gratuity excedes as per Getuity Act set by the govt, no need to pay. if the management want to pay means we can pay by other names like incentives,attendance bounes etec
From India, Madras
From India, Madras
Dear Ms.Shilpa, The maximum Gratuity amount payable Rs 10,00,000/- above which its left to managements discretion. Till Rs.10,00,000 its non taxable and above it is taxable.
From India, Mumbai
19From India, Mumbai
Hello the concern all. How to calculate gratuity? What r the rules n regulations for the same? Please suggest. Regards, nakshatram
From India, Pune
From India, Pune
Dear Nakshatram,
Plz go through section 4 of Payment of Gratuity, 1972 for calculation of gratuity.
R.N.Khola
(LL&IR)
www.skylarkassociates.com
* Al o Sr. Vice President, Labour Law Advisers Association, Gurgaon.
From India, Delhi
Plz go through section 4 of Payment of Gratuity, 1972 for calculation of gratuity.
R.N.Khola
(LL&IR)
www.skylarkassociates.com
* Al o Sr. Vice President, Labour Law Advisers Association, Gurgaon.
From India, Delhi
Dear Nakshatram,
In short,
The Act itself is called as Payment of Gratuity Act, 1972.
Applicability: Every factory, mine, oil field, plantation, port railway company, shop, establishment or educational institutions employing 10 or more employees.
Entitlement: on completion of five years of continuous service.
Wages for calculation(Basic+DA): 15 days wages for every completed year as if the month comprises of 26 days at the last drawn wages.
Calculation: a) piece rated employees: @ 15 days' wages for every completed year on an average of 3 months' wages. b) Seasonal employee: @ 7 days' wages for every completed year of service.
Gratuity=Last drawn salary *15*Number of completed years(five and above)/26
Ceiling Limit : Rs. 10,00,000.
For more details pls google.
From India, Mumbai
In short,
The Act itself is called as Payment of Gratuity Act, 1972.
Applicability: Every factory, mine, oil field, plantation, port railway company, shop, establishment or educational institutions employing 10 or more employees.
Entitlement: on completion of five years of continuous service.
Wages for calculation(Basic+DA): 15 days wages for every completed year as if the month comprises of 26 days at the last drawn wages.
Calculation: a) piece rated employees: @ 15 days' wages for every completed year on an average of 3 months' wages. b) Seasonal employee: @ 7 days' wages for every completed year of service.
Gratuity=Last drawn salary *15*Number of completed years(five and above)/26
Ceiling Limit : Rs. 10,00,000.
For more details pls google.
From India, Mumbai
WHAT IS THE ELIGIBILITY IN GRAUITY ACT IF AN Indivisual is registerd employee of a factory for 4 yr and 5 mth and 29 day then is he is eligible for gratuity under the act.
From India, Chandigarh
From India, Chandigarh
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Payment of Gratuity Act, 1972 & The Rules.ppt
THE PAYMENT OF GRATUITY ACT 1972.doc