Assume, my basic salary is Rs 15000/- and i have worked for eight years in a company. What amount of gratuity can i get if i resign today?
Also need to know whether the employers deposit this amount with some government agency like LIC and the way to find out the accumulated gratuity.
From India, Mumbai
1Also need to know whether the employers deposit this amount with some government agency like LIC and the way to find out the accumulated gratuity.
From India, Mumbai
HI
you are eligigle to receive gratuity of Rs. 69230 (15000/26*15*8). Company's follow different methods like having their own trust account or account with some govt anf non govt agencies. But you cant check with them for accumaltion. For sure you are eligible for the above said amount, if you have continuosly worked with your current employer.
you are eligigle to receive gratuity of Rs. 69230 (15000/26*15*8). Company's follow different methods like having their own trust account or account with some govt anf non govt agencies. But you cant check with them for accumaltion. For sure you are eligible for the above said amount, if you have continuosly worked with your current employer.
There is no question of finding out the accumulation, as it is immaterial.
You are eligible for gratuity based on 15 days salary for each of the year worked.
Ofcourse, there is no gratuity if you have worked for less than 5 years.
It does not matter how much the company has put into its fund or into any LIC scheme
From India, Mumbai
You are eligible for gratuity based on 15 days salary for each of the year worked.
Ofcourse, there is no gratuity if you have worked for less than 5 years.
It does not matter how much the company has put into its fund or into any LIC scheme
From India, Mumbai
Your information is incomplete. You have mentioned only about Basic pay. What about DA & other salary components which are included in term "salary" or "Wage". Formula for computation of Gratuity is given in PG Act. Pl go thru it and you will have your answer. As regards deposit of Gratuity with LIC, it doesn't matter. This arrangement of LIC comes into picture, when the employee dies while in service. The other details are not of your concern as of now.
AK Jain
From India, Jabalpur
AK Jain
From India, Jabalpur
Greetings Sandsky,
As informed by our learned members Gratuity payable to you has been explained to you.
As regards Gratuity scheme with LIC of India.
a) The company's form a trust and then deposit the gratuity liability indicated by LIC based on an actuarial valuation done every year.
b) The actuarial valuation is done based on the data provided by the employer.
c) This fund also earns interest but the interest is for the principal amount deposited by the employer and there is no benefit that accrues to the employee technically.
d) If an employee resigns from the organisation and is eligible to receive Gratuity, the company files an application with LIC
e) LIC releases the amount claimed after verification of the data provided by the employer to the Gratuity fund maintained by the employer. However, the gratuity is paid by LIC until there is fund deposited by employer lying with it.
f) The employer in turn releases the amount to the employee.
g) If the employer remits a risk premium to LIC, LIC releases Gratuity for the period of service rendered by him and also for the period he would have continued in service if he were alive till his superannuation from the company.
Trust the matter is clear.
Regards
From India, Madras
As informed by our learned members Gratuity payable to you has been explained to you.
As regards Gratuity scheme with LIC of India.
a) The company's form a trust and then deposit the gratuity liability indicated by LIC based on an actuarial valuation done every year.
b) The actuarial valuation is done based on the data provided by the employer.
c) This fund also earns interest but the interest is for the principal amount deposited by the employer and there is no benefit that accrues to the employee technically.
d) If an employee resigns from the organisation and is eligible to receive Gratuity, the company files an application with LIC
e) LIC releases the amount claimed after verification of the data provided by the employer to the Gratuity fund maintained by the employer. However, the gratuity is paid by LIC until there is fund deposited by employer lying with it.
f) The employer in turn releases the amount to the employee.
g) If the employer remits a risk premium to LIC, LIC releases Gratuity for the period of service rendered by him and also for the period he would have continued in service if he were alive till his superannuation from the company.
Trust the matter is clear.
Regards
From India, Madras
Company is legally bound to pay gratuity.
They are equally bound to enter into Group gratuity schemes and employee is not required to be checking on monthly basis whether contribution is paid our not.
In case gratuity is not paid, employee can complain to Labour Commissioner of area for redress.
From India, Pune
They are equally bound to enter into Group gratuity schemes and employee is not required to be checking on monthly basis whether contribution is paid our not.
In case gratuity is not paid, employee can complain to Labour Commissioner of area for redress.
From India, Pune
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REQUEST FOR DEDUCTION OF GRATUITY AMOUNT (2).pdf
Security Amount Proof.docx