Hello, Can anyone tell me what is gratuity and what is the law regarding the same?
I also want to know that is gratuity part of the CTC of the employee or the employer has to give it over and above the CTC of the employee?
Also, when retention bonus is part of CTC and one has to get it after one year, but the person is laid off in 10 months, can that person claim Bonus which is part of her CTC
From India, Delhi
I also want to know that is gratuity part of the CTC of the employee or the employer has to give it over and above the CTC of the employee?
Also, when retention bonus is part of CTC and one has to get it after one year, but the person is laid off in 10 months, can that person claim Bonus which is part of her CTC
From India, Delhi
Hello, Can anyone tell me what is gratuity and what is the law regarding the same? - Please read Gratuity Act for the same.
I also want to know that is gratuity part of the CTC of the employee or the employer has to give it over and above the CTC of the employee? - It can / can not be part of CTC it depends upon the employer.
Also, when retention bonus is part of CTC and one has to get it after one year, but the person is laid off in 10 months, can that person claim Bonus which is part of her CTC - Need to check your appointment letter clause for the retention bonus amount realization
From India, Pune
467I also want to know that is gratuity part of the CTC of the employee or the employer has to give it over and above the CTC of the employee? - It can / can not be part of CTC it depends upon the employer.
Also, when retention bonus is part of CTC and one has to get it after one year, but the person is laid off in 10 months, can that person claim Bonus which is part of her CTC - Need to check your appointment letter clause for the retention bonus amount realization
From India, Pune
Gratuity is given by the employer to an employee for the services rendered by him. It is usually paid at the time of retirement but it can be paid before provided certain conditions are met. A person is eligible to receive gratuity only if he has completed at least five years of service with an organisation. However, it can be paid before the completion of five years at the death of an employee or if he has become disabled due to accident or disease.
The formula is as follows:
(15 X last drawn salary X tenure of working) divided by 26
Gratuity can be paid on monthly basis and it is the part of CTC.
From India, Mumbai
The formula is as follows:
(15 X last drawn salary X tenure of working) divided by 26
Gratuity can be paid on monthly basis and it is the part of CTC.
From India, Mumbai
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FORM-F-NOMINATI ON OF GRATUITY.pdf
Gratuity Form I.doc