Dear Moonis The formula for calculation of gratuity is Basic and DA/26*15* year of services.
From India, Gurgaon
16From India, Gurgaon
Grajuity caluclation Employees Basic + D.a salayr x15 x years ( how many years she / he worked)/26 Withe warm Regards Shobana
From India, Bangalore
From India, Bangalore
Anybody please explain what is "Voluntary Provident Fund". And what is the maximum and what is the minimum percentage. Please let me know the calculations. With Thanks & Regards, Ambedkar
From India, Hyderabad
From India, Hyderabad
Voluntary Provident Fund (VPF): VPF is a safe option wherein you can contribute more than the PF ceiling of 12% that has been mandated by the government. This additional amount enjoys all the benefits of PF except that the employer is not liable to contribute any extra amount apart from 12%. An added advantage is that the interest rate is equal to the interest rate of PF and the withdrawal is tax free. Please note that the maximum contribution towards VPF is 100% of your Basic. The highest rate of interest (close to 9%) makes it a very attractive saving scheme. Because of these advantages many employees chose not to close their PF account even after getting employment else where other than India. Employees also get a major tax break on their entire contribution to the fund (tax rebate under section 88 ) up to a ceiling of Rs. 70,000/-
Other benefits include - employees can take a loan against the amount accumulated in the fund. However availing of loans depend on permissible rules and circumstances and they can access money for reasons such as housing, marriage, children’s education etc. An employee can withdraw the VPF amount in between of his/her service and need not necessarily wait till the end of employment and there is an option of break in the contribution in certain months when the expenses are expected to be higher.
From India, Calcutta
Other benefits include - employees can take a loan against the amount accumulated in the fund. However availing of loans depend on permissible rules and circumstances and they can access money for reasons such as housing, marriage, children’s education etc. An employee can withdraw the VPF amount in between of his/her service and need not necessarily wait till the end of employment and there is an option of break in the contribution in certain months when the expenses are expected to be higher.
From India, Calcutta
he is not eligible for gratuity. An employee should complete 5 years of service then only he is eligible for it. yes if he completes 5.6 years of service & he leaves the organization then it will be considered as 6 years of service and he will get grautity for 6 yrs of service.
Regards, Derek Gomes
From India, Nagpur
Regards, Derek Gomes
From India, Nagpur
Gratuity – 240 days?
Case: An employee who joined the organization on 01 Jan 2001 to 31st Dec 2010. Employee served continues 10 years and he is eligible for gratuity. Each Year he worked as following days:-
1. 2001 to 2004 – 240 days in each year.
2. 2005 – 230 days (remaining days Leave without pay due to any reason).
3. 2006 to 2008 – 240 days in each year.
4. 2009 – 220 days (remaining days Leave without pay due to personal reason).
5. 2010 – 225 days (remaining days Leave without pay due to personal reason).
Current basic salary – 10000/-
What will be his/her gratuity amount?
From India, Faridabad
Case: An employee who joined the organization on 01 Jan 2001 to 31st Dec 2010. Employee served continues 10 years and he is eligible for gratuity. Each Year he worked as following days:-
1. 2001 to 2004 – 240 days in each year.
2. 2005 – 230 days (remaining days Leave without pay due to any reason).
3. 2006 to 2008 – 240 days in each year.
4. 2009 – 220 days (remaining days Leave without pay due to personal reason).
5. 2010 – 225 days (remaining days Leave without pay due to personal reason).
Current basic salary – 10000/-
What will be his/her gratuity amount?
From India, Faridabad
Formula for gratuity calculation: Basic*15/26* no. of years e.g. : Basic = Rs. 10000/- No. of years = 10 years Gratuity = 10,000*15/26*10 = Rs. 57692.30
From India, Calcutta
From India, Calcutta
Dear All, Good afternoon,
Can anyone help me on this query. its urgent and please help me.
if Basic is 5000/- and employees has completed 5.3 years of services. What gratuity amount should be given to him.
please help me..
From India, New Delhi
Can anyone help me on this query. its urgent and please help me.
if Basic is 5000/- and employees has completed 5.3 years of services. What gratuity amount should be given to him.
please help me..
From India, New Delhi
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SBT Vs Asst. Labour Commissioner- Gratuity dismissed employee-LTS.PD F
FORM I(Application for Gratuity by an employee).doc