Hi people, Guess i missed a lot. Willing to participate actively. John ur question plz? Regards, Lavanya.
From India, Madras
1From India, Madras
Hi People,
To start, na, to restart the thread, let me post the next question.
My questions are,
1. How many years shd be completed by an employee to avail gratuity?
2. How a trainee will be treated for gratuity as far as the number of years completion is concerned? What date will be considered to calculate the completion of years?
Regards,
Lavanya.
From India, Madras
To start, na, to restart the thread, let me post the next question.
My questions are,
1. How many years shd be completed by an employee to avail gratuity?
2. How a trainee will be treated for gratuity as far as the number of years completion is concerned? What date will be considered to calculate the completion of years?
Regards,
Lavanya.
From India, Madras
Dear Lavanya
Greetings!
The answer for your query is
All the employees irrespective of status or salary are entitled to the payment of gratuity on completion of 5 years of service. In case of death or disablement there is no minimum eligibility period. The amount of gratuity payable shall be at the rate of 17 days wages based on the rate of wages last drawn, for every completed year of service. The maximum amount of gratuity payable is Rs. 3,50,000/-.
Rgds,
John N
From India, Madras
Greetings!
The answer for your query is
All the employees irrespective of status or salary are entitled to the payment of gratuity on completion of 5 years of service. In case of death or disablement there is no minimum eligibility period. The amount of gratuity payable shall be at the rate of 17 days wages based on the rate of wages last drawn, for every completed year of service. The maximum amount of gratuity payable is Rs. 3,50,000/-.
Rgds,
John N
From India, Madras
Dear Ms. Lavanya,
Would like to add my comments on question placed.
Gratuity shall be payable to an employee on the termination of his employment after he has rendered continuous service for not less than five years. Provided that the completion of continuous service of five years shall not be necessary where the termination of the employment of any employee is due to death or disablement
However, In the case of an employee who is not in uninterrupted service for one year, he shall be deemed to be in continuous service if he has been actually employed by an employer during the twelve months immediately preceding the year for not less than-
(i) 190 days, if employed below the ground in a mine, or
(ii) 240 days, in any other case, except when he is employed in a seasonal establishment.
For every completed year of service or part thereof in excess of six months, the employer shall pay gratuity to an employee at the rate of fifteen days wages based on the rate of wages last drawn by the employee concerned.The maximum amount of gratuity payable is Rs. 3,50,000.
Ex : Gratuity Calculation Formula : Last Drawn Wages*Year of Service rendered*15/26
2) The trainees are entitled for the same, from very first day of joining as trainee in an eastablishment not after completion of training/probation.
Regards,
Atul
From Indonesia
Would like to add my comments on question placed.
Gratuity shall be payable to an employee on the termination of his employment after he has rendered continuous service for not less than five years. Provided that the completion of continuous service of five years shall not be necessary where the termination of the employment of any employee is due to death or disablement
However, In the case of an employee who is not in uninterrupted service for one year, he shall be deemed to be in continuous service if he has been actually employed by an employer during the twelve months immediately preceding the year for not less than-
(i) 190 days, if employed below the ground in a mine, or
(ii) 240 days, in any other case, except when he is employed in a seasonal establishment.
For every completed year of service or part thereof in excess of six months, the employer shall pay gratuity to an employee at the rate of fifteen days wages based on the rate of wages last drawn by the employee concerned.The maximum amount of gratuity payable is Rs. 3,50,000.
Ex : Gratuity Calculation Formula : Last Drawn Wages*Year of Service rendered*15/26
2) The trainees are entitled for the same, from very first day of joining as trainee in an eastablishment not after completion of training/probation.
Regards,
Atul
From Indonesia
Hi Atul,
That was very informative and welcome to the thread.
Expecting more participation from U. :)
Hi John,
I got some info on the topic:
Severance pay is money that an employer might want to provide for an employee who is leaving their employ. Normal circumstances that can warrant severance pay include layoffs, job elimination, and mutual agreement to part ways, for whatever reason.
Severance pay usually amounts to a week or two of pay for each year the employee supplied service to the company. For executives, the severance pay may even constitute up to a month’s pay for each year of service. In some instances, a severance package might also include extended benefits and outplacement assistance.
Regards,
Lavanya. :)
From India, Madras
That was very informative and welcome to the thread.
Expecting more participation from U. :)
Hi John,
I got some info on the topic:
Severance pay is money that an employer might want to provide for an employee who is leaving their employ. Normal circumstances that can warrant severance pay include layoffs, job elimination, and mutual agreement to part ways, for whatever reason.
Severance pay usually amounts to a week or two of pay for each year the employee supplied service to the company. For executives, the severance pay may even constitute up to a month’s pay for each year of service. In some instances, a severance package might also include extended benefits and outplacement assistance.
Regards,
Lavanya. :)
From India, Madras
Thats corect ,
Whatever seema has mentioned is very much right.As per our convinience we connect it to motivation , Appraisal or recrutiment as per the time.It acts just as a base to do so.But for training how can one relate the same to training.
WIth regards,
Swarali
From China, Beijing
Whatever seema has mentioned is very much right.As per our convinience we connect it to motivation , Appraisal or recrutiment as per the time.It acts just as a base to do so.But for training how can one relate the same to training.
WIth regards,
Swarali
From China, Beijing
Hi Swarali,
Welcome to the thread. :)
And thanks for ur input on the topic of motivation.
But i guess u r answering to the very first question of this thread.
Kindly look on to the last question.
Expecting enthusiastic reply from U in the oncoming questions,
Regards,
Lavanya.
From India, Madras
Welcome to the thread. :)
And thanks for ur input on the topic of motivation.
But i guess u r answering to the very first question of this thread.
Kindly look on to the last question.
Expecting enthusiastic reply from U in the oncoming questions,
Regards,
Lavanya.
From India, Madras
Dear Sangeetha & Lavanya
Greetings!
Congrats for your reply.....
The answer for my question is " Severance benefits are payments made to employees upon the termination of employment. Employers may choose to pay severance benefits under a number of circumstances, including workforce reductions, plant closings, mergers and acquisitions, incentives for early retirement programs, or in exchange for a general release of claims to discourage terminated employees from suing the company. Severance benefits may include salary and health benefit continuation, outplacement counseling, accelerated vesting of stock options or rights to purchase stock, bonus payments, and forgiveness of loans"
The winner is SANGEETHA
From India, Madras
Greetings!
Congrats for your reply.....
The answer for my question is " Severance benefits are payments made to employees upon the termination of employment. Employers may choose to pay severance benefits under a number of circumstances, including workforce reductions, plant closings, mergers and acquisitions, incentives for early retirement programs, or in exchange for a general release of claims to discourage terminated employees from suing the company. Severance benefits may include salary and health benefit continuation, outplacement counseling, accelerated vesting of stock options or rights to purchase stock, bonus payments, and forgiveness of loans"
The winner is SANGEETHA
From India, Madras
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