Dear All,
As per the Gratuity Act. he is eligible to get the gratuity amount only after the completion of 5yrs of continous service in the organisation, but if the employee completed 4yrs 4 month and 17 Days and he is leaving the company,Is he eligible for gratuity?
How will we calculate the amount??
From India, Kanpur
19As per the Gratuity Act. he is eligible to get the gratuity amount only after the completion of 5yrs of continous service in the organisation, but if the employee completed 4yrs 4 month and 17 Days and he is leaving the company,Is he eligible for gratuity?
How will we calculate the amount??
From India, Kanpur
Hi Pooja,
He is not elgible for gratuity, if the person is working from 4 yrs 11 months 30 days also not elgible, the person has to finish his 5 yrs of service with organisation then he is elgible for gratuity.
with regards,
Ramesh.V
From India, Hyderabad
He is not elgible for gratuity, if the person is working from 4 yrs 11 months 30 days also not elgible, the person has to finish his 5 yrs of service with organisation then he is elgible for gratuity.
with regards,
Ramesh.V
From India, Hyderabad
Hey Pooja!
Though as per gratuity act, one should complete 5 years of continuous service; if one has completed 4 years & 240 days he/ she is eligible for gratuity.
Formula for gratuity calculation:
Basic*15/26* no. of years
e.g. : Basic = Rs. 10,000/-
No. of years = 15 years
Gratuity = 10,000*15/26*5
= Rs. 28,846.15/-
From India, Mumbai
Though as per gratuity act, one should complete 5 years of continuous service; if one has completed 4 years & 240 days he/ she is eligible for gratuity.
Formula for gratuity calculation:
Basic*15/26* no. of years
e.g. : Basic = Rs. 10,000/-
No. of years = 15 years
Gratuity = 10,000*15/26*5
= Rs. 28,846.15/-
From India, Mumbai
Dear Friends,
I think Pravinaa is right only thing i wanted to get it clarified is in the fifth year it should be 240days of service should be completed according to me. Friends can anyone of you clarify me on the same.
I have also attached one excel file containing samples of Gratuity calculation, hope it will be of some use for you all.
Thanks & Regards
Amith R.
From India, Bangalore
I think Pravinaa is right only thing i wanted to get it clarified is in the fifth year it should be 240days of service should be completed according to me. Friends can anyone of you clarify me on the same.
I have also attached one excel file containing samples of Gratuity calculation, hope it will be of some use for you all.
Thanks & Regards
Amith R.
From India, Bangalore
Hi Parveena,
If you said that Formula for gratuity calculation is as given below then why in the example u have taken no. of years 5 instead of 15?
Basic*15/26* no. of years
e.g. : Basic = Rs. 10,000/-
No. of years = 15 years
Gratuity = 10,000*15/26*5
= Rs. 28,846.15/-
From India, Ludhiana
If you said that Formula for gratuity calculation is as given below then why in the example u have taken no. of years 5 instead of 15?
Basic*15/26* no. of years
e.g. : Basic = Rs. 10,000/-
No. of years = 15 years
Gratuity = 10,000*15/26*5
= Rs. 28,846.15/-
From India, Ludhiana
Hiiiiii, As per the Payment of Gratuity Act, an employee must serve 5 years or more to become eligible for the Gratuity either on resignation or termination. Regards, Om Prakash
From India, Vadodara
From India, Vadodara
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SALARY SHEET CALCULATION.xls