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Calculate Gratuity as under: Last Basic Drawn x 15 x No.of Completed years of Service. 26 Note:More than six months of Service is to taken as 1 year. Hope this will help you.
From India, Delhi
From India, Delhi
Mahal, good-afternoon Kindly refer to bare act ref to gratuity . With Regards Prof.Rajesh.W Pune- 411033
From India, Pune
From India, Pune
Dear Mahal,
The Gratuity calculation is depends upon your company's policy. Your company already made tie up with LIC you have to caluculate according to the guidelines of the policy.
The second one is according to The Payment of Gratuity act 1972. i.e.
Wage last drawn (Basic+DA)/26*15*no.of years of service rendered by employee.
The minimum service for caluculation of gratuity is 5 years and it is not mandatory in cases of death.
In above formula 15 means 15 days, if the company is interested to give beyond 15 days that is their wish.
From India, Pune
The Gratuity calculation is depends upon your company's policy. Your company already made tie up with LIC you have to caluculate according to the guidelines of the policy.
The second one is according to The Payment of Gratuity act 1972. i.e.
Wage last drawn (Basic+DA)/26*15*no.of years of service rendered by employee.
The minimum service for caluculation of gratuity is 5 years and it is not mandatory in cases of death.
In above formula 15 means 15 days, if the company is interested to give beyond 15 days that is their wish.
From India, Pune
Thanks for sharing such information
Regards,
Reema
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From India, Coimbatore
Regards,
Reema
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FORM-F-NOMINATI ON OF GRATUITY.pdf
Gratuity Form I.doc