Hello, can anyone tell me what gratuity is and what the law is regarding the same?
I also want to know if gratuity is part of the CTC of the employee or if the employer has to give it over and above the CTC of the employee.
Additionally, when a retention bonus is part of CTC and one is supposed to receive it after one year, but the person is laid off in 10 months, can that person claim the bonus that is part of their CTC?
From India, Delhi
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I also want to know if gratuity is part of the CTC of the employee or if the employer has to give it over and above the CTC of the employee.
Additionally, when a retention bonus is part of CTC and one is supposed to receive it after one year, but the person is laid off in 10 months, can that person claim the bonus that is part of their CTC?
From India, Delhi
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Hello, can anyone tell me what gratuity is and what the law is regarding the same? Please read the Gratuity Act for the same.
I also want to know if gratuity is part of the CTC of the employee or if the employer has to give it over and above the CTC of the employee? It can or cannot be part of CTC; it depends upon the employer.
Additionally, when a retention bonus is part of CTC and one is supposed to receive it after one year, but the person is laid off in 10 months, can that person claim the bonus that is part of their CTC? You need to check your appointment letter clause for the retention bonus amount realization.
From India, Pune
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470I also want to know if gratuity is part of the CTC of the employee or if the employer has to give it over and above the CTC of the employee? It can or cannot be part of CTC; it depends upon the employer.
Additionally, when a retention bonus is part of CTC and one is supposed to receive it after one year, but the person is laid off in 10 months, can that person claim the bonus that is part of their CTC? You need to check your appointment letter clause for the retention bonus amount realization.
From India, Pune
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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 organization. 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 an 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 a monthly basis, and it is part of CTC.
From India, Mumbai
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The formula is as follows: (15 x last drawn salary x tenure of working) divided by 26. Gratuity can be paid on a monthly basis, and it is part of CTC.
From India, Mumbai
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Dear Meenu,
Your question is very basic and has been asked numerous times before, with detailed responses provided on many occasions. Could you please press the search button above to access the numerous threads discussing the subject of gratuity in the HR section?
Thank you.
From India, Salem
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Your question is very basic and has been asked numerous times before, with detailed responses provided on many occasions. Could you please press the search button above to access the numerous threads discussing the subject of gratuity in the HR section?
Thank you.
From India, Salem
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