As the new wage code 2021 is set to kick off w.e.f. April 1st , 2021 ( if i am correct), can it be concluded that employees who leave the organization after 01.04.2021 become eligible for payment of gratuity without completing the period of 4 years 240 days but have served for 1-year duration?
If yes, will the formula used currently for the calculation of amount be the same or some changes have been proposed in that as well?
Regards
From India, Nagpur
If yes, will the formula used currently for the calculation of amount be the same or some changes have been proposed in that as well?
Regards
From India, Nagpur
Dear Abhishek,
I would like to request you kindly to go through the provisions of sec. 53 of the Code on Social Security,2020 with a combined reading of its sec.54 which deals with continuous service for the purpose of gratuity almost similar to the definition of the term "continuous service " as occurring in sec.2-A of the Payment of Gratuity Act,1972..
However, the prominent changes pertaining to minimum qualifying service for gratuity under the Code are the following only:
A) The minimum qualifying service or continuous service is
- Three ( 3) years in respect of working journalists as defined u/s 2(f) of the WJ&ONPE Act,1955.
- The completion of continuous service of five years shall not be necessary in respect of the expiration of fixed term employment.
B) No change in the formula for calculation of gratuity.
From India, Salem
6018I would like to request you kindly to go through the provisions of sec. 53 of the Code on Social Security,2020 with a combined reading of its sec.54 which deals with continuous service for the purpose of gratuity almost similar to the definition of the term "continuous service " as occurring in sec.2-A of the Payment of Gratuity Act,1972..
However, the prominent changes pertaining to minimum qualifying service for gratuity under the Code are the following only:
A) The minimum qualifying service or continuous service is
- Three ( 3) years in respect of working journalists as defined u/s 2(f) of the WJ&ONPE Act,1955.
- The completion of continuous service of five years shall not be necessary in respect of the expiration of fixed term employment.
B) No change in the formula for calculation of gratuity.
From India, Salem
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