Hi, How to calculate gratuity in case of death of employee within work only 1.2 years. and what is formula.
From India, Ahmedabad
From India, Ahmedabad
The same formula should be used for death cases also, ie, 15 days salary for every year of service. Here the deceased had only one year service and the fraction of two months shall be ignored. had it been more than six months we should have rounded it upwards and made it as 2 years service. You can find the average salary by dividing the salary by 26 and then ,multiply it by 15. This is the salary payable.
If you have taken any death cum gratuity policy from the LIC, then the LIC will pay the gratuity amount and the amount is calculated on the presumption of a length of service till his retirement age. The gratuity qualifying salary would also be subjected to inflation according to the length of service. This would give more benefits to the dependents.
From India, Kannur
4240If you have taken any death cum gratuity policy from the LIC, then the LIC will pay the gratuity amount and the amount is calculated on the presumption of a length of service till his retirement age. The gratuity qualifying salary would also be subjected to inflation according to the length of service. This would give more benefits to the dependents.
From India, Kannur
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FORM-F-NOMINATI ON OF GRATUITY.pdf
Gratuity Form I.doc