Dear Sir, What is meant by monetary ceiling, and the amendment act of 1994 replaced the existing ceiling of 20 months wages for payment of gratuity by a monetary ceiling of Rs.50,000/- means what.
From India, Pune
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5From India, Pune
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The phrase "Monetary ceiling," generally, refers to the cap or maximum limit put on the sum receivable by means of a formula for its calculation.
In respect of gratuity under the PG Act, 1972, it is "Last drawn wages/26 X 15 X The total number of years of continuous service rendered." Thus, it can be any amount variable according to the amount of last drawn wages and the length of service, but it is limited or restricted to a maximum, which is the ceiling on the actual amount to be received. It now stands at Rs. 20 lakh.
From India, Salem
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In respect of gratuity under the PG Act, 1972, it is "Last drawn wages/26 X 15 X The total number of years of continuous service rendered." Thus, it can be any amount variable according to the amount of last drawn wages and the length of service, but it is limited or restricted to a maximum, which is the ceiling on the actual amount to be received. It now stands at Rs. 20 lakh.
From India, Salem
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Gratuity Act(Amendment) 28.3.2018.pdf
Payment of Gratuity Amendment Act 2009.doc