Gratuity is an important retirement benefit to employees in the Indian context, is relevant for all organizations whether it is MNC’s, Schools or Other businesses) having more than 10 employees. Employees sacrifice prime time of their life for the development, prosperity and betterment of employer, employer bound to pay employee gratuity as a graciousness or gift to him, when he no longer serves him.Gratuity is a statutory obligation on the shoulders of the employer to make the payment of Gratuity to his employees as soon as it becomes payable .These benefits are necessary to ensure employees get financial secuirty on exit from Job.
Payment of Gratuity Act 1972 was the Act which governs Grauity to employees,now New code has subsume this law.
Renowned site Tax guru has this article which is quite expalnatroy and link to this article is placed below for information of all of us who become entitled for gratuity due to employment.
All credit to website and author concerned for the article
https://taxguru.in/corporate-law/gra...1-04-2021.html
From India, Pune
3131Payment of Gratuity Act 1972 was the Act which governs Grauity to employees,now New code has subsume this law.
Renowned site Tax guru has this article which is quite expalnatroy and link to this article is placed below for information of all of us who become entitled for gratuity due to employment.
All credit to website and author concerned for the article
https://taxguru.in/corporate-law/gra...1-04-2021.html
From India, Pune
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