Hello, There has been a delay in paying gratuity from the company's end. If I am owed a gratuity amount of 1 lakh, and a delay of 7 years from the date it is due, what is the interest percentage, and how is it calculated?
For example, certain forums mention it as 10% p/a (simple interest). So, is it 10,000 every year, so 70,000 as interest, or 10% simple interest on 1 lakh, so 10,000 is the interest payable? Kindly provide clarity, thanks
From India, Bengaluru
3For example, certain forums mention it as 10% p/a (simple interest). So, is it 10,000 every year, so 70,000 as interest, or 10% simple interest on 1 lakh, so 10,000 is the interest payable? Kindly provide clarity, thanks
From India, Bengaluru
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Madras HC judg regarding gratuity is applicable if workmen is working 4 years 240 days..pdf