This excel is for understanding the Gratuity Calculation, which is a tentative Calculation to find the amount for Gratuity when person left from the organisation. or we say at the time of full and final settlement.
Formula :- Last Drawn Salary/26*15*No of Yrs Service.
Rules :-
1) Which consist of Minimum 5 Yrs Service as per Gratuity Act 1972. and if person complete more than 6 month , then its consists 1 Year.
2 )But the person who is minimum 4 yrs & 8 month service is consider as "0" zero years of gratuity service.
3) And if his is work for 4 Yrs & 8 Month and more but less than 5 yrs, then also he is consider as 5 yrs of services for gratuity is applicable.
From India, Pune
2Formula :- Last Drawn Salary/26*15*No of Yrs Service.
Rules :-
1) Which consist of Minimum 5 Yrs Service as per Gratuity Act 1972. and if person complete more than 6 month , then its consists 1 Year.
2 )But the person who is minimum 4 yrs & 8 month service is consider as "0" zero years of gratuity service.
3) And if his is work for 4 Yrs & 8 Month and more but less than 5 yrs, then also he is consider as 5 yrs of services for gratuity is applicable.
From India, Pune
Hi Sachin, thanks for sharing the Gratuity calculator - this is very helpful. But I think it is missing a fine point. As per gratuity act, six month period is to be considered as full year if no. of working days are 95/120 days (as the case may be). I have a case where employee joined on 18 Jan 2008 and last working date was 15 July 2021 (so effectively service period is 13 YEARS 5 MONTHS 28 DAYS). As per your file, total completed years of service is 13 Years. However, as per the gratuity act, it should be considered as 14 YEARS as the employee has met the criteria of working more than 95/120 days in the '5 Month 28 Days' period.
Can you please throw some light on this. I am attaching your updated template for reference.
From India, Pune
Can you please throw some light on this. I am attaching your updated template for reference.
From India, Pune
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.
Salary Sheet Format with formula.xls
Format Meanings.txt