HI, Can any one explain me the difference between Supper annuation and Gratuity and ho wit is calculated based on the Salary
From India, Hyderabad
From India, Hyderabad
NORMALLY SUPERANUATION IMPLIES THE MAXIMUM AGE ON WHICH AN EMPLOYEES IS SCHEDULED TO RETIRE. SUPPOSE THE AGE OF SUPERANUATION IS 58 YEARS, IT WILL MEAN THAT AS SOON AS THE EMPLOYEE REACHES THE AGE OF 58 YEARS HE WILL BE RETIRED. NOW COMES THE QUESTION OF GRATUITY. GRATUITY IS PAID FOR THE GOOD PAST SERVICES RENDERED BY AN EMPLOYEE. NOW A DAYS MOST OF THE EMPLOYEES ARE COVERED UNDER THE PAYMENT OF GRATUITY ACT. THE GRATUITY IS CALCULATED WITH RESPECT TO LAST DRAWN SALARY. THE GRATUITY ACT PRESCRIBES GRATUITY AT THE RATE OF 15 DAYS SALARY FOR EACH COMPLETED YEAR OF SERVICE. SUPPOSE A PERSON HAS PUT IN 10 YEARS SERVICE AND IS DRAWING A SALARY OF RS.10000. HE WILL GET GRATUITY BY MULTIPLYING 10000 WITH 10. FURTHER THE PRODUCT WILL BE MULTIPLED BY 15/26.
DEEPAK THUKRAL
CHANDIGARH
From India, Chandigarh
3DEEPAK THUKRAL
CHANDIGARH
From India, Chandigarh
Hi kalpana..
Superannuation is also called as Voluntary Retirement from the services.. This is mainly in practice with Govt. or Semi Govt. Bodies..
Whereas Gratuity is been paid after Superannuation, resignation or retirement from the service.. but only those are applicable who has rendered continuous service for 5 years or more...
Gratuity is been paid @ 15 days salary for every year, he has rendered his service to the organisation..
Gratuity Payable = monthly wages last drawn/26*15 * No. of yrs.
We calculate the salary of one month on the basis of 26 working days only..
If one has rendered his service of 10 years to an organisation and his last drawn salary was Rupees 8000 per month.. then his Gratuity wuld be..
Gratuity Payable = 8000*15/26 * 10 (Yrs)
The maximum gratuity that could be payable should not exceed rupees 3,50,000 in any case..
Even in case of Superannuation the Gratuity paid would remain same..
Hope now it will be clear with you..
Regards,
Amit Seth.
From India, Ahmadabad
Superannuation is also called as Voluntary Retirement from the services.. This is mainly in practice with Govt. or Semi Govt. Bodies..
Whereas Gratuity is been paid after Superannuation, resignation or retirement from the service.. but only those are applicable who has rendered continuous service for 5 years or more...
Gratuity is been paid @ 15 days salary for every year, he has rendered his service to the organisation..
Gratuity Payable = monthly wages last drawn/26*15 * No. of yrs.
We calculate the salary of one month on the basis of 26 working days only..
If one has rendered his service of 10 years to an organisation and his last drawn salary was Rupees 8000 per month.. then his Gratuity wuld be..
Gratuity Payable = 8000*15/26 * 10 (Yrs)
The maximum gratuity that could be payable should not exceed rupees 3,50,000 in any case..
Even in case of Superannuation the Gratuity paid would remain same..
Hope now it will be clear with you..
Regards,
Amit Seth.
From India, Ahmadabad
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