Dear All,
Could you please tell me how the gratuity is calculated? I am working in a private company and joined on March 12, 2007. I resigned and was relieved on November 3, 2011.
As far as I know, any employee can receive gratuity even if they complete 4 years and 240 days. My question is, on what date will the gratuity calculation be considered? Will it be the joining date of the employee, or will it be calculated based on the year's starting date, like from January to December?
Am I eligible to receive gratuity even if I have not completed 4 years and 8 months? I have completed 4 years and nearly 230 days. Could you please confirm if I am eligible for gratuity?
Thank you.
From India, Pune
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Could you please tell me how the gratuity is calculated? I am working in a private company and joined on March 12, 2007. I resigned and was relieved on November 3, 2011.
As far as I know, any employee can receive gratuity even if they complete 4 years and 240 days. My question is, on what date will the gratuity calculation be considered? Will it be the joining date of the employee, or will it be calculated based on the year's starting date, like from January to December?
Am I eligible to receive gratuity even if I have not completed 4 years and 8 months? I have completed 4 years and nearly 230 days. Could you please confirm if I am eligible for gratuity?
Thank you.
From India, Pune
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Hello Ragunath,
Thank you for giving a quick reply, but I have verified all the documents and am unable to find my case. When I inquired with my company's finance department, I came to know that I am not eligible for gratuity. They are saying that the minimum criteria for gratuity eligibility is 4 years and 240 days, but in my case, it is only 4 years and 232 days. Please let me know if I am eligible for any clause.
Thanks in advance.
Regards,
Ram
From India, Pune
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Thank you for giving a quick reply, but I have verified all the documents and am unable to find my case. When I inquired with my company's finance department, I came to know that I am not eligible for gratuity. They are saying that the minimum criteria for gratuity eligibility is 4 years and 240 days, but in my case, it is only 4 years and 232 days. Please let me know if I am eligible for any clause.
Thanks in advance.
Regards,
Ram
From India, Pune
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PAYMENT OF GRATUITY
Gratuity is a kind of retirement benefit like Provident Fund or Pension. This payment is intended to help an employee after his/her retirement, whether the retirement is the result of superannuation or physical disability.
ELIGIBILITY: Employee should have completed minimum of 4 years and 8 months of continuous service.
CALCULATION OF NO OF YEARS OF SERVICE:
If a person has completed 5 years and 7 months continuous service, it will be taken as 6 years.
If a person has completed 5 years and 6 months continuous service, it will be taken as 5 years only.
CALCULATION OF GRATUITY AMOUNT:
Gratuity is to be calculated at the rate of 15 days salary (i.e.last drawn salary) for each completed year of service, subject to a maximum of Rs.10 lakhs.
METHOD OF CALCULATION:
LDS = LAST DRAWN SALARY(BASIC).
`LDS’ X 15 days X No of years of service completed
--------------------------------------------------------------------- = Gratuity Amount.
26 days
From India
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Gratuity is a kind of retirement benefit like Provident Fund or Pension. This payment is intended to help an employee after his/her retirement, whether the retirement is the result of superannuation or physical disability.
ELIGIBILITY: Employee should have completed minimum of 4 years and 8 months of continuous service.
CALCULATION OF NO OF YEARS OF SERVICE:
If a person has completed 5 years and 7 months continuous service, it will be taken as 6 years.
If a person has completed 5 years and 6 months continuous service, it will be taken as 5 years only.
CALCULATION OF GRATUITY AMOUNT:
Gratuity is to be calculated at the rate of 15 days salary (i.e.last drawn salary) for each completed year of service, subject to a maximum of Rs.10 lakhs.
METHOD OF CALCULATION:
LDS = LAST DRAWN SALARY(BASIC).
`LDS’ X 15 days X No of years of service completed
--------------------------------------------------------------------- = Gratuity Amount.
26 days
From India
Acknowledge(0)Amend(0)
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