Hi,
I was working with a private company for 5.2 years, in my ctc some X amount is offered under annual as a retirals. In offer letter they have mentioned as it is given under gratuity act 1972.
Till now after 3 months, they didn't finalize the amount of gratuity. How these X amount will be calculated ? is it will be DA? if not will they divide the X/12 and add it basic and *15/26*5?? this make a huge difference.
Ex: if Retiral bonus is 50000/anum, which can consider as DA and basic is 25000, Calculation is ----- (25000+50000)*15/26*5then gratuity amount will be 2,16,346/ -
if Retirals bonus is consider as basic, (25000+50000/12) *15/26*5 --- 84134/- Which differ around 1,30,000/-
If doesn't consider any retirals also then gratuity amount is 72115/- having 50000/year in CTC give me only 12000 for 5 years of service. How this is possible? then my CTC should be CTC-50000 only.
Please help me which one is correct?
From India, Bengaluru
I was working with a private company for 5.2 years, in my ctc some X amount is offered under annual as a retirals. In offer letter they have mentioned as it is given under gratuity act 1972.
Till now after 3 months, they didn't finalize the amount of gratuity. How these X amount will be calculated ? is it will be DA? if not will they divide the X/12 and add it basic and *15/26*5?? this make a huge difference.
Ex: if Retiral bonus is 50000/anum, which can consider as DA and basic is 25000, Calculation is ----- (25000+50000)*15/26*5then gratuity amount will be 2,16,346/ -
if Retirals bonus is consider as basic, (25000+50000/12) *15/26*5 --- 84134/- Which differ around 1,30,000/-
If doesn't consider any retirals also then gratuity amount is 72115/- having 50000/year in CTC give me only 12000 for 5 years of service. How this is possible? then my CTC should be CTC-50000 only.
Please help me which one is correct?
From India, Bengaluru
Dear Mr. Rakesh,
Generally basic+DA will be taken into account as salary for Gratuity. This salary x service (here it is 5) x 15/26 will be the Gratuity amount. If Gratuity is calculated as 12000, the have taken salary as 4160.
Abbas.P.S
From India, Bangalore
517Generally basic+DA will be taken into account as salary for Gratuity. This salary x service (here it is 5) x 15/26 will be the Gratuity amount. If Gratuity is calculated as 12000, the have taken salary as 4160.
Abbas.P.S
From India, Bangalore
According to my CTC... Basic salary is 25000 and Retirals is 50000/- . So couldn't get the final figure for gratuity.
I am asking, which one is correct ? 84k or 2.1lac? so that I can move this issue into labour court.
From India, Bengaluru
I am asking, which one is correct ? 84k or 2.1lac? so that I can move this issue into labour court.
From India, Bengaluru
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Gratuity Act-Teachers-Ma dhya Pradesh.docx
Payment of Gratuity Act, 1972 & The Rules.ppt