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When you join an organisation , you’re asked to share your nominee details documentation, the person who’ll receive your dues if something unexpected happens. This includes benefits like ‘gratuity’, which is a kind of saving earned through both the employee’s and employer’s contribution. It stays with the company and is given when you leave or…
Gratuity is a payment made by an employer to an employee as a token of appreciation for his/her long service within the same organisation for at least a period of 5 years. Significantly, any service duration of 6 months and above is considered to be a full year. Organisations with 10 or more workers need…
Gratuity Calculation: The number of years and the last-drawn basic salary of an employee are used to calculate the gratuity amount. To your surprise, any service period of 6 months or more is rounded up to a full year. As per the Payment of Gratuity Act, 1972, organisations with 10 or more employees are mandated…