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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…
Gratuity serves as a reward for employees who have completed a minimum of 5 years of continuous service, acknowledging their loyalty and commitment to the organisation. Organisations employing 10 or more individuals over the past years and following the Payment of Gratuity Act, 1972, are required to pay gratuity. Any service period of 6 months…