Dear Aisha,
Gratuity doesn't differ from company to company. if you want further clarification pls go through The Gratuity act - 1972 in Labour Laws Book.
Actually Gratuity amount = 15/26 x last drawn salary x no. of service year or Rs. 3,50,000 which ever is more, but not exceed Rs. 3,50,000. this amount will be given to employee at the time of his retirement (ie 58 yrs. completed). If suppose he may resigned his employment, the amount will be changed, it's depending on his no. of serviced year.
Regards
N. Arumugam
From India, Tiruchchirappalli
9Gratuity doesn't differ from company to company. if you want further clarification pls go through The Gratuity act - 1972 in Labour Laws Book.
Actually Gratuity amount = 15/26 x last drawn salary x no. of service year or Rs. 3,50,000 which ever is more, but not exceed Rs. 3,50,000. this amount will be given to employee at the time of his retirement (ie 58 yrs. completed). If suppose he may resigned his employment, the amount will be changed, it's depending on his no. of serviced year.
Regards
N. Arumugam
From India, Tiruchchirappalli
Dear suresh
u want to say if i have completed 10 year in first organization, at the last year when i have claimed my gratuity, my basic is 40000 per month.
i get the gratuity Rs. 2,00,000.00
than after more 10 years in a next company on the same rate of salary & at the end of service i will get only 150000
i am not clear
please help me
From India, Ahmadabad
u want to say if i have completed 10 year in first organization, at the last year when i have claimed my gratuity, my basic is 40000 per month.
i get the gratuity Rs. 2,00,000.00
than after more 10 years in a next company on the same rate of salary & at the end of service i will get only 150000
i am not clear
please help me
From India, Ahmadabad
An employee can get more than what is provided under The Payment of Gratuity act which is at present Rs. 3,50,000/- How ever there must be an agreement, award or settlement between an employer and employee providing higher quantum of gratuity then one under PGA. Under PGA there is provision which permits to have better terms of payment of gratuity then it. I hope this will clarify the position.
p m patel
From India, Mumbai
p m patel
From India, Mumbai
Dear Medical and LTA is fixed amount and has nothing to do with your leaves, while if u are signing off the services with comapny it will considered. Rajashree
Hi Tribikram
Gratuity is payable to any employee on successful compeletion of five yrs of continuous employment in the same organization and is calculated half or last drawn basic multiplied by number of yrs of service divided by 26.
EG: If I leave my organization on 6th year and my basic is Rs.10000/- the the calculation would be 10000*15*6/26 = Gratuity which cannot exceed more than Rs.350000/-
Regards,
Shiva
From India, Pune
Gratuity is payable to any employee on successful compeletion of five yrs of continuous employment in the same organization and is calculated half or last drawn basic multiplied by number of yrs of service divided by 26.
EG: If I leave my organization on 6th year and my basic is Rs.10000/- the the calculation would be 10000*15*6/26 = Gratuity which cannot exceed more than Rs.350000/-
Regards,
Shiva
From India, Pune
hai shiva, wat u said was exactly correct,, it was really a good information... best regards, K.Murugan
From India, Madras
From India, Madras
Let me Know about proposed revision of gratuity from present ceiling of Rs.350000/- Some one says it is 1000000/- Is it correct. Regards, N.V.Rao
From India, Delhi
From India, Delhi
Dear All,
There is a proposal revise the max. payment of Gratuity may be revised to 3,50,000 to 10,00,000/-. There is no amenment or notification till this time, once the notification is published on offical gazette, the existing provision will be in application (Rs.3,50,000/-)
Regards,
Murugavel.B
Chennai
From India, Madras
There is a proposal revise the max. payment of Gratuity may be revised to 3,50,000 to 10,00,000/-. There is no amenment or notification till this time, once the notification is published on offical gazette, the existing provision will be in application (Rs.3,50,000/-)
Regards,
Murugavel.B
Chennai
From India, Madras
Hi Tribikram,
Please make a note that the gratuity amount must not exceed Rs. 3,50,000. For govt employees, any amt of gratuity received is totally exempt from tax.
However, for the non - govt employees, please make a note of the following points:
1) For non govt employees ( covered under the Payment of Gratuity Act, 1972), exemption of tax would be on the basis of the following:
a) 15 days' salary last drawn for each completed year of service (15 days salary x length of service)........salaryamt x 15/26
If the period is of service is 6 months or less than 6 months, then pls ignore it. If its more than 6 months, then consider it as 1 yr.
b) Rs. 350000
c) Gratuity actually received
2) For non-govt employees (not covered under the payment of Gratuity Act, 1972); exemption of tax is on the basis of the following:
a) Rs. 350000
b) half month;s avg salary for each completed yr of service
c) Gratuity actually received.
Hope all the aforementioned points would help in clearing your doubts.
Thanx and regards,
Ayona
From India, Delhi
Please make a note that the gratuity amount must not exceed Rs. 3,50,000. For govt employees, any amt of gratuity received is totally exempt from tax.
However, for the non - govt employees, please make a note of the following points:
1) For non govt employees ( covered under the Payment of Gratuity Act, 1972), exemption of tax would be on the basis of the following:
a) 15 days' salary last drawn for each completed year of service (15 days salary x length of service)........salaryamt x 15/26
If the period is of service is 6 months or less than 6 months, then pls ignore it. If its more than 6 months, then consider it as 1 yr.
b) Rs. 350000
c) Gratuity actually received
2) For non-govt employees (not covered under the payment of Gratuity Act, 1972); exemption of tax is on the basis of the following:
a) Rs. 350000
b) half month;s avg salary for each completed yr of service
c) Gratuity actually received.
Hope all the aforementioned points would help in clearing your doubts.
Thanx and regards,
Ayona
From India, Delhi
Find answers from people who have previously dealt with business and work issues similar to yours - Please Register and Log In to CiteHR and post your query.
REQUEST FOR DEDUCTION OF GRATUITY AMOUNT (2).pdf
Security Amount Proof.docx