Hi I am an MBA student doing a study on compensation components. I wish to know what is superannuation and what is gratuity. Pls help Jenny
Dear Jenny,
To my knowledge,
Superannuation is a contract between an employer and an employee . When the period of service mentioned is over , you say that on account of superannuation he left the company.
Gratuity : This is payment made to an employee for his continuous service of 5years. He will be payed certain amount which will be calculated based on his/her basic pay X No. of years of service X 15/26 .
Anyway pl cross check the same.
Regards
N.Neelam
From India, Madras
To my knowledge,
Superannuation is a contract between an employer and an employee . When the period of service mentioned is over , you say that on account of superannuation he left the company.
Gratuity : This is payment made to an employee for his continuous service of 5years. He will be payed certain amount which will be calculated based on his/her basic pay X No. of years of service X 15/26 .
Anyway pl cross check the same.
Regards
N.Neelam
From India, Madras
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Retirement on Superannuation - when - Court judgment.doc