#gratuity calculation

India News: अधिकतर कर्मचारी अपने CTC में ग्रेच्युटी के समावेश को लेकर अनजान होते हैं। कंपनियां ग्रेच्युटी को सैलरी स्ट्रक्चर का हिस्सा बनाती हैं, लेकिन यह राशि तुरंत नहीं मिलती। Payment of Gratuity Act, 1972 के तहत यह भुगतान केवल निर्धारित शर्तों पर ही प्राप्त होता है। कर्मचारियों के लिए इसकी गणना समझना महत्वपूर्ण है। ग्रेच्युटी का उद्देश्य और पात्रता ग्रेच्युटी कंपनी द्वारा कर्मचारी को दिया…

India News: अधिकतर कर्मचारी अपने CTC में ग्रेच्युटी के समावेश को लेकर अनजान होते हैं। कंपनियां ग्रेच्युटी को सैलरी स्ट्रक्चर का हिस्सा बनाती हैं, लेकिन यह राशि तुरंत नहीं मिलती। Payment of Gratuity Act, 1972 के तहत यह भुगतान केवल निर्धारित शर्तों पर ही प्राप्त होता है। कर्मचारियों के लिए इसकी गणना समझना महत्वपूर्ण है। ग्रेच्युटी का उद्देश्य और पात्रता ग्रेच्युटी कंपनी द्वारा कर्मचारी को दिया…

📑 Table of Contents What is Salary in Income Tax Act?, What is Basic Salary? Importance of Basic Salary Taxability of Basic Salary Basic Salary vs Gross Salary vs Net Salary Allowances and Contributions Based on Basic Salary How to Calculate Basic Salary? Tips to Optimize Tax on Salary Real-Life Example Frequently Asked Questions (FAQs) 📌 1. What is Salary in Income Tax Act? ✅ What is…

Did You Know Gratuity Eligibility Of 5 Years May Be Relaxed? Check Out The Present Rules

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New Delhi: In the changing employment scenario where job tenures are getting shorter along with the declining job security and rise of contractual employment, there are chances that the current five year eligibility period for gratuity is reduced. Also Read: Digital Payment Failure? RBI Introduces Online Dispute Resolution System For All Your Grievances

As reported by the business…

खुशखबरी! करोड़ों नौकरीपेशा लोगों को राहत देने के लिए सरकार बदल सकती है ग्रेच्युटी का 5 साल का नियम

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नई दिल्ली.देशभर के नौकरीपेशा लोगों के लिए केंद्र सरकार (Government of India) एक बड़ा ऐलान कर सकती है. दरअसल, केंद्र सरकार इस तैयारी में है कि ग्रेच्युटी (Gratuity Rules Change Soon) के लिए 5 साल की शर्त को खत्म कर 1 साल कर दिया है. इसके अलावा फिक्स्ड टर्म पर काम करने वालों को भी ग्रेच्युटी देने का…

Gratuity is an amount paid by the employer to employee as a gratitude for his service to the company for more than 5 years. The Gratuity amount depend upon the employer. In US this is also called as Tip, however in India it is called as ‘Gratuity’. As per Gratuity Act 1972, a minimum Gratuity amount is to be paid by the employer. Calculation of gratuity may vary according to the job category. Here we have shown how to calculate Gratuity amount for employee of different establishments in India. At last also read important facts about Gratuity payment in India.

Gratuity formula for monthly salaried employee

Gratuity = Last drawn salary x (15/26) x Total years of service

Where, Last drawn salary= basic salary + DA (Dearness allowance) Total years of service rounded off to nearest integer, for example 9 years & 7 months means 10 years of service and 12 years & 5 months means 12 years.

Example of Gratuity calculation: John worked for an engineering company for 10 years and 9 months, his last drawn basic salary was 30000 and DA 15000, than gratuity amount after his resignation would be as follows.

Last drawn salary= 30000+15000=45000 Total years of service=11 years Gratuity= 45000×15/26x 11= 285577

Gratuity formula for Piece Rated Employee

Gratuity = Last drawn wages x (15/26) x Total years of Service 

Where, Last drawn Wages = Total wages received during three months immediately preceding termination /Days actually worked Last drawn wages shall not include overtime wages. Total years of service includes a part of year in excess of six months

Gratuity formula for employee of a Seasonal Establishment.

Employee of seasonal establishment shall be paid gratuity at the rate of 7 days wages for each season

Source:http://www.gratuity.org.in/gratuity-formula.php

Gratuity Eligibility and Other Facts:

An employee is eligible for Gratuity after 5 years of service.

Gratuity is calculated based on last drawn (basic + DA) salary and total years of service.

Any establishment having more than 10 employees have to obey gratuity act and pay gratuity to their employee.

Gratuity amount upto 10 lakh is eligible for tax rebate.

In USA a gratuity (also called a tip) is a sum of money customarily tendered, in addition to the basic price, to certain service sector workers for a service performed or anticipated.