gratuity

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chandan

chandan (Querist)
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12 December 2009 What is meant by Gratuity

ANIL JANGID

ANIL JANGID (Expert)
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12 December 2009 It is amount that will be paid for your continuous service of 5years in a single company for a minimum of 240 days every year. This will be mainly calculated on your basic which you will be having in your last month salary

CA SURENDRA KUMAR RAKHECHA

CA SURENDRA KUMAR RAKHECHA (Expert)
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12 December 2009 Gratuity is a graceful reward for the services rendered by an employee in the past.

At the time of leaving of an employee; the employer considers the valuable services rendered by him for a long period.

If he gifts a gold chain also; this is also a part of gratuity although in practical now-a-days we deem the cash paid by the employer as gratuity.

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ANIL JANGID

ANIL JANGID (Expert)
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13 December 2009 gratuity is the part of social security,it is payable on complition of 5 yr service.It is statutory payment,fine and plenty can be imposed on imployer,if default.