Dipjyoti Majumdar (CA in service & CS. dipmaj@ rediffmail.com ) (3468 Points)
07 August 2013I wish to know the basic wages limit for applicability of Payment of Gratuity Act 1972.
Also the same for application of ESI and PF. And the rate for ESI.
Regards,
jakson
(Accountant)
(41 Points)
Replied 16 January 2014
The basic wages limit for applicability of Payment of Gratuity is a lump sum payment to employee when he retires or leaves service. This is a one of the retirement benefit to an employee so that he can live life comfortably after retirement. Under Gratuity Act, gratuity is payable even to an employee who resigns after completing at least 5 years of service then after it's applicable for PF and ESI benefits.
Thanks..
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