Am I eligible for gratuity 4 years 9 months 9 days?

Yes, you are eligible for gratuity and as per gratuity act of 1972.

How is gratuity calculated for software employees?

The formula is: (15 * Your last drawn salary * the working tenure) / 30. For example, you have a basic salary of Rs 30,000. You have rendered continuous service of 7 years and the employer is not covered under the Gratuity Act. Gratuity Amount = (15 * 30,000 * 7) / 30 = Rs 1,05,000.

How do I know if I am eligible for gratuity?

One is eligible for gratuity payment if he/she meets one of the following conditions:

1. The employee is eligible for superannuation.
2. He/she retires.
3. The worker resigns after working for 5 years with a single employer.
4. The employee passes away or suffers disability due to illness or accident.

Who is eligible for gratuity After completing 5 years of service?

Since the employee who has completed 4 years 10 months and 18 days is eligible for gratuity as he has put in service of 5 years continuously as per SC explanation.

What is the law of gratuity in Madras?

MADRAS HIGH COURT has further held that an employee, who has put in service of 4 Years 10 Months and 18 Days in the 5 years, will be entitled to gratuity. The gratuity act says continued services . In this case , there is continuity in service. Further , as per SC , a year means 240 working days.

How to calculate gratuity of employees in a company?

As mentioned before, organisations with 10 employees in a single day in the preceding 12 months are covered under this act. For calculation of gratuity of employees in such organisations, the formula is – Gratuity = (15 x last drawn salary x number of completed years of service) / 26 The last drawn salary includes basic and dearness allowance (DA).

What is the gratuity payable under the GST?

Gratuity is payable if an organisation employs 10 or more individuals – Organisations with a workforce of 10 employees on a single day in the preceding 12 months are liable to pay gratuity. If the number of employees of the same organisation reduces to under 10, it will still have to pay the gratuity, as per regulations of the Act. 2.