Following are some of the most prominent points about payment of gratuity by an employer to an employee. The payment of Gratuity Act was passed in the year and covers employees engaged in mines, factories, oil fields, plantations, companies, ports and other such establishments which have more than ten employees. The gratuity amount unlike provident fund is totally paid by the employer without any contribution from the employee.
According to the Payment of Gratuity Act of , an employer holds the right to forfeit their gratuity payment, either wholly or partially despite the employee having completed 5 and more years of service in a company. Listed below are the components that go into calculation of gratuity amount. The amount is also dependent upon the number of years served in the company and the last drawn salary.
For example, if Amit is an engineer who has worked with SF Company for 20 years of service and had Rs. However, an employer can choose to pay more gratuity to an employee since it is a form of tip as mentioned in the beginning but then the amount as restricted by the Gratuity Act cannot exceed more than Rs. Anything above the amount Rs. Also, for the number of months in the last year of employment, anything above 6 months is rounded off to the next number while anything below 6 months in the last year of employment is rounded off to the previous lower number.
So, a job held for 6 years 7 months will fetch you gratuity amount for 7 years while that held for 6 years and 4 months will fetch you gratuity amount for 6 years. When it comes to paying gratuity to an employee, an employer is not restricted by the law even if the organisation is not covered under the Gratuity Act. Salary, in this case, is calculated including basic pay, commission on sales, and dearness allowance.
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The following formula is considered for the calculation of gratuity amount for employees who are not covered under the Gratuity Act:. X is an employee of ABC Pvt. The last basic salary that he has drawn is Rs.
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He has been working in the organisation for 10 years and 8 months. Thus, the gratuity amount for Mr. X will be as follows:. The period of service of an employee is taken as a whole year for the calculation. In case the number of months worked in the last year is less than 6 months, the previous number of completed years is considered. However, if the number of months completed in the last year of service is more than 6 months, the year is considered to be a full year for the purpose of calculation.
In this case, Mr. A has worked for 10 years and 8 months. Thus, his working tenure has been considered as 11 years. If the service period had been 10 years and 4 months or anything less than 6 months , the number of years of service would have been considered as 10 years only. Gratuity Amount is equal to one-fourth of the last-drawn basic salary of an employee for each completed six-month period. The retirement gratuity amount which is payable is 16 times of the basic salary.
However, it is subject to a cap of Rs. In case of death of an employee, the gratuity benefits are calculated on the basis of the tenure of service of the employee.
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The amount is, however, subject to a maximum of Rs. The following table shows the rates at which the gratuity will be payable in case of death of an employee:.
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The taxation process for gratuity depends upon the employee who is receiving the gratuity amount. Two standard cases arise for the calculation of tax on gratuity:. In case any employee under the state government, central government or local authority receives gratuity amount than the amount is fully exempt from Income Tax.
In case of gratuity received by any employee whose employer is covered under the Gratuity Act, the following amount is exempt from tax.
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Your Life Path number is derived from your date of birth. Birthday Number Birthday Number is one of the most important information about a person. It tells us about personal characteristics, lessons learned, as well as about weaknesses which should be avoided. Name Numerology - Online Calculator.
Personal Year - Online Calculator Personal Year number is based on your date of birth and the year you want to know about. Ready to brush off your GCSE maths? Take the first date of your last normal period, add seven days to that number. Take that date, add nine months, and you get your due month.
All babies grow at an individual rate and your due date is only an estimation, so be as prepared as you can be for a slightly-earlier-than-expected surprise, or carrying your baby for a little longer than that date you now have fixed in your head. Your due date is calculated from the end of your last period, plus 40 weeks or days.
That said, it is very likely your baby will arrive a couple of weeks either side of your due date, so it's a good idea to keep this date in mind and get prepared! So, this means when your doctor tells you you're four weeks pregnant, your baby's gestational age is actually two weeks. In fact, your full-term pregnancy is considered to be anywhere from 38 to 42 weeks. At your dating scan , otherwise known as your week scan , your midwife will be able to give you a more accurate guide to your due date.
You will normally have a dating scan between weeks pregnant. Trimester means 'three months', so your pregnancy will be divided into three trimesters. Your first trimester will be from conception to thirteen weeks and six days. Your second trimester is from 14 weeks to 27 weeks and six days.
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Your third trimester is from 28 weeks to when you give birth. If you have any questions or worries talk to your doctor. Whether you are hankering for a summer baby or fancy not giving birth on Christmas day, you may be looking to 'plan your due date'. It's verging on impossible to plan your due date exactly, even if you are lucky enough to fall pregnant when you want to.
There are some natural ways to induce labour, however, which you may want to bookmark for when the time arrives! How big is my baby?
Your baby in fruit and veg. When is your due date? Let us know on Facebook or Twitter! Join the club!
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