Gratuity Calculation: What will be your gratuity for Rs 35,000, Rs 55,000, and Rs 75,000 last-drawn salary after 11 years and 8 months of service?

5 years of continuous service are required to be eligible for gratuity as per the Payment of Gratuity Act, 1972.

Gratuity is payable in the following situations: 1. Retirement: Upon retirement from service 2. Resignation: After completing 5 years of continuous service 3. Death or Disability: In the event of death or disability due to accident or illness while in service 4. Superannuation: Upon reaching superannuation age (a type of retirement benefit)

To get gratuity, you need 5 years of continuous service. Other than that, any service period of 6 months or more is counted as a full year.

The number of years and the last-drawn basic salary of an employee are used to calculate the gratuity amount.

If a company falls under the Payment of Gratuity Act of 1972, it cannot count itself out. 

Yes, it is compulsory to complete five years of continuous service to apply for gratuity. 

(Last Drawn Salary x Number of Years of Service) X 15/26 Here, 15 refers to 15 days’ wages per year, and 26 refers to 30 days in a month, excluding Sundays.

Let’s calculate gratuity for an employee with a basic salary of Rs 60,000, 11 years, and 8 months of service (rounded to 12 years). Gratuity = (35,000 × 12 × 15) ÷ 26 Gratuity = Rs 2,42,307

Let’s calculate gratuity for an employee with a basic salary of Rs 80,000, 11 years, and 8 months of service (rounded to 12 years). Gratuity = (55,000 × 12 × 15) ÷ 26 Gratuity = Rs 3,80,769

Let’s calculate gratuity for an employee with a basic salary of Rs 90,000, 11 years, and 8 months of service (rounded to 12 years). Gratuity = (75,000 × 12 × 15) ÷ 26 Gratuity = Rs 5,19,230