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Gratuity Calculator: Use ClearTax online gratuity calculator to know gratuity amount of money you will get on retirement. Only those employees who have been employed by the company for five years or more are given the gratuity. Check out gratuity formula, percentage, eligibility, rules in India.
Use our online gratuity calculator to estimate your gratuity you will get when you retire. Know how to calculate gratuity with formula with example.
Any employee of a private company that provides EPF facilities is eligible to receive an amount as gratuity after completing 5 years of service. However, an employee is also eligible to get the gratuity before five years if he/she gets injured and disabled in an accident or due to a disease.
Jun 19, 2024 · Gratuity is calculated based on the employee’s last drawn salary and the number of years of service. Covered under the Payment of Gratuity Act 1972. Eligible Gratuity = Last Drawn Salary * 15/26 * Number of Years of Service. Components. Last Drawn Salary: includes basic salary, dearness allowance and commission received on sales.
Gratuity Calculator is to estimate the amount of gratuity an employee is entitled to receive from their employer as a part of their employee benefits package. The gratuity calculation works on a formula with inputs like monthly income, the service duration and dearness allowance.
How to Calculate Gratuity for Private Employees? The calculation of gratuity is based on the following formula: G = AB15/26. where, G is the gratuity amount. A refers to the period (in years) for which you have serviced the employer. B is the last drawn salary, including dearness allowance.
The Gratuity Calculator utilises a formula to estimate the gratuity amount you can receive, typically after completing five years of service in your current company. Private company employees eligible for Employee Provident Fund (EPF) benefits become eligible for gratuity after this period.
