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Aug 25, 2012 · The Payment of Gratuity Act, 1972 provides for a mandatory gratuity payment by employers to their employees at the time of their retirement or resignation after a minimum of 5 years of continuous service.
Nov 21, 2019 · The Payment of Gratuity Act of 1972 provides monetary benefits to employees in factories, mines, and other establishments upon their retirement or death after 5 years of continuous service. It aims to financially support workers who have given long years of service.
Nov 1, 2007 · Powerpoint presentation on the Pyment of Gratuity Act, 1972 1st November 2007 From India, Mumbai Attached Files (Download Requires Membership)
Jan 11, 2014 · PAYMENT OF GRATUITY ACT, 1972 APPLICABILITY : On Employers with ten or more Employees. GROUP GRATUITY SCHEME. GRATUITY : A Lump Sum Benefit 15 days’ salary for each year of completed service Service of 6 months or more taken as one year
Payment of Gratuity Act, 1972. What is Gratuity? Benefit plan given by the employer to the employee for rendering services . Atype of retirement benefit. Amonetary benefit usually given at the time of retirement . A type of social security to employees. When it is given? a) On his superannuation, or b) On his retirement or resignation .
The Payment of Gratuity Act of 1972 establishes statutory obligations for employers regarding gratuity payments to employees. It provides protections for employee gratuity and outlines requirements for continuous service, controlling authorities, nomination of beneficiaries, recovery of unpaid gratuity, and determining the amount owed based on ...
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May 5, 2010 · The Payment of Gratuity Act, 1972 provides for a mandatory gratuity payment by employers to their employees at the time of their retirement or resignation after a minimum of 5 years of continuous service.
Dec 2, 2013 · The document discusses the key aspects of the Payment of Gratuity Act including who is eligible for gratuity, how gratuity is calculated, procedures for applying and paying gratuity, disputes resolution process, and penalties for non-compliance.
IMPORTANT DEFINITIONS. Eligibility. Gratuity is payable to an employee who at the termination of employment has served 5 years’ of continuous service. Termination could be due to superannuation, retirement, resignation or even removal.
