Information and applicability on Payment of Gratuity Act

 

The Payment of Gratuity Act is a labour law in India that provides for the payment of gratuity to employees who have worked continuously for at least five years in an organization with 10 or more employees. Gratuity is a lump sum amount paid to employees as a token of appreciation for their long-term service and is typically paid at the time of retirement, resignation, or death.

Under the Payment of Gratuity Act, eligible employees are entitled to receive a gratuity amount that is equivalent to 15 days' salary for each completed year of service, subject to a maximum of 20 lakhs (as of 2021). The Act also specifies certain conditions for the payment of gratuity, such as the requirement for the employer to establish a gratuity fund or obtain a gratuity insurance policy for the benefit of its employees.

The Act also provides for the nomination of a beneficiary by the employee to whom the gratuity amount would be paid in the event of the employee's death before the gratuity is received.

The Payment of Gratuity Act is an important labour law in India as it provides a valuable social security benefit to employees who have worked for a significant period of time in an organization. It incentivizes long-term employment and helps to ensure that employees are recognized and rewarded for their loyalty and commitment to their organization.

Namo…..

Regards,

Girish Jayram Vivalkar



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