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Payment of Gratuity Act 1972

Payment of Gratuity Act 1972

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Payment of Gratuity Act 1972
Payment of Gratuity Act 1972

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06/11/2013

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5 DECEMBER 09www.afterschoool.tk1
Payment of Gratuity Act 1972
 by :DR. T.K. JAINAFTERSCHO
OLcentre for social entrepreneurshipsivakamu veterinary hospital road bikaner 334001 rajasthan, indiawww.afterschoool.tk mobile : 91+9414430763
 
5 DECEMBER 09www.afterschoool.tk2
What is gratuity ? ?
When an employee retires, he is give somegratuitous payment, it is called gratuity.Payment of gratuity is compulsory for someorganisations,when the employee completes atleast 5 years of service. Gratuity is calculatedusing a formula : 15/26 * number of yearsworked (here number of years will be roundedoff so 12 years 8 months become 13 years,12Y. 2 months become 12).
 
5 DECEMBER 09www.afterschoool.tk3
 Nomination
As per section 6, every employee has tonominate some person – nomination has to befrom family only (if there is family),nomination out of family will not be acceptable, if there is family.

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