Request Letter Format For Gratuity Rules

You will receive this benefit either at the time of retirement or when you resign. Let us take a look at how gratuity benefit is paid.

[Here briefly focus on sample request letter application for release of gratuity fund. In accordance to the rules, I have applied for my pension and gratuity well in. Jun 25, 2008 - For employees who do not fall under the Gratuity Act, the amount. For instance, in the above example, if the employer pays you Rs. At the time of joining the organisation, ask your employer for all the. Write a message. Motor sich jsc.

There are two conditions that must be satisfied in order to be eligible to get the gratuity benefit • Your organisation has a minimum of 10 people on payroll, i.e., at least 10 employees receiving salaries from the organization. Note that people on contract are not considered. • You have completed at least 5 years with the organization. If an employee dies during the tenure of his employment, the 5 year rule is relaxed. So, even if such employee's period of service is as little as 1 year, he / she is eligible to receive gratuity if the first condition is met.

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Calculation of the amount of gratuity payable According to the law, the amount payable as gratuity is equivalent of half month's salary for every full year of your employment or Rs 10 lakh, whichever is lower. This is the minimum amount payable under the law. Some companies may pay a higher amount. This upper limit depends upon the company's policy. For example, if you have put in 10 years of service before you resign from the company, you are entitled to the lower amount of: An amount equal to 5 month's salary or Rs 10 lakh. However, if your company has a policy to pay its employees a maximum of Rs 20 lakh as gratuity, then the amount payable to you when you resign after 10 years of completed service will be the lower amount of: An amount equal to 5 month's salary or Rs 20 lakh. Your last paycheck before you retire or resign is the amount you should consider in your gratuity computation.

Also, only your 'basic' and 'dearness allowance / DA' should be taken into consideration. For example, assuming Anil retires this year after completing 30 years with his company and his last pay check looks like the following, let us calculate the amount of gratuity that Anil's company should pay him: Basic: Rs. 60,000 DA: Rs.10,000 HRA: Rs. 26,000 Education allowance: Rs.5000 Travel allowance: Rs. 15,000 Gratuity payable: Last month's salary / 26 (days) x 15 (days) x completed years of employment. Last month's salary to compute gratuity = Basic + DA = Rs 70,000. Gratuity payable = (70,000/26) x 15 x 30 = Rs 12,11, 538.

Since there is a limit of Rs 10 lakh, Anil is entitled to receive Rs 10 lakh towards gratuity. If his company has a policy to pay gratuity up to an amount of Rs 15 lakh, then Anil's gratuity benefit will be Rs 12.11 lakh. Tax treatment for gratuity The amount of gratuity received by a person is taxed as salary income under the head 'Income from salaries' on the income tax return. If you are a government employee, then according to the provisions of Section 10 (10) of the Income Tax Act, the gratuity amount paid is completely tax free.