Gratuity Calculator: Rs 1 Lakh Salary And 15 Years Of Service, How Much Gratuity Will You Get? Check Formula And Calculation
The Gratuity Act of 1972 allows for awarding of Gratuity to an employee who has rendered to a company for over 5 years. Know how to check Gratuity amount on the basis of formula.
The Gratuity Act of 1972 allows for awarding of Gratuity to an employee who has rendered to a company for over 5 years. Know how to check Gratuity amount on the basis of formula.
Gratuity Eligibility
Gratuity Based On Formula
Formula For Gratuity Calculation: Employees Covered Under Gratuity Act
Formula For Gratuity Calculation: Employees Not Covered Under Gratuity Act
Gratuity For Employees Not Covered Under Gratuity Act
If an organization is not registered under the Gratuity Act, its employees are not covered by it. Nonetheless, employers of corporations that are not registered under the Gratuity Act may choose to freely give a gratuity to their staff members. However, in this case, the method for determining a gratuity is different. In situations like these, the gratuity will be equivalent to one-half month's income per year. However, a month will be counted as 30 working days rather than 26.
Gratuity Calculation: : Rs 1 Lakh Salary, 15 Years Of Service
If you are paid Rs 1 lakh and have worked for a company for 15 years, you can figure out how much money you will get as a gratuity. If we look at the calculation of gratuity formula, considering you worked in a company for 15 years and your last drawn salary was Rs 1 lakh, then the calculation formula will be (1 lakh) x (15) x (15/26). After calculation, the total will come to Rs 865384.615, which will be given to you as gratuity.