Kindly anybody tell me, from where and how can I withdraw my total gratuity?
From India, Delhi
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From India, Delhi
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Dear Friend,
If an employee completes five years of continuous service, he becomes eligible for Gratuity. This amount can be released by the employer to the employee at the time of his resignation or retirement.
Gratuity is paid based on the last Basic Pay, which means Basic Salary/26 Days X 15 Days X Number of years of service.
Regards,
Sravan
From India, Hyderabad
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86If an employee completes five years of continuous service, he becomes eligible for Gratuity. This amount can be released by the employer to the employee at the time of his resignation or retirement.
Gratuity is paid based on the last Basic Pay, which means Basic Salary/26 Days X 15 Days X Number of years of service.
Regards,
Sravan
From India, Hyderabad
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Hi Nitish,
Gratuity is a fund that is deposited and maintained with any insurance company (e.g., Oriental Insurance, LIC, etc.). Once an employee completes five years of continuous service, they shall be paid gratuity as per the provided formula. The company needs to pay the premium regarding this. The company shall send the employees who have resigned and completed five years of service and are eligible for gratuity. Once this is done, the insurance company shall draw a cheque in favor of the company, and in turn, the company shall issue a cheque to the ex-employee.
Regards,
Viswanath
From India, Bangalore
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Gratuity is a fund that is deposited and maintained with any insurance company (e.g., Oriental Insurance, LIC, etc.). Once an employee completes five years of continuous service, they shall be paid gratuity as per the provided formula. The company needs to pay the premium regarding this. The company shall send the employees who have resigned and completed five years of service and are eligible for gratuity. Once this is done, the insurance company shall draw a cheque in favor of the company, and in turn, the company shall issue a cheque to the ex-employee.
Regards,
Viswanath
From India, Bangalore
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Hi Nitish,
Wherever the trust account for gratuity of your company is located, please put in a request for the withdrawal of the same. If you have completed 4 years and 240 days of continuous service in your company, you are eligible to receive the gratuity money. Once the request is submitted, you will receive the money within 15 days.
If you have any other doubts, please do let me know.
Regards,
Smita
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Wherever the trust account for gratuity of your company is located, please put in a request for the withdrawal of the same. If you have completed 4 years and 240 days of continuous service in your company, you are eligible to receive the gratuity money. Once the request is submitted, you will receive the money within 15 days.
If you have any other doubts, please do let me know.
Regards,
Smita
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After completing the basic qualifying criterion of 5 years' of continuous service with an employer, an employee is eligible for payment of Gratuity upon leaving the company. Vasant Nair
From India, Mumbai
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From India, Mumbai
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Gratuity = (Basic salary + DA) x 15 x Number of years of service / 26. Here, Basic salary is the last drawn salary, 15 days' salary in a year, and the number of years an employee has worked in the organization (not less than 5 years), divided by the number of days in a month, which is 26 days.
Regards,
Ashok Kamath
From India, Pune
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Regards,
Ashok Kamath
From India, Pune
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Hi Smita and all,
You mentioned 4 years and 240 days of service in the company. I have only completed 4.2 years. Can I have a chance to withdraw at least my contribution which I gave from my salary? Where does this money go because I have not completed 5 years, and the money is still not withdrawn.
From India, Bengaluru
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You mentioned 4 years and 240 days of service in the company. I have only completed 4.2 years. Can I have a chance to withdraw at least my contribution which I gave from my salary? Where does this money go because I have not completed 5 years, and the money is still not withdrawn.
From India, Bengaluru
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Hi Vishwajeet,
I am an HR officer with a question regarding gratuity applicability based on years of service. According to the gratuity law, if an employee works for more than six months in any year, the calculation will be done for the next year.
For example, I have been working for four years and eight months. However, based on the year restriction, I am not eligible for gratuity. On the other hand, I have learned that the eight months should be considered as one year for calculation purposes, which would make me eligible under the act.
Could you please clarify this situation for me?
Thank you.
From India, Mumbai
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I am an HR officer with a question regarding gratuity applicability based on years of service. According to the gratuity law, if an employee works for more than six months in any year, the calculation will be done for the next year.
For example, I have been working for four years and eight months. However, based on the year restriction, I am not eligible for gratuity. On the other hand, I have learned that the eight months should be considered as one year for calculation purposes, which would make me eligible under the act.
Could you please clarify this situation for me?
Thank you.
From India, Mumbai
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Gratuity Eligibility.pdf
Gratuity eligibility for less than 5 yrs. (4yrs.240days). docx