PF is a retirement savings scheme, while gratuity is a lump-sum payment. Can an employer refuse to pay gratuity? Employers are generally obligated to pay gratuity if the employee meets the eligibility criteria. Is there an upper limit on the gratuity amount received? Yes, there is a maximum...
What is Gratuity in India?is an important component of income but is ignored by most people, especially in the private sector. The reason is people don’t stick with one company for the long term – another reason is the uncertainty of job. Even “Yours Truly” changed 4 companies before ...
Every employee who has served more than 5 years with the same employer is liable to receive gratuity from him post retirement or after resigning from the job irrespective of the reason. These rules have been established in the Payment of Gratuity Act, 1972 by the Central government of India....
11th March 2011From India, Delhi rajiv23 3 4 There is no requirement to get the registration for Gratuity , but some company opt the Gratuity Scheme of Insurance Company like LIC, these Insurance Companies pay the interest on the amount paid to them as Gratuity Premium, For this purpose you...
Some organisations set up a gratuity fund as a part of their financial planning. Some companies take the Gratuity schemes of insurance companies like LIC’s, Group Gratuity(Cash Accumulation) Scheme where the employer pays a premium and gets a tax rebate on the premium. ...
: Supreme Court of India Read Judgement below BCH Electric Limited Vs. Pradeep Mehra Civil Appeal No.2379 of 2020 (arising out of SLP (C) NO.5269 of 2019) Facts of the Case In the year 1979, the company (BCH Electric Limited) had framed its gratuity payment scheme for those employees ...
Fund Scheme (EPF), where a female worker has a choice to eliminate her husband and his dependant guardians from the list of nominees, such a choice isn't accessible under the Gratuity Act. The choice to eliminate the spouse from the meaning of family has been erased vide a change in ...
The pension is a scheme in which certain amount is added by the employer, during the years of service. It is a kind of retirement plan that ensures monthly income, after the termination of service, due to the following reasons: Retirement ...