what is gratuity ? what is formula of gratuity ? when gratuity act started in india
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1.Gratuity is a sum of money paid by an employer to an employee for services rendered in the company.
2.Gratuity = N*B*15/26
N = number of years of service in a company
B = last drawn basic salary plus DA
For example, you have worked with a company for 20 years of and had Rs.25,000 as his last drawn basic plus DA amount, then,
Gratuity Amount for Amit = 20*25,000*15/26 = Rs.2,88,461.54
3.The Payment of Gratuity Act was passed by the Parliament of India on 21 August 1972 and it came into force on 16 September 1972
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