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i am working for last 7 years in a proprietorship company, how much i can get the gratuity amount and what is law?

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Related Questions

Can gratuity transfer to other company?

Gratuity is typically not transferrable between companies, as it is a benefit provided by an employer to employees for their length of service. When an employee leaves a company, they are entitled to receive their gratuity payment from that employer based on the service they provided while working there.


What is gratuty?

Gratuity is an exgratia payment payable to an employee by the Company covered under Gratuity Act. On retirement, his total tenure of service i.e. no. of years is taken into consideration.For every 20 days of presentation, one day is taken. For one full month, 26 days are considered . The gratuity formula is as hereunder :- No. of working days x no. of years x last drawn salary Divided by 26 Days There is also Group Gratuity Scheme offered by Life Insurance Cos. wherein employees of a company are covered under this scheme. Where apart from payment of gratuity,life coverage is an added benefit. And the Companies are lesser burdened by offering the burdens of gratuity payment on insurance cos. by paying yearly premiums.


How you calculate gratuity amount working in a Private Limited company in India?

Gratuity is calculated on your last drawn salary. In this case, your basic pay and your Dearness allowance (DA) is taken into consideration. The main formula is Grad = {(Basic Pay+DA)/ 26} *15*No. of years served in the organization. Usually the number of years served is rounded off. i.e. in case you have served for 5 years and 4 months, it will be taken as 6 years.


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