CA Intermediate Exam > CA Intermediate Videos > Corporate & Other Laws for CA Intermediate > Payment of Gratuity Act 1972
Payment of Gratuity Act 1972 Video Lecture | Corporate & Other Laws for CA Intermediate
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FAQs on Payment of Gratuity Act 1972 Video Lecture - Corporate & Other Laws for CA Intermediate
| 1. What is the Payment of Gratuity Act, 1972? |  |
Ans. The Payment of Gratuity Act, 1972 is a legislation in India that provides for the payment of gratuity to employees in certain sectors upon termination of their employment. The Act ensures that employees receive a monetary benefit as a token of appreciation for their service, which is payable after completing a minimum of five years of continuous service with the employer.
| 2. Who is eligible to receive gratuity under the Payment of Gratuity Act, 1972? | |
Ans. An employee is eligible to receive gratuity under the Act if they have completed a minimum of five years of continuous service with the same employer. This applies to employees in factories, mines, oilfields, plantations, ports, railway companies, and other establishments as defined in the Act.
| 3. How is the amount of gratuity calculated under the Payment of Gratuity Act, 1972? | |
Ans. The amount of gratuity is calculated using the formula: Gratuity = (Last drawn salary × 15/26) × Number of years of service. Here, the last drawn salary refers to the basic salary plus dearness allowance, and the '15/26' factor is used to calculate gratuity for every completed year of service.
| 4. What are the different types of termination that qualify for gratuity under the Payment of Gratuity Act, 1972? | |
Ans. Gratuity is payable upon termination of employment due to various reasons, including retirement, resignation, termination due to death, disability, or retrenchment. Each of these scenarios qualifies for gratuity, provided the employee has completed the requisite five years of service.
| 5. What are the responsibilities of employers under the Payment of Gratuity Act, 1972? | |
Ans. Employers are responsible for ensuring that gratuity is calculated and paid to eligible employees upon termination of employment. They must maintain records of service and salary, file necessary returns, and comply with the provisions of the Act by making timely payments to employees entitled to gratuity.
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Nov 19, 2024 Last updated |
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