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Payment of gratuity - Payment Of Gratuity Act(1972), Industrial Laws Video Lecture | Industrial Laws - B Com
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FAQs on Payment of gratuity - Payment Of Gratuity Act(1972), Industrial Laws Video Lecture - Industrial Laws - B Com
| 1. What is the Payment of Gratuity Act (1972)? |  |
Ans. The Payment of Gratuity Act (1972) is an Indian legislation that ensures the payment of gratuity to employees after they complete a minimum of five years of continuous service with an employer. It provides a retirement benefit in the form of a lump sum amount to employees, which is paid by the employer.
| 2. Who is eligible to receive gratuity under the Payment of Gratuity Act (1972)? | |
Ans. According to the Payment of Gratuity Act (1972), all employees working in factories, mines, oil fields, plantations, ports, railway companies, shops, or other establishments with ten or more employees are eligible to receive gratuity. However, they must have completed a minimum of five years of continuous service with the employer to be eligible.
| 3. How is the amount of gratuity calculated under the Payment of Gratuity Act (1972)? | |
Ans. The amount of gratuity payable under the Payment of Gratuity Act (1972) is calculated based on the employee's last drawn salary and the number of years of completed service. The formula for calculating gratuity is as follows: (last drawn salary × 15/26) × number of years of service.
| 4. Is there any maximum limit on the amount of gratuity under the Payment of Gratuity Act (1972)? | |
Ans. Yes, there is a maximum limit on the amount of gratuity that can be paid under the Payment of Gratuity Act (1972). As per the Act, the maximum amount of gratuity payable is ₹20 lakh. Even if an employee's last drawn salary and years of service result in a higher gratuity amount, the maximum limit of ₹20 lakh will apply.
| 5. What are the circumstances under which an employee can forfeit their gratuity under the Payment of Gratuity Act (1972)? | |
Ans. An employee can forfeit their gratuity under the Payment of Gratuity Act (1972) if they have been terminated from employment due to any act of willful negligence causing damage or loss to the employer's property. Additionally, if an employee has been terminated for any other reason specified in the Act, such as disorderly conduct or committing an offense involving moral turpitude, they may also forfeit their gratuity.
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