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Monday, August 31, 2015

Payment of Gratuity Under Gratuity Act, 1972

Payment of Gratuity Under Gratuity Act, 1972 and
Bipartite Settlement / OSR In Banks after 10BPS

You can Calculate here Gratuity payable under Gratuity Act, 1972 & BPS / OSR

Gratuity in the Banks is payable to employees and officers both under the Gratuity Act, 1972 as well as under the provisions of our Bipartite Settlement for employees and as per OSR for officers whichever is higher.
(other than in SBI where Gratuity is paid only under the Act with a ceiling of Rs. 10 lacs)

Eligibility :

Eligible Amount:

The higher of the two in (a) i.e. Gratuity as per Act or (b) i.e. Gratuity as per OSR / BPS will be paid.

Gratuity Paid upto Rs. 10.00 lakhs is exempt from income tax under sec 10(10).

PAYMENT OF GRATUITY FROM 1.11.2012
  • In terms of Section 4 (5) of the Payment of Gratuity Act, 1972, Gratuity under Gratuity Act or BPS provisions /OSR whichever is higher is payable.
  • Hence for every retiring employee, Gratuity has to be re-calculated both under the Act and under BPS and higher of the two will be paid.
  • For those employees who have retired from November, 2012, Gratuity will be re-calculated both under the Act and as per BPS / OSR and arrears/difference if any will be paid to them.

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