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Wednesday, July 10, 2019

Gratuity Calculator upto 20 lakh as per new rule.

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


Gratuity in the Banks is payable to employees and officers both under the Gratuity Act, 1972 (Max. Rs. 20 lacs revised from Rs. 10.00) and under the provisions of Bipartite Settlement for employees and as per OSR for officers whichever is higher.

Gratuity payable under Gratuity Act, 1972

Eligibility :

On retirement on superannuation
On resignation after 5 years' service
On disablement
On death of an employee

Eligible Amount:



Gratuity payable as per Bipartite Settlement

Eligibility :

On retirement on superannuation
On resignation after 10 years' service
On termination of service
On becoming incapacitated
On the death of an employee

Explanation

  • Gratuity is to be calculated under Bipartite Settlement on the basis of average of pay "payable" during the last 12 months of service and not on the basis of average of the pay "paid" during the last 12 months of service.
  • For officers, last drawn pay as on the date of cessation to be taken into a/c. For service of six months and above, in the case of more than 30 years of service, gratuity shall be calculated on pro rata basis.
  • Service of less than six months should not be taken into a/c in both the cases

Eligible Amount:

As per Bipartite Settlement / OSR
One month Pay for each completed year of service (Max. 15 months) plus half month Pay for each year beyond 30 years' service (No maximum) Pay means - Average of Basic pay, Spl. Pay*, Spl. Allowance*, Offg. Pay*, PQP, increment component of FPP payable during the twelve months next preceding death,disability,retirement,resignation or termination as the case may be.
* (only that portion ranks for superannuation benefits in case of workmen employees)
collect from maxlite
at

4 comments:

  1. ChandraJuly 10, 2019 at 9:49 PM

    whether spl pay as per 10th Bipartite settlement will rank for gratuity for workmen employees.

    ReplyDelete
  2. ARNAVJuly 11, 2019 at 2:38 PM

    Whether spl all n da thereon as per 10 bps will be considered for calculation of gratuity payable to an officer in State Bank Of India?

    ReplyDelete
  3. AnonymousJuly 24, 2019 at 9:59 AM

    Will psu bank contribution in nps will increase 14percencent from existing 10percent .Like central and state, date of implementing 1 April 2019.

    ReplyDelete
  4. AnonymousMay 23, 2022 at 1:05 PM

    This comment has been removed by the author.

    ReplyDelete