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:

As per Gratuity Act
15 Days wage x No. of years of service ( Max. Rs. 20 lacs revised from Rs. 10.00) Wage means last drawn Basic pay, Spl. Pay*, Spl. Allowance*, Offg. Pay*, PQP, DA, Increment portion of FPP. 1 day = monthly wage/26 days  * (only that portion which ranks for superannuation benefits in case of workmen employees)

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)

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