Respected Members, i am working in partnership firm from last 4.3 years, now i want to change my job so i just want to know about the gratuity.
I am eligible for gratuity & we have only 20 days paid leave( 12+ 8 ) in a year include Diwali or other state holidays.
so i am eligible for leave in encashment for this 4 years or not please reply.

From India , Pune
Dear Jignesh
Your query is not complete. If you want to know about the Gratuity, you are not eligible as you did not complete 5 years of service. What is the total strength of the employees in your partnership firm. It depends on this.
What is the leave policy of your firm? First understand that leave is something different from Holiday. Diwali is a Festival Holiday. But leave is a privilege given to you by your employer.

From India , Hyderabad
Gratuity is a benefit received by an employee for services rendered to an organisation. For companies covered under the Gratuity Act, this benefit is paid when an employee completes five or more years of service with the employer. An employee gets gratuity when he/she resigns, retires or is laid off. In case of death or disablement there is no minimum eligibility period.
The gratuity amount depends upon the tenure of service and last drawn salary. It is calculated according to this formula: Last drawn salary (basic salary plus dearness allowance) X number of completed years of service X 15/26. According to this formula, the time period of over six months or more is considered as one year. This means if you have completed five years and seven months of service, the number of years would be considered as six years for calculation of gratuity benefit. On the other hand, if the service period is five years and five months, for gratuity calculation it will be considered five years. An employer can, however, give higher gratuity than the amount under the prescribed formula.
For government employees, Rs. 20 lakh is the maximum amount that can be paid as gratuity. The Seventh Pay Commission had recommended an increase in the gratuity ceiling to Rs. 20 lakh from the earlier level of Rs. 10 lakh.

From India,

If you are knowledgeable about any fact, resource or experience related to this topic - please add your views using the reply box below. For articles and copyrighted material please only cite the original source link. Each contribution will make this page a resource useful for everyone.

Please Login To Add Reply →

About Us Advertise Contact Us
Privacy Policy Disclaimer Terms Of Service

All rights reserved @ 2021 Cite.Co™

All Material Copyright And Trademarks Posted Held By Respective Owners.
Panel Selection For Threads Are Automated - Members Notified Via CiteMailer Server