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Gratuity
Under Award
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Gratuity
under Act
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Eligibility
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Gratuity is paid after completion of 10 years of
continuous service or at the time of:
- The death of the employee,
- Employee becoming physically or mentally incapable
of further service,
- Termination
of Service
- Retirement on superannuation and
- On voluntary retirement or resignation after 10
years of continuous service
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- Retirement on superannuation
- Resignation after 5 years of service
- Death and
- Disablement
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Formula
for calculation
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- One month pay for each completed years of service upto 15 years
- For service exceeding 15 years upto 30 years-NIL
- For Service exceeding 30 years- ½ month pay for each completed year
of service
- Pay = Basic Pay + Special Pay + Officiating Pay + PQP+ increment
component of FPP.
- Based on last salary drawn
- Fraction of year in excess of 6 and more, amount is to be paid on
pro-rata basis in case of officers and
- counted as full year in case of Award Staff
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- 15 days wages * Number of years of Service i.e. 15/26 * Pay* No of
years of service.
- Pay = Basic Pay + DA + Special pay + PQP +Officiating Pay + increment
component of FPP
- One day Wage = Monthly wage divided by 26
- Based on Last drawn Salary
- Fraction of year in excess of 6 month will be taken as full year
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Maximum
Amount Payable
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No Limit
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Max. Rs.20,00,000
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Tax
Exemption
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Exemption up to Rs.20,00,000
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Exemption up to Rs.20,00,000
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Sir I retired as Spl. Asst from Bank of India in Feb,2018 and lost the benefit of Gratuity ceiling limit of Rs.20 lacs since the effective date 01.01.2016 was amended by Govt. as 28.03.2018. As per 11th BPS Gratuity is calculaed on 12 months basic pay but not on last drawn basic pay whereas for officers last drawn basic pay taken. I lost the benefit . I request you to pay gratuity to award staff based on last drawn basic pay
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