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Payment Of Gratuity Act 1972
1. Payment of Gratuity Act 1972 by : DR. T.K. JAIN AFTERSCHO ☺ OL centre for social entrepreneurship sivakamu veterinary hospital road bikaner 334001 rajasthan, india www.afterschoool.tk mobile : 91+9414430763
2. What is gratuity ? ? When an employee retires, he is give some gratuitous payment, it is called gratuity. Payment of gratuity is compulsory for some organisations,when the employee completes at least 5 years of service. Gratuity is calculated using a formula : 15/26 * number of years worked (here number of years will be rounded off so 12 years 8 months become 13 years,12 Y. 2 months become 12).
3. Nomination As per section 6, every employee has to nominate some person – nomination has to be from family only (if there is family), nomination out of family will not be acceptable , if there is family.
4. Time period for payment of gratuity Gratuity has to be paid in 30 days from the date it becomes due. If there is delay beyond 30 days, the employer will pay simple interest @ rate notified by government for long term deposits.
5. Recovery of gratuity If the employer doesnt pay gratuity, the CONTROLLING AUTHORITY may ask collector to collect the amount of gratuity from the employer (section 8)
7. Penalty Penalty for contravention of this law is 10000 or fine of 6 months imprisonment or both.
8. Superannuation Sec. 2(r) when employee reaches age of retirement or the age fixed for contract to lapse, it is called superannuation. On superannuation the contract of employement will lapse.
9. Family ... Sec 2(h) dependent parents, spouse, dependent parents of spouse, children, widow and children of predeceased son
10. Employer As per section 2(f) : a person who is authority / CEO / having ultimate control
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