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Querist : Anonymous (Querist) 08 May 2010 This query is : Resolved
What is the max. limit of gratuity in banks & insurance sector?

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A V Vishal (Expert) 08 May 2010
Gratuity is payable to any employee only he serves for a minimum period of 5 years at a stretch with his employer. The amount of Gratuity is calculated as per the last average salary drawn and the number of years served by an employee. Further the Payment of Gratuity Act was amended and the bill was passed in the Parlaiment this week enhancing the current limit of Rs.3.50 lacs to Rs.10.00 lacs.

P.ESAKKIMUTHU (Expert) 09 May 2010
THE GRATUITY IS NOW ENHANCED FROM 3.5 TO 10 LAC AS PER PAYMENT OF GRATUITY ACT. NO BAR EVEN TO GER HIGHER AMOUNT IF RULES/SETTLEMENT PROVIDES FOR

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