calcualtion of gratuity amount

raghavendra (Querist) 18 October 2010 This query is : Resolved
sir,
i resigned the service from janauary 1st 2007,
from which date i can claim for interest on my gratuity amount ,
as per the notification what is the present simple interest rate for gratuity .

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Kirti Kar Tripathi (Expert) 19 October 2010
Under Payment of of Gratuity Act, the grauity is payable after completion of 5 years service. The amount is calculate at the rate 15 days salary consider the month 26 for every completed year and period more than 5 months. The rate of interest is decided by the Central Government from time to time. at present the rate is 10 % per annum.

Devajyoti Barman (Expert) 24 October 2010
I agree

Khaleel Ahmed Mohammed (Expert) 24 October 2010
I agree.

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