gratuity

Syed Ali (Querist) 29 July 2011 This query is : Resolved
Sir,
i have completed 26 yrs of service in Bank. My basic Rs. 24,900/. the gratuity will be calculated at 15 days of sal for one yr completed. Pl let me know whether it on the basic or full salary. And what i get now.

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M.Sheik Mohammed Ali (Expert) 29 July 2011
from basic salary.

R.Ramachandran (Expert) 29 July 2011
The Gratuity would be calculated on the basis of basic play + deaness allowance.

K.S.Srinivas (Expert) 29 July 2011
Gratuity will be calculated on wages last drawn i.e. wage means Basic Pay + DA.

Gratuity Payable = 15 days wages x Number of completed years of service.
(Part of year in excess of 6 months is counted as one year)
where 15 days wages = Monthly wages last drawn x 15/26

The amount of gratuity should not exceed Rs.10,00,000/-
The current maximum limit is applicable from 24.5.2010.

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