What will be your gratuity on Rs 20K, Rs 30K, Rs 40K, Rs 50K and Rs 60K basic salaries
Gratuity is a reward from the employer to the employee after the latter completes five years of service. Gratuity is calculated on the basis of an employee's last drawn salary and their number of years in employment.
Employees with five years in a job are eligible for gratuity. The private as well public sector employees both can get gratuity. As per the Gratuity Payment Act 1972, any company, factory, or institution, where 10 or more employees have worked on any one day in the last 12 months comes under the Gratuity Payment Act. Your gratuity is your last drawn salary multiplied by your number of years in employment multiplied by 15/26. The last drawn salary is the average of your salary, which includes the basic salary and dearness allowance. Since a month has four Sundays, 26 days are counted in gratuity calculation. Along with that, it is calculated on the basis of 15 days.
Here is what will be the gratuity on basic salaries of Rs 20,000, 30,000, Rs 40,000 and Rs 50,000 if one has completed five years of service
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Gratuity on Rs 20K basic salary
Gratuity on Rs 20K basic salary
As per the gratuity calculator, the employee with a basic salary of Rs 20K will be eligible for a Rs 57,692 gratuity.
Gratuity on Rs 30K basic salary
Gratuity on Rs 30K basic salary
If one is getting a basic salary of Rs 30K, they will be eligible for a gratuity of Rs 86,538 on the completion of five years of service.
Gratuity on Rs 40K basic salary
Gratuity on Rs 40K basic salary
The employee with a Rs 40,000 basic salary will get Rs 1,15,385 gratuity after five years of service.
Gratuity on Rs 50K basic salary
Gratuity on Rs 50K basic salary
One can get Rs 1,44,231 in gratuity after five years of service if their basic salary is Rs 50,000.
Gratuity on Rs 60K basic salary
Gratuity on Rs 60K basic salary
A Rs 60,000 basic salary will help an employee get a gratuity of Rs 1,73,077.