Monday, June 22, 2009

Calculation of Gratuity.

Formula for Calculation of Gratuity.
1- In case of non- seasonal establishment --------
Gratuity Payable = 15 days wages into Number of completed years of service.( Part of an year in excess of six months is counted as one year).
2- In case of seasonal establishment---
Gratuity Payeble = 7 days wages into number of seasons for which employed.
Meaning og Wages-
Wages for the purpose of calculating gratuity shall be the wages last drawn by the employees.
In case of peace rated employees----
15 days wages = Wages (excluding overtime wages) for the period of 3 months immediatelypreceding the termination of his employement, into 15, Divided by no of working days in such period of 3 months.
In case of Monthly-rated employee---
15 days wages = Monthly wages last drawn into 15 Divide by 26.

EXAMPLE- Mr X joined an establishment in Jan. 1981 at rs 2600 pm. his wages were raised to rs 3,250 p.m in july 1985,further rs 3640 p.m in jan 1991 and further to rs 6000 p.m in january 1996.In aprail 1998,Mr X retired on superannuation when his last drawn wages were 6000 p.m. the amount of gratuity payeble to Mr X shall be calculated as Under--

Mr X retired on- 98.4.1
Joined on- 81.1.1
Toatal service- 17.3.0 i.e 17 complete year.
His last drawn salary was Rs 6000/- p.m.Since in april 1998,there is no salary ceiling for eligible of gratuity the last drawn salary for computation would be rs .6000/p.m.
There fore gratuity for the period of 17 complete years-
= 15 days wages into 17.
= Monthly wages last drawn *(into) 15/26, into 17.
= Rs 6000*(into)15/26 into 17.= 58,846.
There for the amount of Gratuity payeble to mr X will be = Rs 68,846.

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