Hey
Can anyone share the salary bifurcation and h...
# compensation-and-benefitsa
Amandeep Kaur Maan
05/08/2023, 5:29 AMHey
Can anyone share the salary bifurcation and how they are managing Gratuity in their organization. would be great help
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Anubhav Garg
05/08/2023, 5:30 AMHi Aman,
I generally bifurcate Gratuity @4.81% of the Basic Salary component.
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Rahul Dev
05/08/2023, 5:33 AMGratuity @4.81% of the Basic Salary component.
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Amandeep Kaur Maan
05/08/2023, 6:43 AMIf someone is not completing 5 years don't get eligible for the same then are you guys returning the deduction?
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Aishwarya Pandey
05/08/2023, 11:07 AMHi,
The formula I have utilized to calculate gratuity in Uttar Pradesh is as follows:
total year*basic salary*15/26
Aishwarya Pandey
05/08/2023, 11:11 AMAn individual is ineligible to claim gratuity unless they have completed a minimum of five years of service. However, if the company wishes to provide an equivalent amount, it may be addressed as a bonus instead.
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Sharan Preet Singh
05/08/2023, 11:12 AMMy company follows total year*basic salary*15/26
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Ashish Vyas
05/09/2023, 7:42 AM@Amandeep Kaur Maan all the formulas given above are correct.
Eligibility criteria - 5 Years of Continuous Service in the Organization.
In the state of Tamil Nadu it is 4 years and 8 months (240 Days).
In case of death of an employee while in the service of the company - the tenure criteria is not applicable.
As for calculation - Gratuity forms to be a part of the CTC, and is a contribution by the Employer and not deducted from the Monthly or Annual Salary of the Employee.
In case you need any further clarity - feel free to write to me on aashishmvyas@gmail.com
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Mamata
05/09/2023, 9:40 AM👍