Saturday, 30 September 2017

Increase in ceiling of Gratuity payable to PSU/PSB/Private sector

Increase in ceiling of Gratuity payable to PSU/PSB/Private sector Employees:
Cabinet has cleared amendment to increase the limit to 20 lacs from 10 lacs.
The bill will be introduced in the winter session of Parliament.
(Nov-Dec 2017)
At the same time Govt. Has not revealed the date of implementation.
Employees expect it should be from 01.01.2016 as in the case of Govt. Employees. 
Let us wait for a positive decision.
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An employee should draw at least more than Rs.31696 as Basic Pay to get Gratuity over 10 lacs
An employee has to draw 63392 as Basic Pay to get 20 las as Gratuity.
Bank Clerks can get at the most 15 las. only., at the prevailing max pay.
Assumptions: 
37 years of service
D.A. at 47.8%

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