Gratuity Act 1972 Before the implementation of gratuity payment, there was really no incentive for the employee to provide efficient work to expand and develop the company’s products. The Payment of Gratuity Act of 1972 provided a silver lining for employees so that they could earn more and optimize their personal efforts in making a […]
Group Gratuity
Statutory requirements for payment of group gratuity
One of the monetary incentives for staying in an organization long enough is the expectation of group gratuity payment. This is a lumpsum amount, a payment for services rendered over a period of time. Requirements for gratuity payment There are certain statutory requirements that an organization has to adhere to for the payment of gratuity […]
How Does the Group Gratuity Scheme Benefit Your Institution?
Organizations which has a minimum number of 10 employees since the past financial year becomes liable to pay gratuity. Employers pay gratuity to workers who have completed five years of continuous service upon retirement or job departure. The Gratuity Act, 1972 mandates employers to provide a lump sum amount as gratuity. There are many benefits […]
Why should you take a Group Gratuity Insurance Plan?
Group Gratuity Insurance Plan