(Basic + DA)
What is gratuity?
A gratuity is the amount of money a company gives to an employee as a "thank you" for work done for the company. But the amount is only given to employees who have worked for the company for at least five years. The Gratuity Act of 1972 is in charge of it.
If an employee gets hurt on the job or gets sick and becomes disabled, they can get their gratuity before the five-year mark. Your gratuity is mostly based on how much money you made in the last year and how long you worked for the company.
What must happen before someone can get a gratuity?
For you to be eligible for the gratuity, you must meet the following conditions:
You should be able to get benefits when you retire.
You should have stopped your work.
After working for the same company for five years straight, you need to have given your notice. The gratuity is given to your nominee if you die, or to you if you become unable to work because of an illness or accident
What, exactly, is a gratuity calculator?
The gratuity calculator would be used to figure out the amount of the tip based on the formula for figuring it out.
As inputs, you have to put in the last wage you got and how long you've been working for the same company. Your last salary included your base pay, the dearness allowance, and any sales commissions.
Using the calculator, you could quickly find out how much the tip would be. It is easy to use and can be used in a lot of different ways. Under the Gratuity Act, a gratuity can't be more than Rs 20 lakh.
If you worked more than six months in your last job, the number of years you worked will be rounded down to the next whole number. If you have worked for the company for 16 years and 7 months, you would get a 17-year bonus. If not, it is for 16 years if it says 16 years and 4 months.
If an employer is not covered by the Gratuity Act, the amount of a worker's gratuity would be based on the half-month wage for each year of service.
The benefits of the Zebu Gratuity Calculator
Zebu’s Gratuity Calculator is an easy-to-use general tool that asks for the basic income and the number of years of service. If you have worked for the same company for five years or more, it gives you an idea of how much you might get as a bonus.