Posted: 5-Mar-10 in News India by Manish Kumar 482 Comments

Gratuity Act Ammendment India 2010 (Calculation and Payment)

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This is good news for all employees specially government employees. The Gratuity limit has been raised from 3.5 lacs to 10 lacs. This will give advantage to both private and public sector employees. According to this new amendment the 10 lacs on gratuity is Tax-free. I have given the details of the new Gratuity Act Amendment India 2010 and Gratuity calculation below:

On Thursday, in the lead of PM Manmohan Singh, this decision was taken at a cabinet meeting. This proposal of Labor and Employment Ministry has been given approval. Although many state governments has provided this type of advantage earlier. It is better decision regarding gratuity act to raise the Gratuity limit.

CCEA has taken decision to open the 137 General Nursing and midwife school to remove the scarcity of nurses and midwives. These schools will be made in Bihar, Chhattisgarh, Madhya Pradesh, UP, Uttarakhand, Rajasthan, Orissa, Himachal Pradesh and others. The amount of 1370 crores will be spent on this planning.

For the Gratuity calculation the gratuity calculation formula is

1. basic/26 x 15 days x number of years of service

OR

2. BASIC + DA (Last Pay drawn) X 15 /26 X No. OF YEARS WORKS

Gratuity is to be paid to any employee only he provides service for a minimum time of five years at a stretch with his employer in company. The Gratuity calculation is done as per the last average remuneration drawn and time in years served by an employee.

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Comments/Queries
( 482 Comments so far )

  • pramod
    May 12, 2010 at 01:02:pm

    the effective date of the bill can not be from prospective date. it should be atleast from the date the bill is placed before parlement for consideration.

  • SURINDER
    May 12, 2010 at 02:23:pm

    I am a retired BANK officer, retired on 31/03/2008and gratuity was paid to me wasRs4.71Lacs.Now due to wage revision w.e.f 01/11/2007.
    Basic Pay Rs36200/=
    D A Rs3071.48.
    PFA Rs1072/=
    No of total year of service 36.
    Will you help me in calculation of arrears of gratuity as on date and these are tax free under ammendment of gratuity act. Please send me the reply on my email address.
    Thank you.

  • Dipak Kumar Das
    May 12, 2010 at 05:25:pm

    I am working in a PSU . Shall I get the benefit ?

  • sn upadhyay
    May 12, 2010 at 06:04:pm

    pl let me know the date since when the act will be effective as it has already been passed by both the houses.

  • Zandia
    May 12, 2010 at 07:35:pm

    I have been working with my current employer since 2nd Jan 2006. I am planning to resign the job by end of Aug this year. I will complete 4 yrs and 8 months in the current job by then. I have read in some places that if one completes 240 days in the 5th year he is eligible for gratuity. Can someone confirm if this is true? Am I eligible to get gratuity as I complete 8 months in the 5th year or how long should I work to become eligible?

  • y.manickam
    May 12, 2010 at 09:33:pm

    The gratuity amendment is now over..Several questions asked and answered.But the main thing is the date of effect without knowing which calculations are waste.The bank pensioners have received nothing in the9TH BPS.whatever arrears the intermediary retirees are likely to get siphoned of for pension 2nd option.Hence the gratuity revision ,if back dated to 01/01/ 2006 or from the date of 9th BPS IMPLEMENTATION , IT WILL SATISFY THE POOR PENSIONERS TO SOME EXTENT.The bank profits are soaring year after year and the NPA provisions are becoming less & less every yearviz a viz loans and no bank can say it has no funds for additional gratuity payment.The leaders should proceed by taking up with the appropriate forum for backdated implementation of gratuity w.e.f 01/01/2006 when it was raised for govt.employees.

  • Partha Datta
    May 12, 2010 at 09:19:pm

    I am a retired PSU Bank officer. I wish to know whether I shall be eligible for the enhanced amount of gratuity and what will be the date of effect for such payment ?

  • Jatin
    May 13, 2010 at 12:18:am

    guys refer to NDTV profit for calculation

  • RANJIT
    May 13, 2010 at 11:44:am

    Let me know the date of effect of Gratuity Act 2010. I have retitred from Bank on 31 st January 2010. Whether I am eligible for this amendment.

  • P GOPAL SHASTRY
    May 13, 2010 at 12:02:pm

    WHWTHER PRESIDENT OF ONDIA APPROVED GRATUITY BILL 2010 PASSED BY BOTH THE HOUSES

  • nsroy
    May 13, 2010 at 04:56:pm

    The Parliament has approved the Payment of Gratuity limit of 10-lacs.This is a very good news for all employees. In my opinion for the benefit of retired employees, it should give its effect WEF 01.01.06, from which the Central GOVT.Employees have been benefited, keeping in view the Principle of Natural Justice & Equity.

  • pramod
    May 13, 2010 at 09:51:pm

    no one has supported my mail dated 12.05.2010. if you agree we can make a demand with govt.

  • seetharaman
    May 14, 2010 at 07:29:am

    please let me know the effective date of implementation of the payment of the enhanced amount of gratuity since iam a retired employee from aPSU bank on 31-12-06

  • bksethi
    May 14, 2010 at 08:08:am

    notification has been issued or not.what is the effectiv date

  • bksethi
    May 14, 2010 at 08:47:am

    notification has been issued or not.

  • KALYANI
    May 14, 2010 at 12:47:pm

    MY HUSBAND EXPIRED ON 26.4.2006. HE HAS SERVICE TILL 2013. NOW I AM GETTING PENSION .PLS LET ME KNOW, WHETHER I AM ELIGIBLE FOR THE AMENDMENT MADE IN THE GRATUITY.I GOT THE GRATUITY RS 3,50,000 ON 2006 .

  • reethi
    May 14, 2010 at 03:40:pm

    Let me know, if the PSU is not in a position to pay the employees, the eligible Gratuity upon his superannuation
    due to poor financial condition or if the PSU is going for Joint Venture what it is course of action an employee is liable to take. Can the PSU go for part payment? Your authentic reply is solicited.

  • R.K.VERMA
    May 15, 2010 at 02:13:pm

    I came to know that govt.is going to pay enhanced gratuty to centaral employee only wef 01.01.06 through an excutive order but other employee will get the enhanced gratuty from the date of passing of bill in pparliament.why this discrimnation with emploee class?

  • P.VIJAYARAGHAVAN
    May 15, 2010 at 03:09:pm

    PLEASELET US KNOW IF THE GRATUIRTY ACT
    REVISED IS EFFECTIVE FROM 1 .4.2006

  • P.VIJAYARAGHAVAN
    May 15, 2010 at 03:34:pm

    DEAR EDUCATED RETIRED PERSONS HAVING CORRECT KNOWLEDGE OF LATEST GRATUTIY AMENDMENT ACT…OR ANYBODY KNOWING THE REAL FCTS…
    PLEASE ENLIGHTEN US..IN THE FOLLOWING…

    1.THE DATE OF EFECT OF REVISED GRATUTIY ACT..AND THE AMOUNTS OF REVISION THEREOF..
    2. WHETHER INCOME TAX PAID ON GRATUITY RECEIVED EARIER CAN BE CLAIMED.
    3.WHEN CAN WE W EXPECT THE REVISED GRATUTITY AMOUNT.
    4. IS IT APPLICABLE TO BANK EMPLOYEES EXISTING AND RETIRED…WHO ARE ALREADY FACING FUNDS PROBLEMS ON ACCOUNT OF HUGE AMOUNTS BEING REQUIRED RETURENED TO BANKS FOR OPTING FOR PENSION OR OTHERWISE..

    LET SOMENONE WHO KNOWS ALL THESE CLARIFY..
    THANK THE NEWS GIVER… SOON…PLEASE XPEDITE UNLIKE THE DELAYED BANKERS SETTLEMENTS…

    P.VIJAYARAGHAVAN

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