When Will I Get My Gratuity Amount?
When Will I Get My Gratuity Amount? Gratuity is a crucial component of an employee's compensation package, offering financial security and a sense of appreciation for years of dedicated service. Understanding when and how you will receive your gratuity amount is essential for effective financial planning. In this article, we will delve into the details of gratuity, eligibility criteria, calculation methods, and the process of claiming your gratuity amount. What is Gratuity? Gratuity is a monetary benefit provided by an employer to an employee as a token of gratitude for their continuous service. It is governed by the Payment of Gratuity Act, 1972 in India. This benefit is typically given to employees who have completed a minimum of five years of service with the same employer. Eligibility Criteria for Gratuity To be eligible for gratuity, an employee must meet the following criteria: Minimum Service : The employee must have completed at least five years of continuous service with