Gratuity: The Ultimate Guide To Working Professionals

Working individuals in India are offered a host of employee benefits. Gratuity is one of the most important and useful benefits of all. Even though it is a well-known term, some people still do not have a clear understanding of this benefit. Are you one of them? If yes, you have come to the right place.

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A sum of money given to employees in return for their years of hard work and dedication is called gratuity. Employees wait for this payment throughout their employment period. Hence, every company should pay gratuity payments to their employees.

Which Companies Are Bound To Give it?

Here are the top three important facts about gratuity every organization must know about:

The gratuity rules apply to every firm across India that has a strength of ten or more personnel.
The Act applies in every part of India except one state, i.e. Jammu & Kashmir.
Once an organization comes under the purview of this Act, it continues being covered under the same, no matter if the headcount decrease below 10 in the long run.

Who gets The Benefit?

This is one of the common doubts among working professionals. First thing first, you must know that not every person working in an organization gets gratuity benefits. To acquire it, an employee is expected to b