Gratuity Calculator - Calculates Payment of Gratuity Under Gratuity Act, 1972 and
Bipartite Settlement / OSR In Banks after 10BPS
Gratuity in the Banks is payable to employees and officers both under the Gratuity Act, 1972 (Max. Rs. 20 lacs revised from Rs. 10.00) and under the provisions of Bipartite Settlement for employees and as per OSR for officers whichever is higher.
Gratuity payable under Gratuity Act, 1972
On retirement on superannuation
On resignation after 5 years' service
On death of an employee
As per Gratuity Act
15 Days wage x No. of years of service ( Max. Rs. 20 lacs revised from Rs. 10.00)
Wage means last drawn Basic pay, Spl. Pay*, Spl. Allowance*, Offg. Pay*, PQP, DA, Increment portion of FPP.
1 day = monthly wage/26 days
* (only that portion which ranks for superannuation benefits in case of workmen employees)
Gratuity Calculator - Gratuity payable under Gratuity Act, 1972
Gratuity is to be calculated under Bipartite Settlement on the basis of average of pay "payable" during the last 12 months of service and not on the basis of average of the pay "paid" during the last 12 months of service.
For officers, last drawn pay as on the date of cessation to be taken into a/c. For service of
six months and above, in the case of more than 30 years of service, gratuity shall be
calculated on pro rata basis.
Service of less than six months should not be taken into a/c in both the cases
As per Bipartite Settlement / OSR
One month Pay for each completed year of service (Max. 15 months) plus half month Pay for each year beyond 30 years' service (No maximum)
Pay means - Average of Basic pay, Spl. Pay*, Spl. Allowance*, Offg. Pay*, PQP, increment component of FPP payable during the twelve months next preceding death,disability,retirement,resignation or termination as the case may be.
* (only that portion ranks for superannuation benefits in case of workmen employees)
Gratuity Calculator - Gratuity payable Under BPS / OSR
The higher of the two in (a) i.e. Gratuity as per Act or (b) i.e. Gratuity as per OSR / BPS will be paid.