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Gratuity: How to calculate, eligibility, taxation and other details

Updated : July 13, 2020 03:20 PM IST

Gratuity, payable under the Payment of Gratuity Act 1972, is a sum of money paid by an employer to an employee for services rendered in the company.
The gratuity amount depends upon the tenure of service and last drawn salary.
Under the existing gratuity rules, employees are eligible for gratuity only if they have completed 5 years of continuous service with a single employer, according to Paisabazaar.
Gratuity: How to calculate, eligibility, taxation and other details

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