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sankhlaco · 9 days ago
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The Payment of Gratuity Act, 1972: A Reward for Long-term Service
The Payment of Gratuity Act, 1972 is a landmark legislation in India that provides a financial benefit to employees who have worked for a significant period in an organization. Gratuity serves as a reward for an employee’s long-term service, ensuring financial security upon retirement or resignation. This blog explores the key provisions of the Act, its significance, and its impact on both employers and employees.
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What is the Payment of Gratuity Act, 1972?
The Payment of Gratuity Act was enacted to provide a statutory right to employees for receiving a lump sum amount, known as gratuity, when they leave an organization after working for a certain period. The Act ensures that employees are rewarded for their continuous service, offering them financial assistance during retirement, resignation, or termination.
The Act applies to establishments with 10 or more employees and covers all employees, whether they are permanent, temporary, or contractual.
Objectives of the Payment of Gratuity Act
The main objectives of the Act are:
Reward Long-term Service: To financially reward employees for long service to an organization.
Provide Financial Security: To ensure employees have a lump sum amount when they retire or leave a company.
Promote Employee Welfare: To provide employees with a financial cushion at the end of their service.
Create Workplace Stability: To encourage long-term employment by ensuring employees are compensated for their loyalty.
Who is Covered Under the Payment of Gratuity Act?
The Act applies to employees in establishments with 10 or more employees.
It covers all employees who have worked continuously for 5 years or more.
Employees who resign, retire, or die during service are entitled to gratuity payments.
Employees who are retrenched or dismissed due to reasons beyond their control, such as company closure or reorganization, also qualify for gratuity.
Key Provisions of the Payment of Gratuity Act
1. Eligibility for Gratuity
An employee becomes eligible for gratuity once they complete 5 continuous years of service with an organization. However, in cases of death or disability, the 5-year condition is waived.
2. Gratuity Calculation
Gratuity is calculated based on the following formula:Gratuity=Last Drawn Salary×Number of Years of Service26\text{Gratuity} = \frac{\text{Last Drawn Salary} \times \text{Number of Years of Service}}{26}Gratuity=26Last Drawn Salary×Number of Years of Service​
Where:
Last Drawn Salary refers to the basic pay plus dearness allowance (DA).
Number of Years of Service is the total duration of employment rounded to the nearest full year.
The factor of 26 comes from the number of working days in a month (assuming 6 working days a week).
For example, if an employee's last drawn salary is ₹30,000 and they worked for 10 years, the gratuity would be calculated as follows:Gratuity=30,000×1026=₹11,538.46\text{Gratuity} = \frac{30,000 \times 10}{26} = ₹11,538.46Gratuity=2630,000×10​=₹11,538.46
3. Maximum Gratuity Payable
The maximum gratuity payable under the Act is ₹20 lakh, as revised by the government from time to time. The amount may increase based on the government’s policy, but it cannot exceed this limit.
4. Payment Timeline
Gratuity must be paid to the employee within 30 days of the date it becomes payable. If the employer delays the payment, they must pay interest on the due amount.
5. Nomination and Transfer
Employees can nominate a family member to receive the gratuity amount in the event of their death. Gratuity can also be transferred when employees switch jobs, provided they have a valid UAN (Universal Account Number) under the EPFO (Employees’ Provident Fund Organisation).
Benefits of the Payment of Gratuity Act
Financial Security for Employees: Gratuity provides employees with a substantial amount of money after retirement, resignation, or termination, ensuring financial stability.
Employee Retention: It serves as a reward for long-term service, motivating employees to stay with the organization for longer periods.
Employer Responsibility: Employers are legally bound to pay gratuity, ensuring that employees do not have to worry about losing out on this benefit.
Simplified Calculation: The formula for calculating gratuity is simple, making it easy for both employees and employers to calculate and ensure timely payments.
Challenges in the Payment of Gratuity Act
Awareness Issues: Many employees are unaware of their rights under the Act, leading to disputes and delayed claims.
Employer Evasion: Some employers attempt to evade gratuity payments, especially in informal sectors or small establishments where legal compliance may be weak.
Calculation Discrepancies: Disagreements often arise regarding the calculation of gratuity, especially with regard to bonuses, commissions, or other allowances.
Delayed Payments: Despite the 30-day timeline, many employees face delays in receiving gratuity, especially in large organizations or after retrenchment.
Recent Developments and Amendments
Increase in Maximum Limit: The maximum gratuity amount was increased to ₹20 lakh to keep pace with inflation and ensure employees get a fair amount after long service.
Amendment for Women Employees: In some states, specific provisions have been made for women employees who may receive additional benefits if they leave due to marriage, maternity, or other reasons.
Portability with UAN: The introduction of the Universal Account Number (UAN) has made it easier for employees to transfer their gratuity when switching jobs.
The Way Forward
To ensure effective implementation of the Payment of Gratuity Act, the following measures can be taken:
Stronger Awareness Campaigns: Employees should be made more aware of their rights under the Act through workplace seminars and government initiatives.
Tightened Enforcement: Governments should ensure better enforcement of gratuity payment laws, particularly in the unorganized sector, by increasing inspections.
Simplifying Gratuity Claims: Streamlining the claim process and digitalizing records can reduce delays and disputes.
Increased Limit: Given the rising cost of living, the government could consider revising the gratuity limit more frequently to match inflation.
Conclusion of Payment of Gratuity Act-
The Payment of Gratuity Act, 1972 plays a crucial role in securing the future of employees by providing a financial cushion for their years of service. For both employers and employees, understanding the provisions of this Act is essential to ensuring fairness and compliance. By fostering awareness and simplifying the system, India can continue to build a stable and fair work environment that values employee contribution and ensures their well-being after retirement.
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rajpreetsingh47 · 1 year ago
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The introduction of the drive-through window in the quick-service segment heavily relies on technology-related hardware, such as ordering systems and communication devices, as they facilitate quick and efficient customer service. However, software plays a crucial role in automating processes, managing orders, and ensuring smooth operations. Therefore, both hardware and software are integral to the development of the drive-through concept.
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First and foremost, the placement of surveillance cameras in our establishment is intended to ensure the safety and security of our guests and employees. It helps deter potential theft and maintain a secure environment.
Moreover, the presence of these cameras allows us to monitor and address any incidents or concerns promptly, such as food safety issues, unauthorized access, or unusual activities that may compromise customer experience.
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Three ways advances in technology have influenced cost control in human resource management are through automation, data analytics, and remote work capabilities. In the future, technology will likely impact job seekers and employers through AI recruitment, virtual interviews, and remote work preferences.
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As I analyze the technology industry, I believe that software advancements will have the most significant impact on foodservice managers in the next five years. Specifically, I foresee the emergence of more sophisticated AI-powered systems for targeted marketing, personalized customer experiences, streamlined operations, and improved data analysis to aid in decision-making and efficiency. Additionally, hardware advancements like smart kitchen appliances and IoT devices will further enhance automation and connectivity within foodservice operations.
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Using RFID card readers increase student safety with Real-time School Bus Tracking System.   By using RFID Cards readers in your fleet, you can easily track and monitor the student attendance, also Parents will get notified via notifications which will ensure the kids safety. Advantages of using RFID Cards: 1. Real-time bus tracking in App. 2. Parent notifications. 3. School Bus attendance. 4. Flexibility and Low Cost. 5. Efficient fleet operations. . . Contact: Call:99516 00700 Email:[email protected]. Visit: www.assettl.com  
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tammysoffices · 6 years ago
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hacknews · 5 years ago
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From fleet management to student safety.
Connect to Asset Telematics RFID based School Bus Tracking App.
Description:
Asset Telematics provides a way to improve student safety, efficient fleet management, and provides better ROI. 
 Advantages of using RFID Cards:
1.    Real-time bus tracking in App.
2.    Parent notifications.
3.    Marking School bus attendance.
4.    Ease of Use and kid’s safety.
5.    Flexibility and Low Cost..
.
Contact:
Call:99516 00700
Visit: www.assettl.com 
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Worried about your kid's safety while traveling to the school? Connect with Asset Telematics App, track your school bus route.
We come up with a cost-effective solution for complete Child Safety through RFID Student Tracking Module. We ensure children's safety to the next level. RFID student tracking system in buses helps schools to track whether a student is getting off at the right stop. Using mobile app parents view real-time tracking of the school bus and ensure safety during their children's ride. Parents get instant notification about children during their ride to school and the way back home. . . Contact: Call:99516 00700 Email:[email protected]. Visit: www.assettl.com  
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Efficient school bus management for a safer environment with Asset Telematics.
RFID for School Buses Tracking and Student Safety Tracking Device is a smart technological invention that has been gifted to parents with added confidence. This security solution ensures enhanced safety for students when they are boarding and de-boarding. . . Contact: Call:99516 00700 Email:[email protected]. Visit: www.assettl.com  
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hacknews · 5 years ago
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