WebApr 29, 2024 · The ex-gratia amount should not exceed the sum of the basic pay plus DA that the employee would draw at the prevailing level for the balance of the period of service left before superannuation. v. The ex-gratia amount will be paid in lump-sum; vi. The ex-gratia amount upto Rs 5.00 lakhs will be exempted from Income Tax; WebJul 21, 2024 · Superannuation is a retirement benefit and potentially a good way for an employee to plan their financial security. Employers also offer other retirement savings schemes such as provident funds, gratuity, or National Pension System (NPS). Here we will help you understand the superannuation scheme in detail to avail of its benefits.
Gratuity: How To Calculate, Rules, Eligibility and Formula - Bajaj …
WebMar 15, 2024 · Employees must fulfil the following criteria to be eligible for receiving the gratuity payment: On superannuation i.e. when an employee attains a pre-fixed age … WebGratuity. Gratuity is the amount paid by an employer to the employee for the services rendered by him/her during the period of employment. Gratuity can only be given when the employee completes a minimum of five years of service with an organization. However, these five years must be continuous and there should be no gap in the services of the ... fedex start year
Difference between gratuity and superannuation
WebJan 2, 2024 · Gratuity is a defined benefit plan given by the employer to the employee for rendering services continuously for five years or more. It is a monetary benefit usually given at the time of retirement. But there are certain rules that make an employee eligible to receive gratuity before the age of retirement or superannuation. WebJul 14, 2024 · Special Deposit Scheme for Non-Government Provident, Superannuation, Gratuity Funds: The Union Ministry of Finance has notified the interest rate for Special Deposit Scheme for Non-Government... fedex state college anaheim