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The Payment of Gratuity Act, 1972 is an Indian law that makes companies pay a one-time gratuity to retiring employees or employees who resigns after a minimum of 5 years of service. The law applies to all companies of at least 10 employees. [1] The gratuity is 15 days' wages for every year of employee service, or partial year over six months.
The Payment of Gratuity Act 1972 applies to establishments with 10 or more workers. Gratuity is payable to the employee if he or she resigns or retires. The Indian government mandates that this payment be at the rate of 15 days salary of the employee for each completed year of service subject to a maximum of ₹ 2000000. [24]
1972: 18 Architects Act: 1972: 20 Taxation Laws (Extension to Jammu and Kashmir) Act: 1972: 25 National Service Act: 1972: 28 Delhi Lands (Restriction on Transfer) Act: 1972: 30 Payment of Gratuity Act: 1972: 39 Diplomatic Relations (Vienna Convention) Act: 1972: 43 Antiquities and Art Treasures Act: 1972: 52 Wild Life (Protection) Act: 1972: ...
The Payment of Gratuity Act, 1972; W. ... Act, 1972 This page was last edited on 21 August 2015, at 22:07 (UTC). Text is available under the Creative Commons ...
4.11 Payment of Gratuity Act of 1972 [99] 5 Economists' criticisms. ... 13th Amendment to the United States Constitution; Timeline of abolition of slavery and serfdom;
After striking an $8.5-billion media merger with Walt Disney, Indian billionaire Mukesh Ambani is targeting small businesses and promoting unconventional neuroscience studies to boost its revenues ...
The bill received the presidential assent on 28 September 2020, and section 142 of the Act has come into force on 3 May 2021. [5] As per notification dated 3rd May 2023 issued by Ministry of Labour and Employment , Government of India several sections of the code pertaining to Employees Pension Scheme and Employees Provident Fund Scheme came ...
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