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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 proposed budget entails an extension of the limit of tax exemption on leave encashment to ₹25 lakh for non-government salaried employees upon retirement, aligning it with the government salaried class. In the Old Tax Regime, the maximum amount eligible for exemption stood at ₹3 lakh. [20]
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]
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In India, a Government service holder under the Union Government or any Provincial (State) Government can avail the following types of leave of absence during the service period: [3] Earned leave: Leave of absence which is earned by the employee by dint of period of duty in service but usually credited in advance to the leave account in two ...
The running backs want to run it back at Penn State. Nick Singleton and Kaytron Allen both announced Monday that they plan to return to the Nittany Lions for the 2025 season. The duo each topped ...
Macy's has named 66 of the 150 stores that it's planning to close as part of its revitalization plan.. The retailer announced back in February 2024 plans to shut down 150 "underproductive" Macy's ...
$67.10 N/A, earnings are no longer your priority; you’re spending your emergency fund on an emergency. For every $1,000 invested at a 1 percentage-point higher APY, I typically earn $10 more per ...