Payment of Gratuity Act, 1972
Applicability:
Establishments with 10 or more employees.
Eligibility:
Employees completing 5 years of continuous service.
Amount Payable:
15 days’ wages for every completed year of service (Max cap ₹20 lakh).
Form C nomination form needs to be filled and maintained for every employee
Due Date:
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Payable within 30 days from the date of separation/resignation/retirement.
Non-Compliance:
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Interest on delayed payment.
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Penalty up to ₹10,000 or imprisonment up to 1 year.
