About" Gratuity" - A word we have been hearing since childhood

The Payment of Gratuity Act 1972:- Gratuity is a voluntary Payment made by the employer to the employee in recognition of continuous, meritorious services and sincere efforts by the employee towards the organization.It is governed under the Payment of Gratuity Act 1972.It is an Act to provide for a scheme for the payment of gratuity to employees engaged in factories, mines, Oilfields, plantations, ports, railway companies, and shops or other establishments.

Applicability:-As per the Gratuity Act, the scheme for the payment of gratuity is available to:

· Employees engaged in factories, mines, oilfields, plantations, ports, railway companies, shops or other establishments and for matters connected therewith or incidental with.

· Every shop or establishment within the meaning of any law for the time being in force in relation to shops and establishments in a State, in which ten or more persons are employed, or were employed, on any day of the preceding twelve months;

· Such other establishments or class of establishments, in which ten or more employees are employed, or were employed, on any day of the preceding twelve months, as the Central Government may, by notification, specify in this behalf.

Employee :-The term “employee” is defined in Section 2(e) of the Act as any person (other than an apprentice) who is employed for wages, whether the terms of such employment are express or implied, in any kind of work, manual or otherwise, in or in connection with the work of a factory, mine, oilfield, plantation, port, railway company, shop or other establishment to which this Act applies, but does not include any such person who holds a post under the Central Government or a State Government and is governed by any other Act or by any rules providing for payment of gratuity;’.

Gratuity Entitlement :-Gratuity is payable to an employee (nominee – in case of death of employee) who has rendered continuous service of five years or more on his termination of employment, superannuation, retirement or resignation. Completion of continuous service of five years is not necessary where the termination of employment is due to death or disablement due to accident or disease.

Exceptions:-Forfeiture of gratuity amount wholly or partially or to the extent of Damage /loss in case of an employee whose service has been terminated for:

· Any act, willful omission or negligence causing any damage or loss to, or destruction of, property belonging to the employer; or

· Act of riotous or disorderly conduct or any other act of violence on part of employee; or

· Any act which constitutes an of fence involving moral turpitude, in the course of his employment.

Nomination:-In case of death, the gratuity is payable to any of the following persons:

· Nominee

· Heirs (in absence of nomination)

· In case nominee/ heir is a minor, such amount will be deposited with the controlling authority who shall invest the same for the benefit of such minor in such bank or other financial institution, as may be prescribed, until such minor attains majority.

The Gratuity limit has been raised from 3.5 lakhs to 10 lakhs:-There has been amendment in the Payment of Gratuity Act 1972, following proposal of Labor and Employment Ministry, demands from trade unions and others to remove the ceiling or increase the maximum payable amount, which was fixed in 1997. It shall come into force on 24 May 2010 as per the Notification in the Official Gazette.

Maximum Limit :-The Gratuity limit as per Section 4(3) has been raised from 3.5 lakhs to 10 lakhs. This will give advantage to both private and public sector employees. According to this new amendment, the maximum gratuity exemption as per IT Act also increases to Rs. 10,00,000.

Determination of Gratuity Amount

· For every completed year of service or part thereof in excess of six months, the employer shall pay gratuity to an employee at the rate of fifteen days’ wages based on the rate of wages last drawn by the employee concerned.

· The Gratuity calculation is done as per the last average remuneration drawn and time in years served by an employee.

· The amount of gratuity payable to an employee shall not exceed Rs. 10,00,000 (increased from Rs. 3,50,000).

· In order to compute the gratuity payable in case of employees em ployed in seasonal establishments, daily wages, or piece rated employ ees. Computation will be as per the provision of the Act.

· It can be formulated as follows:

·

· Basic + DA (Wages Last drawn)* 15days 126 * number of years of continuous service (six months or less to be ignored and more than six months to be counted as full year)

TIME LIMIT / FORMS FOR APPLICATION TO BE MADE TO EMPLOYER
Sr.	Particulars	Form	Timeline	Compliance by
1.	Nomination	F	30 days after completing 1 year service	Employee
2.	Application for Gratuity
	· on gratuity be- coming payable to the employee	I	30 days from the date of gratuity becoming pay-able	Employee
	· on gratuity be- coming payable to the nominee	J	30 days from the date of gratuity becoming pay-able	Nominee
	· on gratuity be- coming payable to heir	K	1 year from the date of gratuity becoming pay-able	Legal Heir

Enjoy The Office Picnic

Dear Friends ,

Do enjoy this office picnic and have lot of fun , forgetting and putting aside all your worries and pain .

Hope you all enjoy tomorrow's fun trip .

DO revert with your comments when you are back from this experience ...............

E'njoy !

Albert EINSTEIN - Interesting Fact

No human being has ever been so readily identified with the notion of pure genius as Albert Einstein (1879 - 1955)
 

When Einstein was five years old his father gave him a pocket compass. It was this compass that sparked Einstein’s interest in science. The fact that the compass pointed in the same direction no matter how it was turned made him curious about understanding the force behind it.

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In 1895 when Albert Einstein appeared for the University Entrance Exam he could only manage to pass in the math and science sections and failed in the rest of the subjects. 

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Einstein, who was never able to recall his own phone number, was famous for not memorizing anything that could be quickly and easily looked up in a standard reference volume. "Never memorize what you can look up in books," he said

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Einstein was good friends with the film star Charlie Chaplin. Of the crowds that followed them, separately and when they attended events together, Chaplin told Einstein, "People cheer me because they all understand me, and they cheer you because nobody understands you."

Albert Einstein won the Nobel Prize for his work in the area of Photoelectric Effect in the year 1921. Einstein was not present to receive his Nobel Prize in December 1922 because he was on a trip to Japan.

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Einstein was offered the Presidency of Israel in 1952 but declined it. An element named einsteinium was discovered in 1952 and named in his honor.

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Albert Einstein was also not particularly concerned about being well dressed. He also stopped wearing socks because he found his big toe would make a hole in the sock. His favorite past time was sailing. Einstein also loved going for walks around the town and that was one of his favorite activities. He also loved music and used to play the violin.

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When Albert Einstein died, his final words died with him. The nurse at his side didn't understand German.

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After Albert Einstein’s death in 1955 his brain was removed without approval from his family and an autopsy was conducted. Thomas Harvey conducted this autopsy and eventually it was discovered that Einstein’s brain had large portion of glial cells in the region that synthesizes information. Other studies also indicated that Einstein’s brain did not have a particular kind of wrinkle and this allowed the neurons to communicate better with each other.  

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there are more facts and rare picutures of AI you can visit to http://www.life.com/image/first/in-gallery/41842/exclusive-the-day-einstein-died

Working Father’s

Have mostly heard about working Mother’s, the way they are dedicated towards their family and work and how they balance their personal and professional life.

But feel that even working father’s are playing the similar role.

From my past memories, I have mostly seen my father working hard for our family and for our better future and settled life. In these course of time working father’s do devote their time for their family and children.

Taking us for different rides in various Amusement parks to ridding on their back too.

Helping children’s in their academic to frivolous activities till helping their partner in household activities and many more…...

I simply feel every father in this world loves their family very much and they play no less important for their family