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If you work for a private company that offers EPF benefits, you can receive gratuity after working there for 5 years. However, if you get injured or disabled due to an accident or illness, you can get gratuity before completing 5 years. Tradingo offers a free gratuity calculator to help you figure out how much your company owes you. The amount you receive depends on your final salary and the number of years you've worked for the company. These payments are governed by the Payment of Gratuity Act 1972.
A gratuity calculator helps you figure out how much money you'd get when you leave a job after working there for five years without a break. It's useful for estimating your retirement benefits from the company. You just need to input your last salary and how long you've been working there continuously. Your last salary should include your basic pay, any bonuses, and commissions from sales.
The formula used by our online gratuity calculator is:
G = n*b*15/26
In the formula, the values are the following:
Here are a few benefits of using a gratuity calculator:
Gratuity is a sum of money that an employer pays to an employee in gratitude for their service upon leaving the job after a certain period.
Gratuity is typically calculated based on the employee's basic salary and the number of years they have worked for the employer.
Generally, employees who have completed a minimum period of service, often five years, are eligible for gratuity.
Usually, gratuity is paid out only when you leave the job after completing the required years of service. However, some exceptions may apply in specific circumstances.
Tipping is typically voluntary, but it is customary in many service industries to show appreciation for good service.
