Good News For People Employed, Gratuity Amount Up To As Much As Rs
There is a good news for all the working dogs. In reality, the Payment of Gratuity Amendment Bill-2011 may be passed in the next budget session, due to which the workers working in the formal sector will get Rs. Tax free gratuity amount can be paid upto 20 lakhs. At present, working on a firm in the same 5 year or more of the Formal Sector, a person will be forced to pay a tax free Rs. 10 lakhs. This facility is available at the time of pension after leaving the job.
According to a source, The Payment of Gratuity (Amendment) Bill can be passed in the budget session of the Parliament, which begins in late month of 2013. "He further said," The government wants to give a tax-free gratuity amount to the employees of the organized sector. It is worth mentioning that this bill was introduced in the Lok Sabha in the winter session of Parliament last month. Once the bill is passed in Parliament, then the government will not have to take any further action to determine the amount of tax-free gratuity.
The bill will give power to the government that it can notify the Maternity Leave and Gratuity period and workers can take advantage of it under the Central Government rule. On December 18, 2017, Union Labor Minister Santosh Kumar presented the bill on Tuesday.
The 'Payment of Gratuity Act 1972' was brought to the factory, mining, oil sector, plantation, ports, railway companies and employees working in shops and other companies to get gratuity.
According to this law, the employee who has worked for the same five years in the same institute gets benefit of gratuity. Although this should be 10 or more people in a person's company. In addition to this, the bill will be given to the central government that it will be able to count the extra leave in the current job even after the 12-week Maternity leave of the woman employee. This will remove the dropback of the Maternity Benefit (Amendment) Act 2017, which was last year.
Generally gratuity payments are made at an employee's retirement. However, in other cases, employees also get benefit of gratuity.
If he resigns after working for 5 years in the organization, then resigns.
In the organization, if an employee is not completing 5 years and dies during that period, his family receives a gratuity amount.
Before the completion of 5 years in the organization, an event happens in which it becomes a victim of a disease, it benefits from graffiti.