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In India, gratuity is a type of retirement benefit. It is a payment made with the intent of monetarily helping an employee after his or her retirement. It was held by the Supreme Court of India in Indian Hume Pipe Co Ltd v Its Workmen that the general principle underlying a gratuity scheme is that by service over a long period the employee is entitled to claim a certain amount as a retirement ...
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]
Or the customer says how much he will pay in total, including the tip: thus if the basic price is €10.50, the customer might, rather generously but not unusually, say zwölf ("twelve"), pay with a €20 note and get €8 in change. When paying a small amount, it is common to round up to the nearest euro (e.g. €1.80 to €2.00).
An industry source said firms should honour overtime payment rules and abide by employment contracts, but said the services industry, particularly the IT industry, was feeling the impact of a ...
Government employees in the India are entitled to following benefits: [5] [6] Pension; Leave encashment; Gratuity on Death; Medical facilities under Union Government Health Scheme; Single male employees and female employees in the Union government are eligible for child care leave for 730 days. [7]
These orders aim to remove flexibility from the employer in terms of job, hours, timing, leave grant, productivity measures and other matters. The standing orders mandate that the employer classify its employees, state the shifts, payment of wages, rules for vacation, rules for sick leave, holidays, rules for termination amongst others.
It is mandatory for all Central Government employees with effect from 1 January 2004. It extends to all citizens of India including workers of the unorganized sector on a voluntary basis with effect from 1 May 2009. [10] On 29 October 2015 the Reserve Bank of India allowed Non-Resident Indians (NRI) to subscribe to NPS. [11]
India on Tuesday delayed the implementation of market share caps for a popular digital payments method by two years, a move that will benefit Google Pay and Walmart-backed PhonePe. According to ...