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The Payment of Gratuity Act, 1972 is an Indian law that makes companies pay a one-time gratuity to retiring employees or employees who resigns after a minimum of 5 years of service. The law applies to all companies of at least 10 employees. [1] The gratuity is 15 days' wages for every year of employee service, or partial year over six months.
Indian labour law refers to law regulating labour in India. Traditionally, the Indian government at the federal and state levels has sought to ensure a high degree of protection for workers, but in practice, this differs due to the form of government and because labour is a subject in the concurrent list of the Indian Constitution .
A gratuity (often called a tip) is a sum of money customarily given by a customer to certain service sector workers such as hospitality for the service they have performed, in addition to the basic price of the service.
Tipping can be stressful and often involves complicated mental math. To make matters worse, there are also no clear-cut rules on who to tip, when to tip and how much of a tip to leave. The proper...
This is India's flagship assistance for housing designed specifically to reduce rural and urban homelessness and poverty. Under the scheme, financial assistance worth ₹ 420,000 (US$4,900) in plain areas and ₹ 530,000 (US$6,100) in difficult areas (high land area) is provided for construction or upgradation of houses for low income groups ...
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In India's context, the extent of benefit at retirement relies upon the quantum of employee's along with the government's contribution and the returns thereon, while the investment risk is borne by the employees.