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The wages here means wages last drawn by the employee. The "15 days' wages" will be calculated by dividing the last drawn wages by 26 and multiplying the result with 15. But under Section 4(3), the maximum gratuity that is payable is fixed at ₹20,00,000. Any gratuity amount paid in excess of ₹20,00,000 is taxable in the employee's hands. [4]
Redundancy pay must be given, set at 15 days' average pay for each complete year of continuous service. An employee who has worked for 4 years in addition to various notices and due process, must be paid a minimum of the employee's wage equivalent to 60 days before retrenchment, if the government grants the employer a permission to lay off.
Normally, employer-provided benefits are tax-deductible to the employer and non-taxable to the employee. The exception to the general rule includes certain executive benefits (e.g. golden handshake and golden parachute plans) or those that exceed federal or state tax-exemption standards.
Dearness Allowance (DA) is a cost-of-living adjustment, an increase made to the basic pay of government officials and public sector workers’ employees. Public sector unit employees are also government employees, but not civil servants. Some private sector employees and civil servant, are pensioners in India.
Benefits – Employee benefits refer to the non-wage advantages offered by employers alongside standard salaries or wages. The benefits included in this total compensation package are designed to attract, retain, and motivate employees, while also improving their well-being and job satisfaction.
The employer shall provide every employee a paid vacation period of two weeks, according to the following scale: After a period of at least 1 year and up to 5 years, 14 days with full pay; After a continuous period of work of not less than 5 years, 18 days with full pay. Every employee is also entitled to 13 paid public holidays. [11] 10 13 23
The largest employers in India include companies, the military, railway and the government. To keep the list manageable in length, only those companies/employers which have at least 100,000 employees are included in the list.
Pay the employer share of social security and Medicare taxes based on the reported tip income. [120] Employers should distinguish between service charges and tipped income and file and report the two separately. An employer operating a large food or beverage establishment will need to file a specific Form 8027 for each establishment they operate.