Last salary of Rs 70,000 and 10 years of job, how much gratuity will be given on leaving the job?

Gratuity is the amount that is given to the employee as a reward for giving better services to the company for a long time. If you worked continuously for 10 years in a company and your last salary is Rs 70,000, then how much amount will you get as gratuity? Know here

Gratuity Calculation Formula: An employee working continuously for 5 years in a company becomes entitled to get a gratuity on leaving the job. The amount of gratuity is decided through a formula. In this, everything from years of job, to income is added. Gratuity is the amount that is given to the employee as a reward for giving better services to the company for a long time. Suppose you have worked in your company for 10 years and your last salary was Rs 70,000, then how much amount will the company give you as gratuity? Know about this here.

This is the Gratuity Calculation Formula

The formula to calculate gratuity is - (Last salary) x (How many years did you work in the company) x (15/26). Last salary means the average of your salary of the last 10 months. This salary includes basic salary, dearness allowance and commission. Due to 4 days of Sunday in a month being a week off, 26 days are counted and gratuity is calculated on the basis of 15 days.

₹70,000 salary, how much money will you get for 10 years of job

According to the calculation of the gratuity formula, if you worked in a company for 10 years and your last salary was Rs 70,000, then the calculation formula will be (70000) x (10) x (15/26). After calculation, the total will be Rs 4,03,846, this amount will be given to you as gratuity. In this way, you can calculate with this formula based on your last salary and years of job.

Calculation is different in this situation.

When the company or institution is not registered under the Gratuity Act, then the employees do not come under the Gratuity Act. In such a situation, if the company wants, it can voluntarily give gratuity to the employee, but in such a situation the formula for deciding gratuity becomes different. In such a case, the amount of gratuity will be equal to half a month's salary for every year. But the number of working days for a month will be considered as 30 days, not 26.