Gratuity: How To Calculate, Rules, Eligibility and Formula

Gratuity is a benefit received by an employee for services rendered to an organisation. For companies covered under the Gratuity Act, this benefit is paid when an employee completes five or more years of service with the employer. An employee gets gratuity when he/she resigns, retires or is laid off. In case of death or disablement there is no minimum eligibility period. (Also Read: Decoding The Gratuity Bill - Who Benefits, Income ...