Payment of Gratuity Act, 1972
- The Payment of Gratuity Act, 1972 applies to Factory, Shops or establishments employing 10 or more persons,
- Gratuity is a defined as a benefit given by the employer to the employee for rendering services continuously for five years or more. It is a monetary benefit usually given at the time of retirement. But there are certain rules which make an employee eligible to receive gratuity before the age of retirement or superannuation.
- Form F (Declaration Form)
- On the employee choice gratuity payable to him can be distributed amongst the nominees.