To Be In Gratitude Thereof
Gratuity is a retirement benefit paidas gratitude by the employer to hisemployee on the termination of services. Such a unique kind of protection prevalent in Indian organised sector involves payment of money in lump sum to a person who has rendered more than five years of continuous service to the employer. Gratuity is given the force of law by the Payment of Gratuity Act, 1972 ('Act'). The Act is applicable to all establishments including factories, mines, oilfields, plantations, ports, railway companies, shops and other establishments where numbers of employees are ten or more in any day of the preceding 12 months.
The employer is required to pay the amount of gratuity within thirty days from the date it is billed to the person to whom the gratuity is allocated. However, it is pertinent to note that the Labour Ministry has moved a proposal to increase the gratuity ceiling from INR 10 lakh to INR 20 lakh by amending the Payment of Gratuity Act, 1972. Gratuity limit for the Central Government employees has already been increased to INR 20 lakh after the implementation of the Seventh Pay Commission in 2016. However, there was no change in gratuity limit for private sector employees which is still at INR 10 lakh and the Central Government, therefore, is considering the amendment.
The Act also makes a provision for forfeiture of gratuity, wholly or in part, on termination of the services by the employer for any act or wilful omission or negligence that has caused any damage or loss to the employer's property. The employer can also forfeit gratuity, if an employee indulges in any riotous or disorderly conduct or other act of violence, or for moral turpitude in the course of employment and the employer has terminated his services on account of the same.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Continuous Learning For Growth
Of late, for organizations particularly in the service sector, people have become the strategy. And, if that is the case, the Learning and Development (L&D) department in organizations, and the industry in general, is likely to witness significant growth in 2017 and the years thereafter.
Creating Open Spaces And Minds
As the boundaries of life between work and home continue to blur, employers and employees are sitting up and are noticing the ways and means to offer and avail a worthwhile experience at the workplace.
Striking The Right Balance
In 2017, an employee in the HR Department of a leading global company received an excel sheet attachment in his official mail. While the content seemed harmless, it was in fact a well disguised Ransomware attack which had in fact placed several companies worldwide in the dock. Ransomware attacks targeting HR departments across the globe have since been in vogue since they possess valuable employee data which can be used to commit crimes such as tax frauds and the like.
The Multifaceted Advantages Of AI
AI can speed and automate data collection, make fundamental observations, systemize HR issues, and differentiate customer and employee profiles. But, corrective measures and final decisions can only be approved by people who can understand how to leverage AI tools to acquire accurate information sans the noise and interpret them the right way.
Engagement Surveys: A Means Or An End?
Surveys are not merely a way to check the pulse of the organisation; they should ideally be used as vehicles to improve the organisation culture, people practices and employee experiences which gradually translate into business success.
What Is And What Needs!
The idea of the best fit works only in a perfect universe. In reality, what talent specialists and hiring managers should focus on is getting the close fitment. They should work with an approach that bridges the gap between what is (available) and what needs to be (done).
A Matter Of Strategic Timing!
The term 'work-life balance' has become a popular chant for all working professionals today. A world of different opinions continue to pervade our lives, with one actually affirming that there truly is no direct relationship between the parallel worlds we live in.
Picture Out Of The Frame
A few months ago, Moon Jae-in, the President of South Korea, made an unusual announcement.
Analysis
It is paramount for a pharmaceutical company to meet the business requirement of regulatory compliance.
How Can They Fire Her?
It is a common phenomenon in the corporate landscape to misinterpret the inability to respond to a query by a Manager as a serious lapse which at times leads to termination of his/her services. As a fallout, not only do they risk losing out a person with superior managerial skills, they also dampen the spirit of the juniors in her department, leading to sinking morale and reduced engagement.
