GROUP GRATUITY

Gratuity is the lump sum amount of money that is paid out to employees when they leave the organisation after having served a minimum period of 5 years. This monetary benefit is mandatory under Gratuity Act of 1972 and will allow hardworking employees who have served the organisation loyally to pursue their dreams and enjoy their life post retirement. Organisations can opt for a Unit Linked Plan or a Non-Participating Endowment Plan.

Organisations will pay gratuity to employees at the time of termination of their service at work, provided they have completed a minimum of 5 years at the organisation. Termination of services
could be due to:

• Retirement
• Superannuation
•  Resigning
•  Gratuity is not payable on dismissal or termination of employee.