Lok Sabha passes bill to hike gratuity ceiling to Rs10 lakh - ALLCGNEWS

Central Government Employment News

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07 May 2010

Lok Sabha passes bill to hike gratuity ceiling to Rs10 lakh

The bill seeks to amend the Gratuity Act to enhance the amount of gratuity payable to an employee from Rs3.5 lakh to Rs 10 lakh
NEW DELHI: Parliament on Wednesday approved enhancement of the gratuity ceiling for employees from Rs 3.5 lakh to Rs 10 lakh, as also the exemptionthreshold from income tax on it.Rajya Sabha put its stamp of approval on the amendment to the Payment ofGratuity Act of 1972 after Lok Sabha had cleared it on Monday. Labourminister Mallikarjun Kharge, however, rejected suggestions to give aretrospective effect to the measure and improve the formula for calculation of gratuity. "We want to give a lot, but there should be a capacity (of the employer) to pay and it should reach the beneficiaries,'' he said.

SOURCE - TIMES OF INDIA

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