Amendment in The Payment of Gratuity Act,
The Payment of Gratuity Act Amendment Bill 2010 raises the ceiling of gratuity to be paid from the present level of Rs. 3.5 lakh to Rs. 10 lakh. This Amendment has been approved by parliament on 5th May 2010 (by Lok Sabha on 3rd May 2010 and by Rajya sabha on 5th May 2010).
The Payment of Gratuity Act 1972 provides for the payment of gratuity to employees engaged in industries including mines, oilfields, plantations, shops, factories, amongst others.
The Amount Three lakh and fifty thousand rupees was fixed with effect from 24th September, 1997 by amendment to the payment of gratuity Act, 1972.
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