What Is Meant by Gratuity? Significance to Employers and Workers
Gratuity is a monetary benefit provided by employers to employees as a token of appreciation for long-term service. Governed by the Payment of Gratuity Act, 1972, in India, it applies to employees who have completed at least five years with an organization. For workers, gratuity serves as a retirement benefit, offering financial security post-employment. For employers, it fosters loyalty and boosts employee morale.
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