1 / 10

Gratuity and PF

Gratuity and PF. Meaning of Gratuity?. Derived from latin word “ Gratuitas ” means “Gift” Social security scheme Lump sum at end of employment Monetary support to Family at Retirement or death of employee. Helpage partner WS, Jan-Feb’13. Helpage partner WS, Jan-Feb’13.

adeola
Download Presentation

Gratuity and PF

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Gratuity and PF

  2. Meaning of Gratuity? • Derived from latin word “Gratuitas” means “Gift” • Social security scheme • Lump sum at end of employment • Monetary support to Family at • Retirement or death of employee Helpage partner WS, Jan-Feb’13

  3. Helpage partner WS, Jan-Feb’13 Helpage partner WS, Jan-Feb’13

  4. HISTORICAL BACKGROUND • Earlier days: Gratuity • Introduced voluntarily • Applicable only to some establishments and few certain categories.‡ • Came into force on 16th September, 1972. Helpage partner WS, Jan-Feb’13

  5. Gratuity

  6. Calculation

  7. Introduction- PF Introduced in November 1952. To provide old-age and post service financial support To workers/employees.

  8. What is PF? • Applicable to organizations with 10/ 20 employees • Organisation must be involved in specified activity • Varies from one state to another • NGOs exempted by notification from 1986 till 2010 • New notification not issued so far

  9. PF Contributions

  10. Further Reading AccountAble 32: Provident Fund

More Related