Home - Banking News - Rs 20 Lakh Gratuity Payment Bill Passed in Lok Sabha

Rs 20 Lakh Gratuity Payment Bill Passed in Lok Sabha

The Payment of Gratuity Amendment Bill and The Specific Relief Amendment Bill passes in Lok Sabha under chaos. The Gratuity bill be now placed in Rajya Sabha for approval. Passing of Gratuity bill will enable the Central government to provide tax-free gratuity of Rs 20 lakh to the organised sector workers including Public Sector Bank Employees.

How To Calculate Gratuity Benefit ?

The Bill among other things empowers the Central government to notify the period of maternity leave eligible for qualifying as continuous service and determine the amount of gratuity available to employees. Under the Act, the maximum amount of gratuity payable to an employee cannot exceed Rs 10 lakh. The Bill removes the existing ceiling and states that the ceiling may be notified by the central government.

Does Gratuity and PF Taxable ?

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