What is Gratuity Calculator?
The Gratuity Calculator is a tool designed to help employees and employers calculate the gratuity benefits. This tool takes into account factors like the employee's years of service and salary to calculate the gratuity amount that can be claimed. Use this calculator to know your gratuity eligibility.
What is Gratuity Calculator?
The Gratuity Calculator helps employees and employers calculate the gratuity amount based on the employee's years of service and last drawn salary. The gratuity is a statutory benefit paid to an employee when they retire or leave the organization.
How to Use Gratuity Calculator Website?
To use this website, simply input your monthly salary and the number of years of service in the provided fields. After you click the "Calculate Gratuity" button, the tool will display your estimated gratuity amount.
What is the Formula for Gratuity Calculation?
The standard formula for calculating gratuity is:
Gratuity = (Salary × Years of Service × 15) / 26
Here, 15 represents the number of days, and 26 is the number of working days in a month.
Advantages and Disadvantages of Gratuity Calculator
Advantages:
1. Simple and easy to use.
2. Provides quick results without any manual calculations.
3. Helps employees know their gratuity benefits accurately.
Disadvantages:
1. The calculator doesn't account for changes in salary over time.
2. The formula may vary by company or country, so it’s important to verify with HR.