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Salaried employees are eligible for gratuity under the Payment of Gratuity Rules, 1972, after completing 4 years and 240 days of continuous service. Gratuity is calculated based on the final drawn salary, with specific formulas depending on whether the organization falls under the Act's purview.
Banks in India will be closed on March 22, 2025, as it is the fourth Saturday of the month. Additionally, banks in Jammu and Srinagar will be closed on March 27 and March 28 for Shab-I-Qadr and Jumat-ul-Vida, respectively.
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