According to the Gratuity Act 1972, an employee is eligible to receive a gratuity amount after completing five years of continuous service at one organization. The gratuity amount is paid to the employees once they retire, resign, or are laid off.
Gratuity refers to a sum of money given voluntarily by a customer or client to an employee in addition to their regular payment or salary. It is a form of appreciation for the service provided by the employee.
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