Good news for jobs, even if you work for one year, you will get the benefit of graduation
Details of the new provision are given in the Social Security Code 2020. People working in private companies will directly benefit.
New Delhi: In the monsoon session of Parliament, the Union government has introduced three bills related to labor reforms in the Lok Sabha. It also includes the Social Security Code 2020. Many new provisions have been added to the Social Security Code. One of the provisions is regarding gratuity. It states that gratuity can be obtained in one year instead of five years.
Gratuity benefit with salary
Details of the new provision are given in the Social Security Code 2020. People working in private companies will directly benefit. Employees who are employed on a fixed term basis will be entitled to graduate on the basis of the same number of days. It doesn't take five years. To put it simply, employees working on a contract basis can get their salary as well as the benefit of graduation. Regardless of the number of days the contract is in place, they will be paid a wage based on wages.
The law will benefit
The Social Security Code 2020 is awaiting approval from both Houses of Parliament. Only then will this become law. Only after the law is enacted will all its information come to light. This is the only information available from the government at present. The terms and conditions will also come into force only after the law becomes law.
What is the eligibility for graduation?
According to the rules of the Graduation Payment Act, 1972, the maximum amount of graduation can be up to Rs. 20 lakhs. For graduation, it is mandatory for an employee to work in the same company for at least 5 years. Employees are not eligible for graduation in a job position held for less than that. Leaving the job in 4 years 11 months also does not get graduation. However, the rule does not apply in case of sudden death or mishap of an employee.
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