To give relief to private employees, the government may soon introduce the facility of Gratuity portability. It can be included under the Social Security Act. With this, gratuity can also be transferred like PF.
Gratuity portability
Those working in the private sector will no longer lose money if they change jobs. They can also transfer gratuity amount like PF. For this, the government is going to implement the facility of gratuity portability soon. Under this, gratuity can be made a part of CTC.
According to media reports, the union of labor ministry union and industry has also met in this regard. In which the proposal to make gratuity a part of CTC has been discussed. The new rule is likely to be included under the Social Security Act. Notifications can be issued by the government soon on this decision.
Amendment in gratuity act
Till now, gratuity is paid to the employee under the Payment of Gratuity Act 1972. This amount is given to the employees who have served in the company for five years or more. However during the Corona period, the Parliamentary Standing Committee in the Labor Affairs Committee recommended in its report to make this period 5 to one year. Due to which, employees can get the benefit of gratuity on changing jobs. It is believed that soon new policies will be made in this regard.
Gratuity transfer will be available
According to the media report, the government is going to change the structure between the union and the industry. In such a situation, private sector employees will get the option to transfer gratuity like PF. Proposal was also being considered to extend the working days. Under which, talk of 15 to 30 days was being done. However, the industry has not agreed on this.
Also read: Railways announced big announcement, passenger train service will start from this date
LIC Jeevan Umang Policy: People from 3 months of age to 55 years will get benefit, know how to invest
