Mmorpg 2024 Gratuity Act. Know about gratuity provided by an employer to an employee, what is covered. Section 4a of the act mandates every employer to compulsorily acquire insurance for his liability towards payment of gratuity under the act (insurance), once.
The increase raises the maximum limit of retirement gratuity and death gratuity from rs 20.00 lakh to rs 25.00 lakh, effective from january 1, 2024. This is given to employees on there superannuation, retirement or resignation and death or disablement.