Consideration of Gratuity limit increased to Rs20L from Rs10L for PSU Executives wef1.1.16
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On June 29, the 7th Pay Commission recommendations were accepted by Union Cabinet. The Central Government has unanimously increased the gratuity limit from 10 Lakhs to 20 Lakhs. This news brings a smile of near about 50 lakh employees of Central Government employees, as they will get more money for their retirement on or after 1st January 2016. Under the 7th Pay Commission, IAS officers to peons all will get enhanced salaries with arrears on September 1,2016 and will also help them to shape their future plan in a much organised way.
It is happy news for Central Government Employees and thankful to the Government for the implementation of 7th Pay Commission and enhancement of the ceiling on Gratuity from Rs.10 lacs to Rs.20 lacs in respect of the Government employees with effect from 1.1.2016. This was required due to the inflation and rising cost of living and Indian economy has been showing “bright” near-term prospects.
It is regretted that the employees of other Public Sectors also would like to have the same benefit in line with Central Government employees, who have already been extended the benefit of revision in Gratuity with effect from 1.1.2016,. The employees of State Bank of India are extended the benefit of Gratuity under the Central Gratuity Act. The enhancement in the ceiling of Gratuity for Government Employees and hence they are also eligible for the revision in the Gratuity Ceiling payable to all Public Sector Executives. But they would get the benefit of the improvement in the Gratuity only when the Central Gratuity Act 1972 is amended as we all Executives of Public Sector are governed by the gratuity act 1972.
Therefore, it is requested to Government to kindly consider our request and take up the amendment of the Central Gratuity Act to this effect in the Parliament Session for the benefit to all those who are eligible under the Central Gratuity Act with effect from 1.1.2016.
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