Question

Discuss the following staff benefits:

Gratuity

Answer 1

Gratuity is often known as retirement benefits. Employers provide employees a monetary reward as a sign of appreciation for their 5+ years of loyal service. This benefit is typically determined based on an employee's length of service and last drawn salary. Gratuity is a lump-sum payment provided to employees upon retirement, resignation, or termination to help them move into their next phase of life. Gratuity is a beneficial employee benefit that shows the employer's commitment to employee welfare and fosters a positive employer-employee relationship.