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Question
Why is 'Gratuity' given by an employer to an employee?
Answer in Brief
Solution
- Gratuity is a terminal benefit to a worker when he leaves the employment after working for a certain number of years.
- Originally, gratuity was an ex-gratia or voluntary payment made by an employer to his employees who retired after long and dedicated services.
- It is meant to protect the superannuated employee against the risk of old age.
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Social Security in India
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