New Delhi: The acting Finance Minister Piyush Goyal on Friday presented the Union budget in The Parliament. Goyal announced some middle class and lower-middle-class friendly sops to people.The government increased the gratuity limit from Rs 10 lakh to Rs 30 lakh which will be very beneficial to the employees
Goyal also announced a mega pension scheme called the Pradhan Mantri Shram Yogi Mandhan (PMSYM) for the unorganised sector. A pension of Rs 3,000 will be paid out after retirement age for those in salary bracket of up to Rs 15,000/- per month Employees would have to make a monthly contribution of Rs100 per month. Minister also said 50% of the GDP comes from sweat and toil of 42 crore workers in the unorganised sector.
Talking about Gratuity , it is the amount of the money that is paid by an employer to an employee at the end of his service. In order to be eligible, the employee must complete 5 or more years in a company
The last Gratuity Amendment Act of 2018 had brought in two major modifications. The first related to employees getting a larger amount of gratuity payable by the employer versus the past. It had also increased maternity leave period to 26 weeks.