What is Gratuity?
A staff member receives a, gratuity payment after 20 years of service
Gratuity is a lump-sum monetary benefit paid by an employer to an employee as appreciation for long-term service (typically 5+ years), usually upon resignation, retirement, or death. It is governed in India by the Payment of Gratuity Act, 1972, and acts as a financial "thank you" or safety net.