Sir,
I served a \'company managed college\' as a faculty in chemistry for 8.5 years. After my resignation, though PF was promptly cleared, I was not paid the gratuity. As a result of my long fight, at last, in the last month, after 13.5 years, the gratuity amount was paid but without interest. My repeated representations made them to pay 10% simple interest. Am I not eligible for compound interest as the delayed period is 13.5 years? The gratuity amount was 31,875/- and simple interest @10% was 43,345/-.Please quote case history or the relevant sections under gratuity act of 1972.(One case history says, never interest should exceed the gratuity amount!)
T.S.Rao
Dear Mr. Rao,
Thank you for posting your query on our Forum at citelegal.
While confessing I am not entirely sure of the technicalities involved in your situation, I would suggest that for quick response to this particular concern, you post the same on our website citehr.com
This Forum has scores of very experienced members from the HR fraternity who would be able to provide you with appropriate suggestions.
Regards,
Citelegal
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