Prajna Capital - An Investment Guide

Cabinet also approves changes in Seeds Act for quality control THE centre on Thursday hiked the existing gratuity limit to Rs 10 lakh from the existing Rs 3.5 lakh. As per the Payment of Gratuity Act, 1972, on completion of five years service, employees in both private and public sector covered under the Labour Act are entitled to payment of gratuity subject to a maximum of Rs 3.5 lakh. The gratuity is an in- come for an employee equivalent to half of the last monthly basic pay drawn multiplied by num- ber of service years. How- ever, an upper limit of Rs 3.5 lakh has been there on gratuity. This ceiling has been raised to Rs 10 lakh with immediate effect. The union cabinet cleared the proposal of personnel de- partment on Thursday. The Cabinet also cleared proposed amend- ments in the Seeds Bill as per recommendations of parliamentary standing committee. Agriculture minister Sharad Pawar will move the amendments to Seeds Bill in both houses of Parliament. The pro- posed Seeds Bill, wh...