Whenever the government implements the pay revision committee benefits, the basic pay, DA and all other allowances get revised. Due to this the method and ceiling for calculating the retiral benefits like Gratuity and Leave encashment also get changed.
The revised Gratuity limit is Rs 20 Lakhs for the PSUs which have implemented the 3rd PRC Like central government employees.
If your company has implemented the 3rd PRC, you can check here both the component by entering your Basic at the time of retirement.
You need to enter the following details.
- Basic Pay on Superannuation
- Number of Service Years
As per my knowledge, the following Public Sector Undertakings have implemented the 3rd Pay Revision Committee benefits for their employees.
- Engineering Projects (India) Limited
- Oil India ltd
- Shipping Corporation
- SJVN ltd
- THDC India ltd