IAI SP4 Practice Questions - IAI Subject SP4 Pensions And Other Benefits Exam

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Under the Payment of Gratuity Act, 1972 (India), the standard gratuity formula for a covered employee on the monthly wages basis is:

Average of last 12 months wages times 1/12 times years of service Last drawn wages times 30/26 times years of service Last drawn monthly wages times 15/26 times completed years of service Last drawn monthly wages times completed years of service

Correct Answer:

Last drawn monthly wages times 15/26 times completed years of service

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