World UZ

gratuity fund law in pakistan Approved Gratuity Fund [ section 2(3)] Both public and private sector organization’s provide different types of retirement incentives to their employees. These incentives are called Gratuity funds. The approve Gratuity fund is same like this fund but this is approved by the authorities. The fund is great benefit for the employees because after complete their job they will get lum sum amount as Gratuity fund do let’s have a look on the definition of Gratuity fund Definition      “Gratuity fund is a lum sum amount received by an employee from the employer at the time of retirement”. Approved Gratuity Fund      “Approved gratuity fund means a gratuity fund approved by the commissioner inland revenue in accordance with part-III of sixth schedule of income tax ordinance 2001(Pakistan)” Explanation Maintenance of fund Government and private organization’s maintain gratuity fund for th...