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Question
A voluntary payment made by an employer to his employees who retired after long and dedicated services is ______.
Options
Pension
Group Insurance
Gratuity
Provident Fund
MCQ
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Solution
A voluntary payment made by an employer to his employees who retired after long and dedicated services is gratuity.
Explanation:
Gratuity is a lump-sum financial benefit paid by an employer to an employee as a token of gratitude for continuous, long-term service (typically five years or more) upon their retirement, resignation, or superannuation.
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