Question

Identify the terminal benefit paid to an employee who leaves the employment either after working for the specified number of years or on superannuation.

Options

• Provident Fund

• Public Provident Fund

• Voluntary Retirement Scheme

• Gratuity

Answer 1

Gratuity

Explanation:

Gratuity is a terminal benefit paid to an employee who leaves employment after completing a specified number of years (typically 5 or more) or on superannuation (retirement). It is a lump-sum payment to reward long service and provide financial security.