Subject to the terms, conditions and other provisions contained in the succeeding regulations gratuity will be granted to a whole time employee after he/she ceases to be inservice of the Corporation or in the event of his;her death before receipt of gratuity, to such person or persons as may be determined in accordance with regulation 7, But nothing in these regulations shall be construed as conferring any right-or benefit to any employee whose, service in the Corporation is governed by a contract expressly stipulating his service to be fora specified period. Every employee who has put ina minimum service of 10 years would be entitled to receive payment of gratuity by the Corporation on the basis of a sum equal to 1/2 month pay for each completed year of service in the Corporation subject to a maximum of 15 months’ pay or Rs. 1,00,000 (Rupees One Lakh). *whichever is less.
*[ The figure Rs. 10,000/- (Rs. Ten Thousand) has been substituted with the figure Rs. 1,00,000 (Rs. One lakh)—Authority : Board of Directors meeting held on 29-11-89: Resolution No. 8: Dated.29-11-89—Board resolved that the employees who have retired or died while in service or have resigned on or after 1st December, 1989 shall be eligible for gratuity upto a maximum limit of Rs. 1,00,000/- (Rs. One lakh). ]