Section 77(2) in Life Insurance Corporation of India (Staff) Regulations, 1960
(2)[ Gratuity admissible to an employee shall be at the rate of one month's terminal basic pay including special pay, for each completed year of continuous service (inclusive of regular salaried service with the insurer) in respect of first 15 years and at the rate of half a month's terminal basic pay including special pay for each completed year of further continuous service; so, however, that the total gratuity admissible shall not exceed a maximum of 20 month's terminal basic pay including special pay or Rs. 30,000/- whichever is less.] [Notified in Gazette of India, Part-III Section 4 dated 7.8.1971.]Note: For the purpose of this sub-regulation any period spent by an employee on extraordinary leave, exceeding 12 months during the entire period of his service shall be excluded.
