Your work while your life just to make your life more stable and to fulfill all the wishes you yourself, your family and after that, you have to take care of the wishes of your children. When you have so much of use of money in your coming future, is it not better to invest in something so that you get something good in return for your investment that can help you in your life when you get to retire from work of pass on your work responsibility to your children.
Suppose you are in your 60’s and you have your children and they have their own children who are your grandchildren. Would you depend on your children? Well, you can ask for some help from your children at this age but it is better to be independent on your own even at this point in your life.
If you had a business before then, you must have saved some amount for yourself before passing on your business responsibility to your children but what if you were a salaried person for the whole of your life?
Even if you were a salaried person for your whole life you must have worked somewhere for more than 10-15 years in the same organization and saved some money before your retirement. But the major thing that you must have got after your retirement is the gratuity and provident fund amount that was deducted from your salary every time you received your payment when you were working.
Provident fund can be transferred to your account even if have worked for only 1-2 year with some organization or if you have completed 10 years of continuous duty with the same organization but in the case of gratuity, you will get it only when you have completed at least 5 years at the same organization, you have retired from the organization or you are dead in between working timespan.
The gratuity is the amount that is paid by the company because of your loyalty and concern for the company while working for years. It is mandatory in India for every employer to provide a gratuity to his/her employee if the required conditions are met.
When you have received this amount you can help yourself and even your children if they need some favor in terms of money from yours. If you have grandchildren they are going to stay with you most of the time and they are going to demand certain things from you. So, clearly it is a very good move to save money as it will only benefit you once you get old and you have no extra income in your life.
If you are a working professional who is unaware of the gratuity terms and conditions you can visit GratuityCalculator.net and read out the terms and condition that is applicable to a person to receive the gratuity. Maybe, you are also eligible for gratuity and you have not yet received it. Go through the questions and calculate your gratuity amount if you are eligible.