Before revision: Employment gratuity is the money companies typically give to their employees at the end of their contracts as a legal requirement. Like pension, it is a form of retirement plan and is often given as an alternative to a pension plan.
After revision: Employment gratuity is the money companies typically give to their employees at the end of their contracts or at the time of leaving the company. It is a defined benefit plan and is often given as an alternative to a pension plan.