Under the Code on Social Security, 2020, what is the minimum period of continuous service required for a fixed-term employee to become eligible for gratuity, and on what basis is it paid?

Explanation: Section 53 of the Code on Social Security, 2020 relaxes the traditional five-year continuous service requirement for gratuity where the employee is on fixed-term employment or has died in service, mandating payment on a pro rata basis instead of the full entitlement. Under the accompanying rules, a fixed-term employee becomes eligible for gratuity upon completing just one year of continuous service - a marked departure from the Payment of Gratuity Act, 1972, which uniformly required five years for all employees. This recognises the growing prevalence of fixed-term contracts.  Gratuity for such employees is calculated proportionately using the formula (monthly wages ÷ 26) × 15 × completed years or fraction of service.