On Ex Gratia Basis?
An Ex Gratia Payment Is an Amount of Money That You Would Receive by Your Employer as a Termination Payment When You Have Left Your Employment. Such a Payment...
An ex gratia payment is an amount of money that you would receive by your employer as a termination payment when you have left your employment. Such a payment is over and above what you are entitled to be paid under your contract of employment, so for example, it would not include your notice or holiday pay.
On what basis is an ex gratia payment made?
Ex Gratia Payment — latin: "by favor." A voluntary payment made by the insurer in response to a loss for which it is not technically liable under the terms of its policy.
What does ex gratia settlement mean?
Updated: 8 February 2021
The word ex gratia means by favour. And, in legal context it's a payment that is made without a legal obligation. In other words, someone did not have to pay a certain amount but they did anyway.
David Miller brings 15 years of experience in global economics, personal finance strategy, and market dynamics. He specializes in turning complex economic trends into actionable insights for everyday readers.
