Respected Sirs,
We would like to implement a Gratuity Plan for our employees (around 700). Kindly suggest additional options besides LIC for this plan. Your prompt guidance is greatly appreciated.
Regards,
Jyoti Negi
From India, Delhi
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2We would like to implement a Gratuity Plan for our employees (around 700). Kindly suggest additional options besides LIC for this plan. Your prompt guidance is greatly appreciated.
Regards,
Jyoti Negi
From India, Delhi
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Hi Jyoti Negi,
Apart from LIC plan – there are two options which depends on the employee strength and years of operations;
1. Provision in the books : A gratuity liability is created in the liabilities in the Balance sheet and this is based on the actuarial valuation by the Actuarial.
2. Have your own trust to manage gratuity like Birlas, Tata’s have their own gratuity trust etc.
Hence at the end of the day, you have to weigh these options take a call.
Regards,
Rajat
From India, Pune
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Apart from LIC plan – there are two options which depends on the employee strength and years of operations;
1. Provision in the books : A gratuity liability is created in the liabilities in the Balance sheet and this is based on the actuarial valuation by the Actuarial.
2. Have your own trust to manage gratuity like Birlas, Tata’s have their own gratuity trust etc.
Hence at the end of the day, you have to weigh these options take a call.
Regards,
Rajat
From India, Pune
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Dear Sir,
Thank you for your response. I would like to inquire about the gratuity and whether it can be transferred to an insurance company such as Reliance or Tata AIG. Currently, our gratuity is managed by LIC, but the management is considering a change. Your assistance on this matter would be greatly appreciated.
Best regards,
Jyoti Negi
From India, Delhi
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Thank you for your response. I would like to inquire about the gratuity and whether it can be transferred to an insurance company such as Reliance or Tata AIG. Currently, our gratuity is managed by LIC, but the management is considering a change. Your assistance on this matter would be greatly appreciated.
Best regards,
Jyoti Negi
From India, Delhi
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Dear Jyoti,
If you want to switch from LIC, there are other vendors in the market and most of the private insurance players are offering group gratuity solutions. However, if your management is not happy with the returns or the way the policy is managed, you should consider having your own trust and managing it yourself.
We are a corporate consultancy firm with hands-on experience in managing employee welfare trusts - PF, Gratuity, and Superannuation. We can assist you if you wish to avail our professional services. We can take over the complete trust matter and handle it for you. Please feel free to contact us.
From India, New Delhi
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If you want to switch from LIC, there are other vendors in the market and most of the private insurance players are offering group gratuity solutions. However, if your management is not happy with the returns or the way the policy is managed, you should consider having your own trust and managing it yourself.
We are a corporate consultancy firm with hands-on experience in managing employee welfare trusts - PF, Gratuity, and Superannuation. We can assist you if you wish to avail our professional services. We can take over the complete trust matter and handle it for you. Please feel free to contact us.
From India, New Delhi
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Flexi Benefits Plan.doc