Hi all,
I am Poonam Gandhi, working for an IT company. We have not paid gratuity to any employees yet. I am in the process of setting up the gratuity fund to ensure good liquidity in terms of funds management. Could any of my colleagues help me implement this in our company? I understand there are schemes framed by the government to set up the gratuity fund. Please post me the detailed process.
Regards,
Poonam
From India, Delhi
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1I am Poonam Gandhi, working for an IT company. We have not paid gratuity to any employees yet. I am in the process of setting up the gratuity fund to ensure good liquidity in terms of funds management. Could any of my colleagues help me implement this in our company? I understand there are schemes framed by the government to set up the gratuity fund. Please post me the detailed process.
Regards,
Poonam
From India, Delhi
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Hi all,
I am Poonam Gandhi, working for an IT company. We have not paid gratuity to any employees yet. I am in the process of setting up the gratuity fund to ensure good liquidity in terms of funds management. Could any of my colleagues help me implement this in our company? I understand there are schemes framed by the government for setting up the gratuity fund. Please provide me with the detailed process.
Regards,
Poonam
From India, Delhi
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I am Poonam Gandhi, working for an IT company. We have not paid gratuity to any employees yet. I am in the process of setting up the gratuity fund to ensure good liquidity in terms of funds management. Could any of my colleagues help me implement this in our company? I understand there are schemes framed by the government for setting up the gratuity fund. Please provide me with the detailed process.
Regards,
Poonam
From India, Delhi
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Dear Ms. Poonam,
We are a corporate consultancy organization and can help you in the process of setting up the Gratuity fund and the trust, and implement the same. Kindly let me know your location and contact details so that we can discuss the matter further. Please feel free to contact me.
Thank you.
From India, New Delhi
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We are a corporate consultancy organization and can help you in the process of setting up the Gratuity fund and the trust, and implement the same. Kindly let me know your location and contact details so that we can discuss the matter further. Please feel free to contact me.
Thank you.
From India, New Delhi
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Dear Poonam,
Welcome to CiteHR.com.
I presume yours is a new company - "We have not paid the gratuity to any employees yet."
If it is a small company, then instead of establishing a Gratuity trust and going through all the formalities, it would be convenient and cost-effective to enroll in the Life Insurance Corporation of India's Gratuity Policy. Contact their nearest branch, and they will send an executive to explain the scheme without any obligation.
Warm regards.
From India, Delhi
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Welcome to CiteHR.com.
I presume yours is a new company - "We have not paid the gratuity to any employees yet."
If it is a small company, then instead of establishing a Gratuity trust and going through all the formalities, it would be convenient and cost-effective to enroll in the Life Insurance Corporation of India's Gratuity Policy. Contact their nearest branch, and they will send an executive to explain the scheme without any obligation.
Warm regards.
From India, Delhi
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Dear Poonam,
We do not know why your management has not made the payment under this Act to any of the employees? In my view, you must have gone through section 4A of the Payment of Gratuity Act, which relates to compulsory insurance and framing of the gratuity fund, etc. However, the government has not made this section applicable by the issuance of a notification. For further clarification, you may contact your area Controlling Authority under this Act. I have not come across any scheme of the government regarding the setting up of a gratuity fund; otherwise, I must have provided you. Let us wait for others to reply on the subject. Since last year, what I have observed is that none of the members have provided the material on the framing of this Fund and its utilization. Some employers have made arrangements with LIC to ensure timely payment of Gratuity, as highlighted by our super Moderator, Mr. Raj Kumar. Most employers make payments when they become payable.
Opinions/comments submitted as requested.
With Regards,
R.N.Khola
From India, Delhi
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We do not know why your management has not made the payment under this Act to any of the employees? In my view, you must have gone through section 4A of the Payment of Gratuity Act, which relates to compulsory insurance and framing of the gratuity fund, etc. However, the government has not made this section applicable by the issuance of a notification. For further clarification, you may contact your area Controlling Authority under this Act. I have not come across any scheme of the government regarding the setting up of a gratuity fund; otherwise, I must have provided you. Let us wait for others to reply on the subject. Since last year, what I have observed is that none of the members have provided the material on the framing of this Fund and its utilization. Some employers have made arrangements with LIC to ensure timely payment of Gratuity, as highlighted by our super Moderator, Mr. Raj Kumar. Most employers make payments when they become payable.
Opinions/comments submitted as requested.
With Regards,
R.N.Khola
From India, Delhi
Acknowledge(0)Amend(0)
Dear Poonam,
We do not know why your management has not made the payment under this Act to any of the employees? In my view, you must have gone through section 4A of the Payment of Gratuity Act which relates to compulsory insurance and framing of gratuity fund, etc. But the government has not made this section applicable by issuance of notification. For further clarification, you may contact your area Controlling Authority under this Act. I have not come across any scheme of the government regarding the setting up of a gratuity fund; otherwise, I must have provided you. Let us wait for others to reply on the subject. Since the last year, what I have observed is that none of the members have provided the material on the framing of this fund and its utilization. Some of the employers have made arrangements with the LIC to ensure timely payment of Gratuity, for which our super moderator, Mr. Raj Kumar, has highlighted for you. Most of the employers make payments as and when it becomes payable.
Opinions/comments submitted as requested.
With Regards,
R.N.Khola
From India, Delhi
Acknowledge(0)Amend(0)
We do not know why your management has not made the payment under this Act to any of the employees? In my view, you must have gone through section 4A of the Payment of Gratuity Act which relates to compulsory insurance and framing of gratuity fund, etc. But the government has not made this section applicable by issuance of notification. For further clarification, you may contact your area Controlling Authority under this Act. I have not come across any scheme of the government regarding the setting up of a gratuity fund; otherwise, I must have provided you. Let us wait for others to reply on the subject. Since the last year, what I have observed is that none of the members have provided the material on the framing of this fund and its utilization. Some of the employers have made arrangements with the LIC to ensure timely payment of Gratuity, for which our super moderator, Mr. Raj Kumar, has highlighted for you. Most of the employers make payments as and when it becomes payable.
Opinions/comments submitted as requested.
With Regards,
R.N.Khola
From India, Delhi
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Dear Mrs. Poonam,
Recently, I implemented the same process in my last company. You simply need to approach the LIC agent, and he will take care of all the formalities:
Process: Gratuity Fund Trust Formation -
1. You need to submit the details of employees' names along with their dates of joining (DOJ), Basic & DA. Accordingly, the LIC agent will submit the quotes.
2. You need to submit the Board Resolution format, which will be provided by the LIC agent.
3. You need to submit the trust deed in a non-judicial paper format, which will be given by the LIC agent.
4. You need to open an account in the name of the Gratuity Trust with the help of the LIC agent.
5. For any claims, you need to submit the Form-F (nomination form) to LIC (concerned), and they will issue a cheque in the name of the Gratuity Trust. This cheque should be presented at the bank, and the same amount should be released to the concerned employee.
6. You need to submit the additions and deletions data to LIC, and the amount will be adjusted in the upcoming financial year.
For any further clarifications, please email me at my official email address.
Dhanunjaya Rao Addanki
Manager-HR
Abir Infrastructures Pvt. Ltd
Mobile: 09492858523
Email: dhanunjaya.a@abir.in
Initially, the data, i.e., employee names and dates of joining, will provide a brief overview of my recent experience in this.
Thank you.
From India, Hyderabad
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Recently, I implemented the same process in my last company. You simply need to approach the LIC agent, and he will take care of all the formalities:
Process: Gratuity Fund Trust Formation -
1. You need to submit the details of employees' names along with their dates of joining (DOJ), Basic & DA. Accordingly, the LIC agent will submit the quotes.
2. You need to submit the Board Resolution format, which will be provided by the LIC agent.
3. You need to submit the trust deed in a non-judicial paper format, which will be given by the LIC agent.
4. You need to open an account in the name of the Gratuity Trust with the help of the LIC agent.
5. For any claims, you need to submit the Form-F (nomination form) to LIC (concerned), and they will issue a cheque in the name of the Gratuity Trust. This cheque should be presented at the bank, and the same amount should be released to the concerned employee.
6. You need to submit the additions and deletions data to LIC, and the amount will be adjusted in the upcoming financial year.
For any further clarifications, please email me at my official email address.
Dhanunjaya Rao Addanki
Manager-HR
Abir Infrastructures Pvt. Ltd
Mobile: 09492858523
Email: dhanunjaya.a@abir.in
Initially, the data, i.e., employee names and dates of joining, will provide a brief overview of my recent experience in this.
Thank you.
From India, Hyderabad
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Hello, Ms. Poonam. You simply have to call the local LIC manager, and he will handle everything. Your management only needs to decide the name of the trustee and, finally, the trustee's signature. Let me know if you are in Mumbai, and I will provide you with the contact name and number of the concerned manager from Mumbai LIC.
From India, Pune
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From India, Pune
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Hi Poonam,
You can contact any of the nearest branches of LIC, where you will find a separate gratuity cell. You have to submit the list of employees along with their DOJ & DOB to LIC, and then they will give you a quotation for GGCA (Group Gratuity Cash Accumulation policy). As per the quotation, you have to submit the cheque along with the list of employees and a covering letter. The rest they will explain to you.
Thanks & Regards,
Biswajit Ghosh
From India, Mumbai
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You can contact any of the nearest branches of LIC, where you will find a separate gratuity cell. You have to submit the list of employees along with their DOJ & DOB to LIC, and then they will give you a quotation for GGCA (Group Gratuity Cash Accumulation policy). As per the quotation, you have to submit the cheque along with the list of employees and a covering letter. The rest they will explain to you.
Thanks & Regards,
Biswajit Ghosh
From India, Mumbai
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Dear Poonam,
It's a pleasure to introduce ourselves as a Labour Law & Tax Consultant. Please share the company profile, the number of employees, and other details, and we will provide an end-to-end solution for all your requirements regarding fund setup.
Please feel free to contact the undersigned in case of any clarification or help.
Thanks & Regards,
Laxmikant Saini
09310832563
laxmikant_saini84@yahoo.co.in
From India, Gurgaon
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It's a pleasure to introduce ourselves as a Labour Law & Tax Consultant. Please share the company profile, the number of employees, and other details, and we will provide an end-to-end solution for all your requirements regarding fund setup.
Please feel free to contact the undersigned in case of any clarification or help.
Thanks & Regards,
Laxmikant Saini
09310832563
laxmikant_saini84@yahoo.co.in
From India, Gurgaon
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