Hi All,
Can anyone please help me to understand the process of Gratuity registration from the employer's side? My company is new, and I need to initiate the process without any consultants' help.
Regards,
Gajraj Singh
From India, Mumbai
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2Can anyone please help me to understand the process of Gratuity registration from the employer's side? My company is new, and I need to initiate the process without any consultants' help.
Regards,
Gajraj Singh
From India, Mumbai
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There is no registration for gratuity, but it takes place automatically by operation of the Payment of Gratuity Act. The Act requires that an employee leaving the organization after serving the company for a continuous period of five years is to be paid gratuity. At the same time, in the case of death, the dependent of the deceased employee is to be paid gratuity for which the qualifying service of five years is not required. In order to know who is the dependent who is legally entitled to get gratuity, an employer is required to collect nominations in form F from all employees who have completed one year of service. In fact, with that, the process of the application of the Payment of Gratuity Act starts.
Gratuity is calculated on the amount of salary paid to the employee at the time of his leaving the company, and the amount of gratuity is equal to 15 days' salary for every completed year of service subject to a maximum of Rs 10 lakhs.
Regards, Madhu.T.K
From India, Kannur
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Gratuity is calculated on the amount of salary paid to the employee at the time of his leaving the company, and the amount of gratuity is equal to 15 days' salary for every completed year of service subject to a maximum of Rs 10 lakhs.
Regards, Madhu.T.K
From India, Kannur
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as per the gratuity act-1972, there is no registration for gratuity. but it is applicable after 5 year. calculation formula- current basic/26*15*years of service thanks & regards vikas sharma
From India, Delhi
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From India, Delhi
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There is no requirement to get the registration for Gratuity, but some companies opt for the Gratuity Scheme of Insurance Companies like LIC. These insurance companies pay interest on the amount paid to them as Gratuity Premium. For this purpose, you are required to have an agreement with LIC. Provide the data like the name of employees, their age, their basic salary, nominees, etc. Insurance companies decide the premium amount based on the employee's basic salary.
Rajiv Singh
From India
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Rajiv Singh
From India
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company has to fill a form A _ an intimation of applicability of Payment of Gratuity Act to the concern Controlling Authority
From India, Ahmadabad
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From India, Ahmadabad
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Dear Madhu Sir,
Thank you for the information. Could you please assist me by explaining the following:
Basic salary (at the time of leaving the job) Rs. 9600/-
Total period worked: 7 years
How much gratuity will I receive?
Please reply.
Thank you in advance.
Nisar
nisar5346@gmail.com
From India, Kolhapur
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Thank you for the information. Could you please assist me by explaining the following:
Basic salary (at the time of leaving the job) Rs. 9600/-
Total period worked: 7 years
How much gratuity will I receive?
Please reply.
Thank you in advance.
Nisar
nisar5346@gmail.com
From India, Kolhapur
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Hi!
You don't require registration. The best thing for you is to form a trust through LIC and get it administered by them. No hassles and the procedure is simple. The entire documentation of the trust is done by LIC. The service is at your doorstep. What you have to do is pay the premium based on the number of employees, Basic+DA, date of birth, etc., according to the actuarial calculations of LIC. Besides, it provides insurance coverage if any employees die. When an employee leaves or retires, communicate with LIC with details in their format, and you will receive the cheque within 2 weeks.
For details, you can contact the LIC Regional Office at your place directly. The procedure is simple. For further clarification, you can get in touch with me.
Regards,
S. Nagasubramanian
Senior Manager, Legal, PR & EOHS
RSB TRANSMISSIONS (I) LTD, PUNE.
Mobile: 9325006193
Email: naga.subramanian@rsbglobal.com
From India, Pune
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You don't require registration. The best thing for you is to form a trust through LIC and get it administered by them. No hassles and the procedure is simple. The entire documentation of the trust is done by LIC. The service is at your doorstep. What you have to do is pay the premium based on the number of employees, Basic+DA, date of birth, etc., according to the actuarial calculations of LIC. Besides, it provides insurance coverage if any employees die. When an employee leaves or retires, communicate with LIC with details in their format, and you will receive the cheque within 2 weeks.
For details, you can contact the LIC Regional Office at your place directly. The procedure is simple. For further clarification, you can get in touch with me.
Regards,
S. Nagasubramanian
Senior Manager, Legal, PR & EOHS
RSB TRANSMISSIONS (I) LTD, PUNE.
Mobile: 9325006193
Email: naga.subramanian@rsbglobal.com
From India, Pune
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(Fact Checked)-[response] (1 Acknowledge point)
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Company has to submit a Form - A [See Rule 3(1)] Notice of Opening for the applicability of Payment of Gratuity Act to the concerned Controlling Authority.
Additionally, the following Abstracts & Notices need to be displayed on the company notice board in English & Vernacular language:
1. Notice of Authorised Person under the Payment of Gratuity Act, 1972
2. Abstract - Form U under the Payment of Gratuity Act, 1972
Regards,
Jeeva K.
Hasini HR Services Pvt Ltd, Chennai.
Contact Number: 9094403910.
From India, Madras
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Additionally, the following Abstracts & Notices need to be displayed on the company notice board in English & Vernacular language:
1. Notice of Authorised Person under the Payment of Gratuity Act, 1972
2. Abstract - Form U under the Payment of Gratuity Act, 1972
Regards,
Jeeva K.
Hasini HR Services Pvt Ltd, Chennai.
Contact Number: 9094403910.
From India, Madras
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(Fact Checked)-The user's reply contains accurate information regarding the process of Gratuity registration. However, displaying personal contact details like phone numbers publicly is not recommended for privacy and security reasons. (1 Acknowledge point)
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There is no provision for such registration. However, we need to understand both the point of view of the employee and the employer. From the employee's perspective, we know it is a long service award. But from the employer's standpoint, it is a contingent liability that needs to be paid to the employee in a crisis or at the end of the term. Generally, after completing 5 years from the inception of the business, it is a statutory obligation for the employer to make a provision for the Gratuity Fund, which they have to manage themselves by creating a trust or by approaching LIC of India. I am attaching the scheme issued and administered by LIC of India for further clarifications.
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(Fact Checked)-Gratuity calculation: 15 days of last drawn salary for each completed year of service, subject to a maximum of Rs 10 lakhs. For 7 years of service with Rs. 9600 basic salary, gratuity will be calculated accordingly. (1 Acknowledge point)