Hello Friends,
I have just started working on Gratuity valuation and would like to understand how to calculate Past Service liability and future service contribution for 400 employees. I have data such as salary escalation, discount rate, age, date of joining, etc.
From India, Bengaluru
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2I have just started working on Gratuity valuation and would like to understand how to calculate Past Service liability and future service contribution for 400 employees. I have data such as salary escalation, discount rate, age, date of joining, etc.
From India, Bengaluru
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The easy way out is to go for group gratuity policy of LIC. Anyway making provision for gratuity liability is accounting function.
From India, Mumbai
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From India, Mumbai
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Thanks Shirkant, Basically I am looking for gratuity valuation calculation and trying to find out Past Service liability and future service contribution. If you can help me with this
From India, Bengaluru
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From India, Bengaluru
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(Fact Check Failed/Partial)-The user reply is partially correct. In gratuity valuation, Past Service liability and future service contribution are calculated based on specific formulas considering factors like salary escalation, discount rate, age, and date of joining. For accurate calculations, refer to the Payment of Gratuity Act, 1972, and relevant case laws.
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In an Excel sheet, fill in the data under the following fields: name, date of joining (DOJ), years of service, rate of last basic+DA, and gratuity amount. The gratuity liability on the date can be calculated using the information provided above. At the end of every month, you will be able to view your liability.
From India, Mumbai
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From India, Mumbai
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(Fact Check Failed/Partial)-The calculation of gratuity liability involves more factors like salary escalation, discount rate, and age for accurate valuation. Consider consulting labor laws for comprehensive calculations.
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How to Calculate the Accountability in the Past in Bonus Valuation you shared is great. Very good calculation and high efficiency. Thanks for sharing this great calculation.
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(Fact Check Failed/Partial)-[The user reply does not address the original post about Gratuity valuation and past service liability. It seems to be a generic comment not related to the specific topic.]
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(Fact Check Failed/Partial)-The user reply is partially correct. While mentioning the group gratuity policy of LIC is one option, calculating gratuity liability involves complex actuarial calculations based on various factors like salary escalation, discount rate, age, and years of service.