1
No document required for submission Dear please fillup form-F by employees after complete 1 year, If need more details then read payment of gratuity act 1972 and rules 1972.
From India, Kolkata
From India, Kolkata
Hi Abhijit,
Thanks for your reply but gratuity act 1972 shows only payment of gratuity act.
As per my knowledge we have to register our company for gratuity trust and open a account in LIC.
And calculation of gratuity fund will be as actuarial valuation.
I have no idea of full process.
From India, Ghaziabad
Thanks for your reply but gratuity act 1972 shows only payment of gratuity act.
As per my knowledge we have to register our company for gratuity trust and open a account in LIC.
And calculation of gratuity fund will be as actuarial valuation.
I have no idea of full process.
From India, Ghaziabad
Yes you have to register under group gratuity scheme you may approach national for the same, now many new companies have started with this.
From India, Mumbai
From India, Mumbai
Dear Garima,
Mr. Abhijit is correct. Under Gratuity Act, payment is mandatory only. Other processes are not essential, as it is the sole decision of employer either company wants to save the gratuity amount from the begining or not.
In case Company wants to save the money from begining and dont want to go for sudden one time liability, it has the option to invest that amount on the name of employee. Various Public & Private Insurance companies are in the market for this facility.
Yes from my opinion investment of gratuity amount is better option & it comes with additional HR liability.
From India, Delhi
Mr. Abhijit is correct. Under Gratuity Act, payment is mandatory only. Other processes are not essential, as it is the sole decision of employer either company wants to save the gratuity amount from the begining or not.
In case Company wants to save the money from begining and dont want to go for sudden one time liability, it has the option to invest that amount on the name of employee. Various Public & Private Insurance companies are in the market for this facility.
Yes from my opinion investment of gratuity amount is better option & it comes with additional HR liability.
From India, Delhi
Hi
I agree with Shweta.
you may prepare a policy on gratuity and make a trust or buy policy from LIC or other insurance companies in the market. This will help the risk of managing the furnds and adminstration.
From India, Hyderabad
I agree with Shweta.
you may prepare a policy on gratuity and make a trust or buy policy from LIC or other insurance companies in the market. This will help the risk of managing the furnds and adminstration.
From India, Hyderabad
this is also rite that some companies are taking group insurance scheme frm LIC India by which they pay annual return in financial year after vatury from register company then claim for gratuity to LIC then LIC Pay this amount on monthly basic
this is format for claiming
Ref :- Per / Claim Gratuity / Date:- 19.07.2012
Advance Discharge receipt -cum- CLAIMS(GRATUITY) STATEMENT under Policy No-GGCA-311765 ... FOR THE MONTH OF Dec-2011 to july 2012 ...
(A) Received a sum of rupees ( RS 631426 ) in full & final settelement from LIC OF India in r/o following claims :
S.NO. Name with latest designation Retirement/Resignation Last Drawn Salary p.m. DATE OF APPTT(X) DATE OF LEAVING(Y) No.of service's Years(Y-X) Amount of Gratuity payable DATE OF BIRTH S.No. in the LIC date as per 1 below Reasons for non-compliance with ( ) below
1 Kamal Kr. Gukani Resignation 10900 01.12.2003 01.06.2012 9 56596 03.04.1971 67
2 Devender Kumar Resignation 5000 02.12.2007 10.05.2012 5 14423 10.01.1983 76
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
TOTAL 71019
(B)
For any clarification , please contact Mr At Tel no------------ax no-0------------- Or e-mail : .....
and issue cheque favouring The Trustees, ------------------------------- (full name of Gratuity Trust)
and despatch at ..
(complete postal address) PINCODE :121006
ฉ Last contrbution Rs was paid on . The latest data for ARD (annual renewal date) was submitted on This claim
statement is being sent to LIC by hand / courier /ordinary/regd. Post on .(actual date)
Dated at on this . Day of . 20
Across one Rupee Revenue stamp
WITNESS : Signature of the Trutee / Authrised signatory only
with Office stamp with Name, Designation & address
Signature :
Designation
Address :
From India, Faridabad
this is format for claiming
Ref :- Per / Claim Gratuity / Date:- 19.07.2012
Advance Discharge receipt -cum- CLAIMS(GRATUITY) STATEMENT under Policy No-GGCA-311765 ... FOR THE MONTH OF Dec-2011 to july 2012 ...
(A) Received a sum of rupees ( RS 631426 ) in full & final settelement from LIC OF India in r/o following claims :
S.NO. Name with latest designation Retirement/Resignation Last Drawn Salary p.m. DATE OF APPTT(X) DATE OF LEAVING(Y) No.of service's Years(Y-X) Amount of Gratuity payable DATE OF BIRTH S.No. in the LIC date as per 1 below Reasons for non-compliance with ( ) below
1 Kamal Kr. Gukani Resignation 10900 01.12.2003 01.06.2012 9 56596 03.04.1971 67
2 Devender Kumar Resignation 5000 02.12.2007 10.05.2012 5 14423 10.01.1983 76
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
TOTAL 71019
(B)
For any clarification , please contact Mr At Tel no------------ax no-0------------- Or e-mail : .....
and issue cheque favouring The Trustees, ------------------------------- (full name of Gratuity Trust)
and despatch at ..
(complete postal address) PINCODE :121006
ฉ Last contrbution Rs was paid on . The latest data for ARD (annual renewal date) was submitted on This claim
statement is being sent to LIC by hand / courier /ordinary/regd. Post on .(actual date)
Dated at on this . Day of . 20
Across one Rupee Revenue stamp
WITNESS : Signature of the Trutee / Authrised signatory only
with Office stamp with Name, Designation & address
Signature :
Designation
Address :
From India, Faridabad
Dear All,
I am afraid perhaps there is some confusion in our minds about gratuity, EPF Trust, group insurance etc. These are all different concepts. Presently we will deal with only 'gratuity' subject. Other subjects can be discussed separately when need be.
For gratuity, there is no trust like EPF. It is to be paid by the employer from his own funds. However, the employer has option to go in for a gratuity policy from some insurance company. The law does not advocate payment of gratuity from employer's own funds only nor prohibits its payment by some insurance company. The law is only concerned with payment of gratuity to an employee who has rendered minimum five year service. The condition of minimum five service is not applicable if the employee dies or is permanently injured and rendered incapable of discharging his duties for the rest of his life. In such cases, irrespective of the length of service below 5 years, gratuity is payable on humanitarian ground. There is no provision to recover gratuity from the employees' salary and return it to them on termination of service. It is to be paid from employers' own funds or through some insurance policy held by the employer at his own cost. Such gratuity policies are different from group insurance policies of employees. New HR executives may contact the national insurance company and get more details about their gratuity policies. Small firms which come under the orbit of Payment of Gratuity Act, 1972 may consider such policies where the insurance company assumes responsibility of the employer for payment of gratuity to the expired/retired/resigned employee or his/her legal heirs. However, only the employer and not the insurance company is finally responsible for payment of gratuity to the expired/retired/resigned employees.
From India, Pune
I am afraid perhaps there is some confusion in our minds about gratuity, EPF Trust, group insurance etc. These are all different concepts. Presently we will deal with only 'gratuity' subject. Other subjects can be discussed separately when need be.
For gratuity, there is no trust like EPF. It is to be paid by the employer from his own funds. However, the employer has option to go in for a gratuity policy from some insurance company. The law does not advocate payment of gratuity from employer's own funds only nor prohibits its payment by some insurance company. The law is only concerned with payment of gratuity to an employee who has rendered minimum five year service. The condition of minimum five service is not applicable if the employee dies or is permanently injured and rendered incapable of discharging his duties for the rest of his life. In such cases, irrespective of the length of service below 5 years, gratuity is payable on humanitarian ground. There is no provision to recover gratuity from the employees' salary and return it to them on termination of service. It is to be paid from employers' own funds or through some insurance policy held by the employer at his own cost. Such gratuity policies are different from group insurance policies of employees. New HR executives may contact the national insurance company and get more details about their gratuity policies. Small firms which come under the orbit of Payment of Gratuity Act, 1972 may consider such policies where the insurance company assumes responsibility of the employer for payment of gratuity to the expired/retired/resigned employee or his/her legal heirs. However, only the employer and not the insurance company is finally responsible for payment of gratuity to the expired/retired/resigned employees.
From India, Pune
Hi
The advises and opinions given by other members is appreciable and valid.
My suggestion is to buy policy from LIC or any other service provider to manage the fund. This will help employer from discharging the liability.
From India, Hyderabad
The advises and opinions given by other members is appreciable and valid.
My suggestion is to buy policy from LIC or any other service provider to manage the fund. This will help employer from discharging the liability.
From India, Hyderabad
Hello there,
I just got one confusion regarding gratuity. As I leave the company after 7 years of my service, and asked the accounts to tell me the exact amount of gratuity, they are saying that they will need to look into all the records from the beginning to calculate the gratuity. As long as I know, the amount should be calculated on the last basic but they are saying that it will be counted on the basis of every years individual basic. Please let me know details asap.
Thank you.
From India, Delhi
I just got one confusion regarding gratuity. As I leave the company after 7 years of my service, and asked the accounts to tell me the exact amount of gratuity, they are saying that they will need to look into all the records from the beginning to calculate the gratuity. As long as I know, the amount should be calculated on the last basic but they are saying that it will be counted on the basis of every years individual basic. Please let me know details asap.
Thank you.
From India, Delhi
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FORM-F-NOMINATI ON OF GRATUITY.pdf
Gratuity Form I.doc