Hi poonam, Its very easy & simple process to have a gratuity fund a/c. You may take up help from LIC agent and consult with a senior Hr person regarding legalities. Thanks & Regards: Priya
From India, Delhi
From India, Delhi
Dear Team, Can any one give me a reference of any lic agents who can help me out with gratuity registration under LIC. awating you response
From India
From India
Hi all I am LIC Agent associated with LIC Group Insurance and available for Delhi, NOIDA, Ghaziabad, Faridabad and Gurgaon. Please contact me I will do the needful Jawaid Alam Azad 9871959159
From India, Delhi
From India, Delhi
Hi All, Refer attached recent notification on compulsory gratuity insurance.. warm regards Ramakrishna 9703100700
From India, Hyderabad
4From India, Hyderabad
Thanks for the attachment. I think this is the first Govt. who have made these Rules. Regards, R.N.KHOLA Skylark Associates, Gurgaon (Haryana)
From India, Delhi
From India, Delhi
Hi, Is it possible, we being the employer could deduct the Gratuity amount each month from the CTC and set aside the money to be payable at the time on disconnecting of each employees. Thanks
From India, Delhi
From India, Delhi
Dear Ms. Poonam,
Technically, Gratuity is an amount that an employer pays to te employees as gratitude for his services. You cannot deduct it from salary but can make it a part of CTC.
This is a contribution by the employer and not a deduction from the employees' salary.
You can always set aside an amount and pay the gratuity as and when due.
However, this way, you might end up in a financial crisis in case of major separations of employees. It is always advisable to invest the funds through a trust or take a policy from LIC so that the liability is well taken care of.
Hope this will help you,
Thanks,
Kind Regards,
Avika Kapoor
Assistant General Manager - Business Development
E-174, Kalkaji, New Delhi-110019
, 7503110322
From India, New Delhi
Technically, Gratuity is an amount that an employer pays to te employees as gratitude for his services. You cannot deduct it from salary but can make it a part of CTC.
This is a contribution by the employer and not a deduction from the employees' salary.
You can always set aside an amount and pay the gratuity as and when due.
However, this way, you might end up in a financial crisis in case of major separations of employees. It is always advisable to invest the funds through a trust or take a policy from LIC so that the liability is well taken care of.
Hope this will help you,
Thanks,
Kind Regards,
Avika Kapoor
Assistant General Manager - Business Development
E-174, Kalkaji, New Delhi-110019
, 7503110322
From India, New Delhi
Dear Friend,
Can you explain me below point,
1. Is Gratuity Insurance policy is compulsory in Maharashtra?
2. How to maintain fund against Gratuity in establishment account?
3. Is it necessary to take approval from government to maintain fund against gratuity in establishment?
Regards
Shyam
From India, Mumbai
Can you explain me below point,
1. Is Gratuity Insurance policy is compulsory in Maharashtra?
2. How to maintain fund against Gratuity in establishment account?
3. Is it necessary to take approval from government to maintain fund against gratuity in establishment?
Regards
Shyam
From India, Mumbai
Hi Ms. Poonam
Gratuity insurance is a package available with insurance service provider.
Many think only lic can give such products. It is not so, any insurer authorised by the IRDA can be engaged for this group gratuity policy.
Main advantage of this policy is that future service gratuity is taken care by the insurance element. for example mr. a has joined in a company at his 20th year. retirement year as per his company rule is 58.
if he dies at 24th year. he would have put only 4 years of service. if there is no group gratuity policy, the company will pay him only 15/26*4*6500 (assumed salary) = 15000, where as if the company is having group gratuity policy then gratuity for him will be settled as( 15/26*38*6500=142500), here rs.15000 is settled from the group gratuity fund and the balance amount is settled from the insurance premium which is being paid annually to the insurer.
thanks
koteeswaran
From India, Madras
Gratuity insurance is a package available with insurance service provider.
Many think only lic can give such products. It is not so, any insurer authorised by the IRDA can be engaged for this group gratuity policy.
Main advantage of this policy is that future service gratuity is taken care by the insurance element. for example mr. a has joined in a company at his 20th year. retirement year as per his company rule is 58.
if he dies at 24th year. he would have put only 4 years of service. if there is no group gratuity policy, the company will pay him only 15/26*4*6500 (assumed salary) = 15000, where as if the company is having group gratuity policy then gratuity for him will be settled as( 15/26*38*6500=142500), here rs.15000 is settled from the group gratuity fund and the balance amount is settled from the insurance premium which is being paid annually to the insurer.
thanks
koteeswaran
From India, Madras
Hi,
I've been working as a faculty in an aided arts and science college since 2007 in a city in Tamilnadu but under self financing department. PF has been deducted from my salary from the next month of my joining. Now I've completed almost 8 years of service and planned to resign the job. When inquired at the college, I was told that the gratuity is payable only after the service period of 10 years and so far this has been the procedure.
Please suggest if I'm eligible to claim the same?
Regards
Lal
From India
I've been working as a faculty in an aided arts and science college since 2007 in a city in Tamilnadu but under self financing department. PF has been deducted from my salary from the next month of my joining. Now I've completed almost 8 years of service and planned to resign the job. When inquired at the college, I was told that the gratuity is payable only after the service period of 10 years and so far this has been the procedure.
Please suggest if I'm eligible to claim the same?
Regards
Lal
From India
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