It is not mandatory to have a Gratuity Trust. However, there are definite benefits to opt for a Trust with the LIC.
As per the Payment of Gratuity Act, Gratuity is payable to employees who have put in continuous service of 5 years or more. This qualifying criteria does not apply in case of death.
For complete understanding of payment of Gratuity please read the said Act.
Best Wishes,
Vasant Nair
From India, Mumbai
90As per the Payment of Gratuity Act, Gratuity is payable to employees who have put in continuous service of 5 years or more. This qualifying criteria does not apply in case of death.
For complete understanding of payment of Gratuity please read the said Act.
Best Wishes,
Vasant Nair
From India, Mumbai
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FORM-F-NOMINATI ON OF GRATUITY.pdf
Gratuity Form I.doc