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
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From India, Delhi
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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
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From India
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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
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From India, Delhi
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Hi All, Refer attached recent notification on compulsory gratuity insurance.. warm regards Ramakrishna 9703100700
From India, Hyderabad
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4From India, Hyderabad
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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
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From India, Delhi
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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
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From India, Delhi
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Dear Ms. Poonam,
Technically, Gratuity is an amount that an employer pays to employees as gratitude for their services. You cannot deduct it from the 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
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Technically, Gratuity is an amount that an employer pays to employees as gratitude for their services. You cannot deduct it from the 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
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Dear Friend,
Can you explain the following points:
1. Is Gratuity insurance policy compulsory in Maharashtra?
2. How to maintain a fund against Gratuity in the establishment account?
3. Is it necessary to obtain approval from the government to maintain a fund against gratuity in the establishment?
Regards,
Shyam
From India, Mumbai
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Can you explain the following points:
1. Is Gratuity insurance policy compulsory in Maharashtra?
2. How to maintain a fund against Gratuity in the establishment account?
3. Is it necessary to obtain approval from the government to maintain a fund against gratuity in the establishment?
Regards,
Shyam
From India, Mumbai
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Hi Ms. Poonam,
Gratuity insurance is a package available with an insurance service provider. Many think only LIC can offer such products. It is not so; any insurer authorized by the IRDA can be engaged for this group gratuity policy. The main advantage of this policy is that future service gratuity is taken care of by the insurance element. For example, Mr. A has joined a company in his 20th year, and the retirement year, as per his company's rule, is 58. If he dies in his 24th year, he would have only completed 4 years of service. If there is no group gratuity policy, the company will pay him only 15/26*4*6500 (assumed salary) = 15000. However, if the company has a group gratuity policy, the 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 paid annually to the insurer.
Thanks,
Koteeswaran
From India, Madras
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Gratuity insurance is a package available with an insurance service provider. Many think only LIC can offer such products. It is not so; any insurer authorized by the IRDA can be engaged for this group gratuity policy. The main advantage of this policy is that future service gratuity is taken care of by the insurance element. For example, Mr. A has joined a company in his 20th year, and the retirement year, as per his company's rule, is 58. If he dies in his 24th year, he would have only completed 4 years of service. If there is no group gratuity policy, the company will pay him only 15/26*4*6500 (assumed salary) = 15000. However, if the company has a group gratuity policy, the 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 paid annually to the insurer.
Thanks,
Koteeswaran
From India, Madras
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Hi,
I've been working as a faculty in an aided arts and science college since 2007 in a city in Tamil Nadu but under the 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 from the job. When inquired at the college, I was told that gratuity is payable only after a 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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I've been working as a faculty in an aided arts and science college since 2007 in a city in Tamil Nadu but under the 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 from the job. When inquired at the college, I was told that gratuity is payable only after a 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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