Hi,
Can anybody please help me to know-- how can an employer having its already established self-managed gratuity trust fund switch over to group gratuity scheme of insurer?
actually I wanted to know the detail process in steps required for this.
It would be great help if any body can provide required info.
Thanks.
From India, Kolkata
Can anybody please help me to know-- how can an employer having its already established self-managed gratuity trust fund switch over to group gratuity scheme of insurer?
actually I wanted to know the detail process in steps required for this.
It would be great help if any body can provide required info.
Thanks.
From India, Kolkata
Dear Varsha ji,
You need to approach any of the insurance company which has Group Gratuity Scheme with details of your self-managed Gratuity Trust Fund. The insurance company will work out the premium payable by you towards this GGP after considering the Trust Fund. At the time of switching over to GGS, you will have to transfer your self-managed Trust Fund to the said insurance company.
From India, Mumbai
2556You need to approach any of the insurance company which has Group Gratuity Scheme with details of your self-managed Gratuity Trust Fund. The insurance company will work out the premium payable by you towards this GGP after considering the Trust Fund. At the time of switching over to GGS, you will have to transfer your self-managed Trust Fund to the said insurance company.
From India, Mumbai
First you have to approach any of the Group Gratuity providers giving them all information such as Number of employees, date of joining, date of birth and date of retirement of individual members.
Based on this information, they will calculate the premium payable by you annually.
Resolution is to be passed by the Trustees for transfer of Gratuity Fund to Group Gratuity Scheme.
Board of Directors resolution (of the establishment) is also required for the above.
With these resolutions and Balance Sheet of Trust, approach the Income Tax Dept., who have given you IT exemption earlier for this transfer. (Some Group Gratuity providers assist in this process.)
If you are a self managed and IT exempted fund and you earn a yield of 9 to 9.50% on your investments, it is not advisable to surrender the Fund unless you are facing compelling circumstances.
From India, Mumbai
Based on this information, they will calculate the premium payable by you annually.
Resolution is to be passed by the Trustees for transfer of Gratuity Fund to Group Gratuity Scheme.
Board of Directors resolution (of the establishment) is also required for the above.
With these resolutions and Balance Sheet of Trust, approach the Income Tax Dept., who have given you IT exemption earlier for this transfer. (Some Group Gratuity providers assist in this process.)
If you are a self managed and IT exempted fund and you earn a yield of 9 to 9.50% on your investments, it is not advisable to surrender the Fund unless you are facing compelling circumstances.
From India, Mumbai
If you are in Mumbai . You can get in touch with LIC office - Mr. Ravinder Khonde 9702389858.. He helped us to convert the internally managed Gratuity Fund to a External Managed Fund.
From India, Mumbai
From India, Mumbai
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