Dear All,
In our Company the retirement age is 55 years, and there are few employees and directors who are still working in the COmpany after the age of 55 i.e. retirement age. Now my question is who to extend their Gratuity coverage after the age of 55 years? We have LIC group gratuity scheme. Kindly let me know is there a process or form to be filed under group gratuity.
Regards,
SMruti
From India, undefined
1In our Company the retirement age is 55 years, and there are few employees and directors who are still working in the COmpany after the age of 55 i.e. retirement age. Now my question is who to extend their Gratuity coverage after the age of 55 years? We have LIC group gratuity scheme. Kindly let me know is there a process or form to be filed under group gratuity.
Regards,
SMruti
From India, undefined
For gratuity there is no retirement age. The age fixed by the company will be taken as retirement age by the LIC also. There is no issue even if you have two different retirement age, one for employees and anther for persons with managerial powers. in order to change the retirement age, you can make a broad resolution send a copy of the resolution to the LIC.
From India, Kannur
From India, Kannur
Dear Smita,
I am not sure whether the LIC would permit extension of the Group Gratuity Insurance Scheme only in respect of certain existing employees/members of the Scheme whose services stand extended at the discretion of the employer. Why don't you consider their retirement exactly at the existing age of 55 and paying them gratuity as per the Scheme and employ them afresh?
From India, Salem
I am not sure whether the LIC would permit extension of the Group Gratuity Insurance Scheme only in respect of certain existing employees/members of the Scheme whose services stand extended at the discretion of the employer. Why don't you consider their retirement exactly at the existing age of 55 and paying them gratuity as per the Scheme and employ them afresh?
From India, Salem
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