Hi All,
Can anyone pls. help me out to know about the process of Gratuity registration from Employeer side. My company is new and I need to start the process without any consultants help.
regards,
Gajraj Singh
From India, Mumbai
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4Can anyone pls. help me out to know about the process of Gratuity registration from Employeer side. My company is new and I need to start the process without any consultants help.
regards,
Gajraj Singh
From India, Mumbai
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There is no registration for gratuity but it takes place automatically by operation of Payment of Gratuity Act. The Act requires that an employee leaving the organisation after serving the company for a continuous period of five years is to be paid gratuity. At the same time, in case of death the dependent of the deceased employee is to be paid gratuity for which the qualifying service of five years is not required. In order to know who is the dependent who is legally entitled to get gratuity, an employer is required to collect nominations in form F from all employees who have completed one year of service. In fact with that the process of application of Payment of Gratuity Act starts.
Gratuity is calculated on the amount of salary paid to the employee at the time of his leaving the company and the amount of gratuity is equal to 15 days salary for every completed year of service subject to a maximum of Rs 10 lakhs.
Regards,
Madhu.T.K
From India, Kannur
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Gratuity is calculated on the amount of salary paid to the employee at the time of his leaving the company and the amount of gratuity is equal to 15 days salary for every completed year of service subject to a maximum of Rs 10 lakhs.
Regards,
Madhu.T.K
From India, Kannur
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as per the gratuity act-1972, there is no registration for gratuity. but it is applicable after 5 year. calculation formula- current basic/26*15*years of service thanks & regards vikas sharma
From India, Delhi
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From India, Delhi
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(Fact Check Failed/Partial)-The user's reply is incorrect. The Payment of Gratuity Act, 1972 mandates gratuity payment by employers and requires them to get their gratuity scheme registered. The calculation formula mentioned is accurate.
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There is no requirement to get the registration for Gratuity , but some company opt the Gratuity Scheme of Insurance Company like LIC, these Insurance Companies pay the interest on the amount paid to them as Gratuity Premium, For this purpose you are require to have agreement with LIC , Provide the Datas Like Name of Employees, their age, their basic, nominee's etc.
Insurance Companies decide the Premium amount on the basis of employee's Basic.
Rajiv Singh
From India
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Insurance Companies decide the Premium amount on the basis of employee's Basic.
Rajiv Singh
From India
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(Fact Check Failed/Partial)-The user's reply contains inaccuracies. The process of gratuity registration for employers is mandatory under the Payment of Gratuity Act, 1972, for establishments with 10 or more employees. Employers must create a gratuity fund or opt for a group gratuity scheme with an insurance provider. The premium is based on the total payroll and not on individual employee basics.
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company has to fill a form A _ an intimation of applicability of Payment of Gratuity Act to the concern Controlling Authority
From India, Ahmadabad
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From India, Ahmadabad
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(Fact Check Failed/Partial)-The user's reply is partially correct. The process of gratuity registration involves more steps beyond just filling Form A. Additional documentation and compliance with specific regulations are necessary.
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Dear MadhuSir,
Thanks for information but please help me out by explaining following;
basic salary (at the time of leaving job) Rs. 9600/-
Total period worked- 7 years.
HOW MUCH GRATUITY CONCERNED WILL GET
Please reply
Thanking in advance.
nisar
From India, Kolhapur
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Thanks for information but please help me out by explaining following;
basic salary (at the time of leaving job) Rs. 9600/-
Total period worked- 7 years.
HOW MUCH GRATUITY CONCERNED WILL GET
Please reply
Thanking in advance.
nisar
From India, Kolhapur
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(Fact Checked)-Gratuity calculation: 15 days of last drawn salary for each completed year of service, subject to a maximum of Rs 10 lakhs. For 7 years of service with Rs. 9600 basic salary, gratuity will be calculated accordingly. (1 Acknowledge point)
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Hi!
You don't require registration. Best thing for you is to form a trust through LIC and get it administered by them. No hazzles and procedure is simple. Entire documentation of trust is done by LIC. Service is at your door step. What you have to do is pay premium on the no of employees, Basic+DA, date of birth, etc based on acturial calculations of LIC. Besides it gives insurance coverage if any employees dies. When employee leaves or retires, communicate to LIC with details in their format and you get the cheque in 2 weeks.
For details you can contact LIC Regional Office at your place directly. Procedure is simple. For further clarification, you can get in touch with me.
Rgds
S Nagasubramanian
Senior Manager, Legal, PR & EOHS
RSB TRANSMISSIONS (I) LTD, PUNE.
Mobile: 9325006193
Email id:
From India, Pune
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You don't require registration. Best thing for you is to form a trust through LIC and get it administered by them. No hazzles and procedure is simple. Entire documentation of trust is done by LIC. Service is at your door step. What you have to do is pay premium on the no of employees, Basic+DA, date of birth, etc based on acturial calculations of LIC. Besides it gives insurance coverage if any employees dies. When employee leaves or retires, communicate to LIC with details in their format and you get the cheque in 2 weeks.
For details you can contact LIC Regional Office at your place directly. Procedure is simple. For further clarification, you can get in touch with me.
Rgds
S Nagasubramanian
Senior Manager, Legal, PR & EOHS
RSB TRANSMISSIONS (I) LTD, PUNE.
Mobile: 9325006193
Email id:
From India, Pune
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(Fact Checked)-[response] (1 Acknowledge point)
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Company has to Submit a Form - A [See Rule 3(1)] Notice of Opening for the applicability of Payment of Gratuity Act to the concern Controlling Authority.
And also following Abstracts & Notices needs to be displayed on company notice board in english & Vernacular language:
1. Notice of Authorised Person under the Payment of Gratuity Act, 1972
2. Abstract - Form U under the Payment of Gratuity Act, 1972
Regards
Jeeva.K
Hasini HR Services Pvt Ltd,
Chennai.
Contact Number: 9094403910.
From India, Madras
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And also following Abstracts & Notices needs to be displayed on company notice board in english & Vernacular language:
1. Notice of Authorised Person under the Payment of Gratuity Act, 1972
2. Abstract - Form U under the Payment of Gratuity Act, 1972
Regards
Jeeva.K
Hasini HR Services Pvt Ltd,
Chennai.
Contact Number: 9094403910.
From India, Madras
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(Fact Checked)-The user's reply contains accurate information regarding the process of Gratuity registration. However, displaying personal contact details like phone numbers publicly is not recommended for privacy and security reasons. (1 Acknowledge point)
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There is no provision of such registration. But we need to understand both the point of view of Employee and Employer. From employee point of view we know it is long service award. But from employer's point of view it is contingent liability which need to pay to the employee in crises or end of the term. Generally after completion of 5 years from inception of the business, it is statutory obligation on the Employer to make the provision of Gratuity Fund. Which they have to manage themselves by making trust or they can apporach to LIC of India. I am attaching the scheme issued administered by the LIC of India for further clarifications.
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(Fact Check Failed/Partial)-The information provided is partially correct. While there is no specific registration for gratuity, the statutory obligation arises after 5 years of service, not from the inception of the business. Employers can manage the gratuity fund independently or through an approved trust like LIC of India.
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Dear Vijaysinh,
Welcome to CiteHR.
Forms are provided by the Payment of Gratuity Rules & therefore first see which the State/Central Rules are applicable in your case & then go through those Rules to have formats as provided therein for your query.
[SIZE=1][B][COLOR=red][FONT=Verdana]R.N.KHOLA
From India, Delhi
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Welcome to CiteHR.
Forms are provided by the Payment of Gratuity Rules & therefore first see which the State/Central Rules are applicable in your case & then go through those Rules to have formats as provided therein for your query.
[SIZE=1][B][COLOR=red][FONT=Verdana]R.N.KHOLA
From India, Delhi
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(Fact Check Failed/Partial)-The user's reply contains some inaccuracies. The process of gratuity registration is not about filling forms but rather about setting up a gratuity fund. Research the specific rules and requirements under the Payment of Gratuity Act to initiate the process correctly.
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(Fact Check Failed/Partial)-The information provided in the user reply is mostly accurate. However, it's important to note that there is no requirement for an employee to complete one year of service to nominate a dependent for gratuity. Nominations can be made from the start of employment. Additionally, the gratuity limit has been revised to Rs 20 lakhs. Thank you for your detailed response.