Dear Seniors,
Greetings for the day!!!
We at our office are planning to implement Gratuity Act, we have contacted our agents and got quotations for enrolling into Gratuity Scheme... I understand that certain documentation is required to get enrolled into the scheme and am looking for the information about the Gratuity Trust Formation Process...
Could any one help me with the details in Forming the Gratuity Trust like who can be the Trustees ? On what factors we can appoint one person as Trustee ( any eligibility criteria ) ? Can we appoint other than employees as Trustees ?
Thanks & Regards
Ramu Kakitha
From India, Hyderabad
3Greetings for the day!!!
We at our office are planning to implement Gratuity Act, we have contacted our agents and got quotations for enrolling into Gratuity Scheme... I understand that certain documentation is required to get enrolled into the scheme and am looking for the information about the Gratuity Trust Formation Process...
Could any one help me with the details in Forming the Gratuity Trust like who can be the Trustees ? On what factors we can appoint one person as Trustee ( any eligibility criteria ) ? Can we appoint other than employees as Trustees ?
Thanks & Regards
Ramu Kakitha
From India, Hyderabad
Dear Nathrao,
Thanks for the response... Yes, I have got the group gratuity schemes of LIC and also the other players in the market...
I am looking to get information regarding the Trustees... I understand from my banker that to form a Gratuity Trust min of 2 - 4 people should be appointed as Trustees, but which is not clear is who can be trustee ? Would there be any eligibility criteria to appoint someone as a Trustee or it can be anyone as decided by the Managament ?
Thanks & Regards
Ramu Kakitha
From India, Hyderabad
Thanks for the response... Yes, I have got the group gratuity schemes of LIC and also the other players in the market...
I am looking to get information regarding the Trustees... I understand from my banker that to form a Gratuity Trust min of 2 - 4 people should be appointed as Trustees, but which is not clear is who can be trustee ? Would there be any eligibility criteria to appoint someone as a Trustee or it can be anyone as decided by the Managament ?
Thanks & Regards
Ramu Kakitha
From India, Hyderabad
There is no eligibility to be trustee. However, you should appoint some senior and responsible persons as trustees as they will also be the signatories for the trust papers and the payments made under the trust.
Moreover, you need to have trustees from management and worker / employees' side.
From India, New Delhi
Moreover, you need to have trustees from management and worker / employees' side.
From India, New Delhi
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Gratuity Act-Teachers-Ma dhya Pradesh.docx
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