is Group Gratuity with LIC mandetory?

Mehendale Transport

We are forming a new proprietorship in Maharashtra. Is it compulsory to have a Group Gratuity account with LIC or is it ok to have general separate savings account or recurring account in any bank for the future gratuity disbursal.
29th June 2022 From India, Pune

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Madhu.T.K

4249

Compulsory Insurance or investment of Gratuity fund in LIC as per Section 4A is mandatory in such states which have notified it as such. Not all the states have notified it. Therefore, please check with your labour department.
29th June 2022 From India, Kannur

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