Group Gratuity Scheme : Under section 4A of the Payment of Gratuity Act,1972 gratuity amount is required to be insured by the employers. In this context Life Insurance Corporation of India has floated a policy for insurance of gratuity to the employees of organisation.Under the above , a trust is required to be established by the employer for the purposes of managing the gratuity funds. Trust will will create a fund with the LIC against payment of gratuity. Contribution towards the fund are generally intimated by LIC to trust on annual basis. This calculation is based on accturial basis. The other part is insurance of the fund. Trust will deal with the LIC for payment of contributions towards the gratuity fund and Insurance premium for the insurance of gratuity to the employees of the company.These premiums are to be paid on annual basis.
Benefit of the same to the employer is that the contributions paid by employer to gratuity trust will be recognised as expenses for the year in balance sheet though these are to be utilised in future. Further in case a big number of employees leave organisation at one time , the financial burden on the emloyer will not be directly proportionate to the number of employees left. The reason is that the employer has already discharged his liability in parts and has paid annual premium.
The other biggest benefit is that in case of death of an employee during the course of employment , the nominee will get gratuity amount not only for the period of rendered services but till the date of retirement.This part is being taken care by LIC against the insurance premium paid by employer.
It is suggested that before making trust rules ( Model copies are generally provided by the LIC) please go through the same and amend as per your requirement.This trust is also required to be recognised by Income Tax Authorities. This part is being taken care by LIC.
Click the links below for different Group gratuity trust Plans.
1. http://www.futuregenerali.in/Life_Insurance/Products/grp_gratuity_plan.aspx
2. http://www.maxnewyorklife.com/Corporate/unit_linked_group_gratuity.aspx
3.http://www.iciciprulife.com/public/Brochures/Gratuity.pdf
4.http://www.sbilife.co.in/sbilife/content/10_2443
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1.Download Labour welfare PAN India.PDF 2.Gujrat labour Welfare Form PDF 3.Maharashtra Profession Tax Registration Forms 4.Revised New minimum wages for all states.w.i.f 09
5.Registers, Forms and Returns under Minimum Wages A...
6.Forms,Registers and Records under Contract labour...
7.Forms,Registers and Records under Payement of Wage...
8.CONSTITUTION OF SUPPERANNUATION TRUST(SCHEME)9.Group Gratuity Plan
10- PF and ESI challans. Formate. 18. Procedure for workmen compensation act. 19. Trust deed under EPf act. 11-Contract labour Act. 20.Calculation of Income tax 09-10. 12-Check list shop and establishment Act.21.Procedure for registration of a new prv ltd company. 13.P.Tax Return Form-3 22. Payement of gratuity Act 14. Bonus Act 1965. 23. Excels Keyboard shortcuts. 15. Tutorial Excel. 16. Tutorial word. 17. Partnership Deed.18. Factories Act Register19. Professional Tax Formate.
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