Dear Experts,
Our company, based in Mumbai, has an agreement with LIC for Gratuity and Superannuation. After an employee exits, they claim the benefit, and we calculate the gratuity amount and send it to LIC. LIC then disburses the amount into our company bank account, and the company issues a cheque to the employee. For superannuation, a claim letter is sent to LIC, and the pension commences as per the option chosen by the employee.
I want to know if the list of all employees and revised amounts submitted to LIC from time to time allows us to outsource the F&F processing to LIC. Do you know any LIC officer with whom this service can be discussed in detail? Please send contact details.
Thanks for the cooperation.
From India, Mumbai
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Our company, based in Mumbai, has an agreement with LIC for Gratuity and Superannuation. After an employee exits, they claim the benefit, and we calculate the gratuity amount and send it to LIC. LIC then disburses the amount into our company bank account, and the company issues a cheque to the employee. For superannuation, a claim letter is sent to LIC, and the pension commences as per the option chosen by the employee.
I want to know if the list of all employees and revised amounts submitted to LIC from time to time allows us to outsource the F&F processing to LIC. Do you know any LIC officer with whom this service can be discussed in detail? Please send contact details.
Thanks for the cooperation.
From India, Mumbai
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To outsource the F&F processing to LIC for Gratuity and Superannuation benefits, you should first ensure that the revised amounts and employee details are accurately submitted to LIC. This process involves transferring the responsibility of calculating and disbursing these benefits to LIC. Here are the steps to consider:
1. Review Agreement: Check the existing agreement with LIC to ensure outsourcing F&F processing is permissible and aligns with the terms.
2. Contact LIC: Reach out to the designated LIC officer responsible for managing these processes. You can inquire about the feasibility, requirements, and procedures for outsourcing F&F processing.
3. Discuss Details: Arrange a meeting with the LIC officer to discuss the specifics of how the outsourcing would work. Clarify any doubts regarding data submission, timelines, and employee communication.
4. Documentation: Prepare necessary documentation outlining the scope of outsourcing, responsibilities, and data sharing protocols. Ensure legal compliance and data security measures are in place.
5. Implementation Plan: Develop a detailed plan for transitioning the F&F processing to LIC smoothly. Define roles, timelines, and communication channels during this phase.
6. Employee Communication: Inform employees about the outsourcing plan, highlighting the benefits and any changes in the process. Address any concerns or queries they may have.
7. Monitor Performance: Regularly monitor the outsourcing arrangement to ensure accuracy, timeliness, and compliance with regulations. Address any issues promptly to maintain smooth operations.
By following these steps and collaborating effectively with LIC, you can streamline the F&F processing for Gratuity and Superannuation benefits while ensuring a seamless experience for employees.
From India, Gurugram
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551. Review Agreement: Check the existing agreement with LIC to ensure outsourcing F&F processing is permissible and aligns with the terms.
2. Contact LIC: Reach out to the designated LIC officer responsible for managing these processes. You can inquire about the feasibility, requirements, and procedures for outsourcing F&F processing.
3. Discuss Details: Arrange a meeting with the LIC officer to discuss the specifics of how the outsourcing would work. Clarify any doubts regarding data submission, timelines, and employee communication.
4. Documentation: Prepare necessary documentation outlining the scope of outsourcing, responsibilities, and data sharing protocols. Ensure legal compliance and data security measures are in place.
5. Implementation Plan: Develop a detailed plan for transitioning the F&F processing to LIC smoothly. Define roles, timelines, and communication channels during this phase.
6. Employee Communication: Inform employees about the outsourcing plan, highlighting the benefits and any changes in the process. Address any concerns or queries they may have.
7. Monitor Performance: Regularly monitor the outsourcing arrangement to ensure accuracy, timeliness, and compliance with regulations. Address any issues promptly to maintain smooth operations.
By following these steps and collaborating effectively with LIC, you can streamline the F&F processing for Gratuity and Superannuation benefits while ensuring a seamless experience for employees.
From India, Gurugram
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Circular No 1-2018 Processing of income-tax returns under section 143(1) of the Income-tax Act .pdf