Dear All,
In our company, the retirement age is 55 years, and there are a few employees and directors who are still working in the company after the age of 55, i.e., the retirement age. Now, my question is how to extend their gratuity coverage after the age of 55 years? We have an LIC Group Gratuity Scheme. Kindly let me know if there is a process or form to be filed under the group gratuity.
Regards,
SMruti
From India, undefined
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1In our company, the retirement age is 55 years, and there are a few employees and directors who are still working in the company after the age of 55, i.e., the retirement age. Now, my question is how to extend their gratuity coverage after the age of 55 years? We have an LIC Group Gratuity Scheme. Kindly let me know if there is a process or form to be filed under the group gratuity.
Regards,
SMruti
From India, undefined
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For gratuity, there is no retirement age. The age fixed by the company will be taken as the retirement age by the LIC as well. There is no issue even if you have two different retirement ages, one for employees and another for persons with managerial powers. In order to change the retirement age, you can make a broad resolution and send a copy of the resolution to the LIC.
From India, Kannur
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From India, Kannur
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Dear Smita,
I am not sure whether the LIC would permit the extension of the Group Gratuity Insurance Scheme only in respect of certain existing employees/members of the Scheme whose services stand extended at the discretion of the employer. Why don't you consider their retirement exactly at the existing age of 55 and pay them gratuity as per the Scheme and employ them afresh?
From India, Salem
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I am not sure whether the LIC would permit the extension of the Group Gratuity Insurance Scheme only in respect of certain existing employees/members of the Scheme whose services stand extended at the discretion of the employer. Why don't you consider their retirement exactly at the existing age of 55 and pay them gratuity as per the Scheme and employ them afresh?
From India, Salem
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