An employee having DoB 1/1/1963 joins an establishment on 01/09/2018 and bound to retire on completion of 60 yrs age i.e. 31/12/2022. He will not complete 5 yrs qualifying service for gratuity. Organization has taken group gratuity scheme from LIC.
Question - Is it mandatory to cover him under group gratuity scheme ????
24th January 2019 From India, Indore
It will be wise and prudent on the part of the company if the employee is included in the group gratuity scheme. Remember even death or permanent disability is covered under the scheme and the family may be given the benefits in the event of any unfortunate event. Nothing to lose if you include though it may be otherwise if you do not include.
Thanks and Regards
24th January 2019 From India, Hyderabad
there are many incidents where the employee is working after 60-62 and 65 even, as the employer is not ready to relive the employee,
there must be certain special in that employee that he was considered @56 yrs of age, at at very this stage it is tough to say that he would get retired on 2022, it would be upto management for reliving him or not
so getting him added to Group Gratuity is a wise decision
24th January 2019
It is depending on the retirement age of your establishment, if it is 60 and there is no scope of extension of service. Then do not take the policy for employees those who are not eligible for the gratuity on sesation of service as they would not fulfill the criteria.
27th January 2019 From India, Mumbai
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