Our Company was registered on April-2019, as of now we didn't do anything regarding gratuity & Kindly suggest what to do & any late fees we want to pay & refer the section of respective Acts also. Is there any due date for filing any returns? When we have to do the investment in LIC/Other trusts for gratuity
From India, Bengaluru
Sr.manager - Hr&admin
Insolvency N Gst Professional
+2 Others

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Hi Thejeshvini,
You can start investing for gratutiy in LIC or other trusts, for any clarification and assistance in the process our expert team can support you, for clarifications if any you can contact me on the below given number.
Sr.Consultant(Labour and Hr Compliance)

From India, Chennai

Further to the valid points of learned member Mr.KM, please start collecting Gratuity nomination form (FORM F) from all employees and store in a separate file for future use.
You can utilize the services of LIC's Group Gratuity Scheme which will reduce the liability of Employer considerably subject to payment of nominal premium to LIC. You can decide on this based on the count of employees and also considering your future expansion of man power.
Further you should display Form 'U'-Abstract of the Gratuity Act and Rules in your office premises in English and local language where your office situated.

From India, Madras

Hi Tejashvini,
As a budding startup, being compliant with laws and regulations are more important. Regardless of the type of business you do, there are a number of State and Central laws you have to obey. The Labour laws of the country are quite detailed and the rules change. There are a lot of compliances that include Provident Fund management, ESIC management, Professional Tax management, and Labor Welfare Fund Management, Labour compliance and shops & Establishment Act.
From a legal perspective, TalentPro follows the highest ethical standards. Kindly contact us at 04442123497 for your compliance, tax and audit needs.
Team TalentPro,

From India, Chennai
Thank you for your valuable reply.........Sry....We have incorporated on April-18 not April-19,We have only 10 employees & 15 factory workers.We didn't account & create provision for gratuity also.Kindly let us know how to proceed from the beggining under gratuity act & is there any late fee or interest to be payable?
From India, Bengaluru

There is no late fee involved. As per Gratuity Law continuous service period 5 years is must. Accordingly any employee continue till year 2023 Apr or beyond only will be come eligible for Gratuity.
As a employer if you are planning to do the payment by yourself, you have more time. However if you want to cover with LIC under Group Gratuity scheme you need to follow the process. Please check with LIC regarding coverage with predate. There might be charges involved. You will be expected to provide addition/deletion of employees on monthly basis to LIC

From India, Madras
Thanks sir,I got clear idea....Thank you
From India, Bengaluru

Best option is to first have an in house discussion with concerned officials and then decide which insurance company to approach.
Meet LIC of India officials who deal with group gratuity and obtain details-financial implications etc.
Similarly get from other pvt players also.Select the best and go ahead with gratuity planning and implementation.
It would be good to read the Act and rules made thereunder to get a fair idea of compliances to follow.
Be complaint with all laws is essential and new Wage code is also likely to be implemented.
It make look difficult to comply with so many laws, but once you set up a system then things fall in place.

From India, Pune

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