Dear Seniors - Kindly guide with Gratuity Inhouse policy draft for implementation. We are a manufacturing company located in Tamilnadu, we are planning to maintain an in-house account for Gratuity and we are ready to pay employees the gratuity amount as per the legal terms.

Need draft policy and procedure for Gratuity.


PROFESSIONALS AND BUSINESSES PARTICIPATING IN DISCUSSION

Gratuity trust may be set up for providing gratuity benefits to the employees trust to act as a separate legal entity. The trust must get an approval from under the Income Tax Act, 1961 to be recognized as approved gratuity trust. Trustees can chose to manage the fund as per by laws of the trust.
The Process of Formation of An Approved Registered Gratuity Trust starts with getting an Actuarial Valuation Certification/Report from Actuary which determines the Initial contribution to be made by the Company into the Gratuity Trust.

From India, Madras

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