Gratuity Fund Establishment - Pdf Download

Hi All
I am, Poonam Gandhi working for a IT company. We have not paid the gratuity to any employees yet. I am in the process to set up the gratuity fund to have good liquidity, in terms of funds management. Could any of my colleague may help me to implement this in our company.I understand there are schemes framed by the government to set up the gratuity fund. Please post me the deailed process.
Reagrds
Poonam

Hi All
I am, Poonam Gandhi working for a IT company. We have not paid the gratuity to any employees yet. I am in the process to set up the gratuity fund to have good liquidity, in terms of funds management. Could any of my colleague may help me to implement this in our company.I understand there are schemes framed by the government to set up the gratuity fund. Please post me the deailed process.
Reagrds
Poonam

Dear Ms. Poonam,
We are a corporate consultancy organization and can help you in the process of setting up the Gratuity fund and the trust and implement the same.
Kindly let me know your location and the contact details so that we can discuss the matter further.
Please feel free to contact me,

Dear Poonam
Welcome to CiteHR.com.
I presume yours is a new Company -"We have not paid the gratuity to any employees yet".
If it is a small company; then instead of establishing a Gratuity trust, and going through all the formatlities; it would be convenient and cost-effective to enroll to the Life Insurance Corporation of India's Gratuity Policy. Contact their nearest branch and they will send an executive to explian the scheme, without any obligation.
Warm regards.

Dear Poonam,

We do not know why your management has not made the payment under this Act to any of the employees? In my view you must have gone through section 4A of the Payment of Gratuity Act which relates to compulsory insurance & framing of gratuity fund etc. but Govt. so far has not made this section applicable by issuance of notification. For further clarification you may contact your area Controlling Authority under this Act. I have not come across any scheme of the Govt. regarding setting up of gratuity fund otherwise I must have provided you. Let us wait for others to reply on the subject. Since last one year what I have observed that none of the members have provided the material on framing of this Fund & its utilization. Some of the employers have made arrangement with the LIC to ensure timely payment of Gratuity for which our super Moderator Mr. Raj Kumar has high lighted you. Most of the employers make payment as when it become payable.

Opinion/ comments submitted as requested.

With Regards,
R.N.Khola

Dear Poonam,

We do not know why your management has not made the payment under this Act to any of the employees? In my view you must have gone through section 4A of the Payment of Gratuity Act which relates to compulsory insurance & framing of gratuity fund etc. but Govt. so far has not made this section applicable by issuance of notification. For further clarification you may contact your area Controlling Authority under this Act. I have not come across any scheme of the Govt. regarding setting up of gratuity fund otherwise I must have provided you. Let us wait for others to reply on the subject. Since last one year what I have observed that none of the members have provided the material on framing of this Fund & its utilization. Some of the employers have made arrangement with the LIC to ensure timely payment of Gratuity for which our super Moderator Mr. Raj Kumar has high lighted you. Most of the employers make payment as when it become payable.
Opinion/ comments submitted as requested.

With Regards,
R.N.Khola

Dear Mrs.Poonam,

Recently i had implemented the same in my last company. Just you need to approach lic agent where he will take care all the formalities:

Process: Gratuty Fund Trust formation :-

1. you need to submit the details of employee names along with their doj/Basic&DA accordingly Lic agent will submit the quotes

2. you need to submit the Board Resolution format will be given by the Lic agent

3. you need to submit the trust deed taken in non-judicial paper-format will be given by the lic agent

4. you need to open an account in the name of Gratuty trust with the help of lic agent.

5. For any claim you need to submit the Form-F(nomination form) to Lic(concerned) accordingly they will give the cheque in the name of gratuty trust. that cheque will be presented in the bank and the same amt to be released to the concerned employee.

6. you need to submit the additions&deltions data to Lic accordingly amt will be adjusted in the upcoming financial year.

for any further clarrfications pl, mail me to my official mail id.

Dhanunjaya Rao Addanki

Manager-HR

Abir Infrastructures Pvt. Ltd

Mobile: 09492858523

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Initially data i.e employee names/doj/ will brief the things which i had exprienced recently in this

Hello,
Ms Poonam You simply have to call local LIC manager and he will do everything only your management has to decide the name of trusty and finaly signature of trusty, let me know if you are in mumbai I will provide you concern manager name with contant number from Mumbai LIC

Hi Poonam,
You can contact with any of the nearest branch of LIC, where you will find separate gratuity cell. You have to submit the list of employees along with their DOJ & DOB to LIC, then they will give you the quotation for GGCA(Group Gratuity Cash Accumulation policy). As per the quotation you have to submit the cheque along with the list of employee and covering letter. Rest all they will explain to you.
Thanks & Rgards,
Biswajit Ghosh
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Dear Poonam
Its pleaseue to introduce us as a Labour law & Tax consultat. Please share the company profile and no. of employee and other details and we would provide an end to end solution for all of ur requirements about fund setup.
Please feel free to contact the undersigned in case of any clarification/help
Thanks & Regards
Laxmikant Saini
09310832563
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