For the payment of gratuity amount Is the gratuity insurance necessary? And what steps I need to take?

HELLO ALL SENIORS,
Respected all I want to ask that For the payment of gratuity amount Is the gratuity insurance necessary? And what steps I need to take?
Regards
Naresh

Dear Naresh,
What type of details you need, the payment of Gratuity act 1972 , is a long subject. Need any clarification you can contact me
9866917232
Lakshmi

Hello Naresh,
* No, There is no requirement to join any Insurance Company for Gratuity Scheme.
But if your employer wants to take the tax benefits on provision than you needs to enroll with any insurance company.
* Only LIC has limitation to enroll new Clients up too 31-08-2013 as per notification by IRDA on 16-08-2013 for new clients after that Gratuity schemes will be closed for enrollment.Please confirm the same from your side.
Thanking you,
Regards,
Ashish

Do you have a copy of the IRDA notification or reference Number of the same.

Dear Professional,
Greeting of the day,
Could you please clarify my doubt regarding Gratuity Paid,
one of our employee is working since from last 6years and died recently.kindly confirm how to gohead for making gratuity payment.
Thanks
Chakrapani D

Dear Chakrapani
The Payment of Gratuity Act 1972 provides that in case of death, the gratuity is payable to any of the following persons:
(i) Nominee
(ii) Heirs (in absence of nomination)
In case nominee/ heir is a minor, such amount will be deposited with the Controlling Authority of the area,who shall invest the same for the benefit of such minor in such bank or other financial institution, as may be prescribed, until such minor attains majority.
You can advise the nominee (normally wife is of the deceased) to approach the management of the company.
BS Kalsi
Member since Aug 2011

Actually I want to know that :-
1) Any Registration is necessary for employer under the Payment of Gratuity act 1972.
2) For gratuity payment to the employee, Is employer need to take any insurance ?(such as Gratuity Insurance etc )
regards
naresh

Dear Naresh,
My reply to your queries are as under in seriatim:-
1) Any Registration is necessary for employer under the Payment of Gratuity act 1972.-No Registration is required for an employer under the Payment of Gratuity Act 1972 but you are required to send a 'Notice of Opening' of your establishment in the prescribed under the state rules to the Controlling Authority of the area. Any further changes,if any, in the particulars of the establishment shall be intimated. A record of nominations in respect of all the employees,who have completed one year of service,shall be maintained
2) For gratuity payment to the employee, Is employer need to take any insurance ?(such as Gratuity Insurance etc )-No insurance is required for the gratuity payment to the employee.
BS Kalsi
Member since Aug 2011

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