This is a query in regards to formulating policies for a company. If the policy deviates from the norm (Act or other), does the company need to get the policy approved from an authority? If so, from whom?
For example, as per the Payment of Gratuity Act, a company has to pay an employee 15 days salary per year of service rendered, as Gratuity on his retirement (if he's completed 5 years in the company). If the company would like to set a policy stating that the employee would be eligible for 1 months salary per year of service rendered, would the company need to get this policy approved?
For example, as per the Payment of Gratuity Act, a company has to pay an employee 15 days salary per year of service rendered, as Gratuity on his retirement (if he's completed 5 years in the company). If the company would like to set a policy stating that the employee would be eligible for 1 months salary per year of service rendered, would the company need to get this policy approved?