Group Gratuity Scheme/Trust - is there any provision to maintain the funds?

We would like to implement Group Gratuity Scheme in our Company. Our employer would like to keep the funds as like PF trust. Fund will be managed by the HR & Finance Departments. Rather than opting 3rd party, is there any provision to maintain the funds? If anybody is aware of this, please help us.

Dear Friend,
I advise you to read the thread in below given link. Make your own study first on the subject then your query will be welcomed by me.
https://www.citehr.com/598697-group-...-benefits.html
I further request you to name your State in which you operate your company. It seems to me that you are from A.P.

Sure you can do that, but, then you as a company will be liable to pay the gratuity.

Yes LIC has Group Insurance Scheme. You can contact them. The contribution is based on employee's basic salary. The payment of gratuity is within a month.

The Life Insurance Corporation has Group Gratuity Insurance Scheme & for EL Encashment Also. So You may contact the LIC Office for details of the scheme. In my company we are also depositing Gratuity & EL through LIC.
SANJIB KUMAR PANIGRAHI
MANAGER - HR & ADMIN, ODISHA
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Note: Looking for a Change. Vacancy in HR & Admin Dept. at Odisha - Preferred Area - Keonjhar, Cuttack, Bhubaneswar etc. in any reputed company may intimated through my mail id: [Login to view]