The Government of Karnataka on 10th January 2024 notified regarding the Karnataka Compulsory Gratuity Insurance Rules, 2024. The rules are made under the powers conferred by the Payment of Gratuity Act, 1972. The rules primarily focus on compulsory insurance for the payment of gratuity to eligible employees.
New employers and existing establishments are required to obtain a valid insurance policy from a recognized insurance company within specific timeframes and renewed periodically, register their establishments with the Controlling Authority, and provide details of the employees insured, along with any changes in the future.
The notification includes various forms for application, the option to continue existing insurance schemes, details of employees covered under compulsory insurance, and the register of establishments under compulsory insurance. Employers are mandated to comply with the provisions of the Act, exercise due diligence for on-time payment of premiums and ensure the fulfillment of their liabilities under the Act.
In summary, the Karnataka Compulsory Gratuity Insurance Rules, 2024, outline the mandatory requirements for employers to obtain insurance for the payment of gratuity to eligible employees and ensure compliance with the provisions of the Payment of Gratuity Act, 1972.
New employers and existing establishments are required to obtain a valid insurance policy from a recognized insurance company within specific timeframes and renewed periodically, register their establishments with the Controlling Authority, and provide details of the employees insured, along with any changes in the future.
The notification includes various forms for application, the option to continue existing insurance schemes, details of employees covered under compulsory insurance, and the register of establishments under compulsory insurance. Employers are mandated to comply with the provisions of the Act, exercise due diligence for on-time payment of premiums and ensure the fulfillment of their liabilities under the Act.
In summary, the Karnataka Compulsory Gratuity Insurance Rules, 2024, outline the mandatory requirements for employers to obtain insurance for the payment of gratuity to eligible employees and ensure compliance with the provisions of the Payment of Gratuity Act, 1972.