Respected Dear Seniors,
Q1. I would like to know, is Gratuity payment in a Private Limited company a compliance which is mandatory just the same as EPF regulations?
Q2. If yes, is Payment of Gratuity through LIC premium a good option? I was told by LIC personnel that the amount of premium will be decided after submitting the number of employees, DOB, date of Joining, etc.
Q3. Another question is, is the premium amount to be wholly borne by the company or will the payment norms be similar to EPF where a part is both paid by contributions of the Employee share and Employer share in respect to Basic+DA salary?
I will be very obliged if our dear seniors can elaborate and simplify the answers.
Thanking you.
Sangita
From India, Imphal
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Q1. I would like to know, is Gratuity payment in a Private Limited company a compliance which is mandatory just the same as EPF regulations?
Q2. If yes, is Payment of Gratuity through LIC premium a good option? I was told by LIC personnel that the amount of premium will be decided after submitting the number of employees, DOB, date of Joining, etc.
Q3. Another question is, is the premium amount to be wholly borne by the company or will the payment norms be similar to EPF where a part is both paid by contributions of the Employee share and Employer share in respect to Basic+DA salary?
I will be very obliged if our dear seniors can elaborate and simplify the answers.
Thanking you.
Sangita
From India, Imphal
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Q1. I would like to know if Gratuity payment in a Private Limited company is a compliance that is mandatory just the same as EPF regulations? - Yes
Q2. If yes, is Payment of Gratuity through LIC premium a good option? I was told by LIC personnel that the amount of premium will be decided after submitting the number of employees, DOB, date of Joining, etc. - LIC is a Government Organization so the money will be in safer hands.
Q3. Another question is that... Is the premium amount to be wholly borne by the company or will the payment norms be similar to EPF where a part is paid by contributions of Employee share & Employer share in respect to Basic+DA salary - The whole premium will be borne by the company only.
I will be very obliged if our dear seniors can elaborate and simplify the answers. Thanking you.
Sangita
From India, Pune
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470Q2. If yes, is Payment of Gratuity through LIC premium a good option? I was told by LIC personnel that the amount of premium will be decided after submitting the number of employees, DOB, date of Joining, etc. - LIC is a Government Organization so the money will be in safer hands.
Q3. Another question is that... Is the premium amount to be wholly borne by the company or will the payment norms be similar to EPF where a part is paid by contributions of Employee share & Employer share in respect to Basic+DA salary - The whole premium will be borne by the company only.
I will be very obliged if our dear seniors can elaborate and simplify the answers. Thanking you.
Sangita
From India, Pune
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Hello Sangeeta,
As far as my knowledge goes, new Registration in Gratuity Membership stopped from 1st July 2013 as per the new IRDA Guidelines. Please confirm if I may be wrong.
Thank you,
Regards,
Ashish
From India, Pune
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As far as my knowledge goes, new Registration in Gratuity Membership stopped from 1st July 2013 as per the new IRDA Guidelines. Please confirm if I may be wrong.
Thank you,
Regards,
Ashish
From India, Pune
Acknowledge(0)Amend(0)Join Our Community and get connected with the right people who can help. Our AI-powered platform provides real-time fact-checking, peer-reviewed insights, and a vast historical knowledge base to support your search.
Proposal-Privat e-Limited-Compa ny-Registration .pdf
Payment of Gratuity Act, 1972 & The Rules.ppt
THE PAYMENT OF GRATUITY ACT 1972.doc