Gratuity Trust Formation Process
We at our office are planning to implement the Gratuity Act. We have contacted our agents and received quotations for enrolling in the Gratuity Scheme. I understand that certain documentation is required to enroll in the scheme and am seeking information about the Gratuity Trust Formation Process.
Could anyone help me with the details of forming the Gratuity Trust? For example, who can be the Trustees? What factors determine the appointment of a person as a Trustee (are there any eligibility criteria)? Can we appoint individuals other than employees as Trustees?
Thanks & Regards,
Ramu Kakitha
From India, Hyderabad
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3We at our office are planning to implement the Gratuity Act. We have contacted our agents and received quotations for enrolling in the Gratuity Scheme. I understand that certain documentation is required to enroll in the scheme and am seeking information about the Gratuity Trust Formation Process.
Could anyone help me with the details of forming the Gratuity Trust? For example, who can be the Trustees? What factors determine the appointment of a person as a Trustee (are there any eligibility criteria)? Can we appoint individuals other than employees as Trustees?
Thanks & Regards,
Ramu Kakitha
From India, Hyderabad
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Dear Nathrao, Thanks for the response. Yes, I have obtained information on the group gratuity schemes offered by LIC and other market players. I am seeking details regarding the Trustees. My banker mentioned that a minimum of 2-4 people should be appointed as Trustees to establish a Gratuity Trust. However, it is unclear to me who can be a trustee. Are there any eligibility criteria for appointing someone as a Trustee, or can anyone be appointed as determined by the Management?
Thanks & Regards,
Ramu Kakitha
From India, Hyderabad
Acknowledge(0)Amend(0)
Thanks & Regards,
Ramu Kakitha
From India, Hyderabad
Acknowledge(0)Amend(0)
There is no eligibility to be a trustee. However, you should appoint some senior and responsible persons as trustees as they will also be the signatories for the trust papers and the payments made under the trust.
Moreover, you need to have trustees from management and worker/employees' side.
From India, New Delhi
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Moreover, you need to have trustees from management and worker/employees' side.
From India, New Delhi
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