We are forming a new proprietorship in Maharashtra. Is it compulsory to have a Group Gratuity account with LIC, or is it okay to have a general separate savings account or recurring account in any bank for future gratuity disbursement?
From India, Pune
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From India, Pune
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Compulsory Insurance or Investment of Gratuity Fund in LIC
Compulsory insurance or investment of the Gratuity fund in LIC as per Section 4A is mandatory in states that have notified it as such. Not all states have done so. Therefore, please check with your labor department.
From India, Kannur
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4556Compulsory insurance or investment of the Gratuity fund in LIC as per Section 4A is mandatory in states that have notified it as such. Not all states have done so. Therefore, please check with your labor department.
From India, Kannur
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A - Group Gratuity offer letter 2010-11 (2).doc