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anandakumar.kg
Dear Seniors, We are a Pvt Ltd company started in March 2010. Currently our employee strength is around 70, across various locations in India. Our internal auditors who visited us recently has indicated that we are not adhered to the regulations of Gratuity Act.

I am aware that we have to follow the below mentioned procedure.

1. Submit Form A to the concern authority

2. Open up a trust for gratuity, with an SB account for the trust

3. Link the trust with LIC schemes (Optional).

We are planning to credit this SB account/LIC on a monthly basis, with the calculated value. Upon the employee becomes eligible, we would pay from this SB account/LIC

Kindly correct me, if our plan is wrong.

My doubt is, if an employee leaves the organisation, before the completion of 5 years, can the amount accumulated in the SB account/LIC on behalf of that individual, be credited back to the company account.

If not, how can we proceed to avoid unnecesary blocking of company's fund.

Your inputs would be much of an value for us. Kindly clarify. Thanks in advance.

From India, Madras
SUDARSHAN KUMAR ARORA
1

Each year authorities of LIC will call for data of employees on which premium to be calculated for the gratuity trust in which your question is answered that LIC only manages the fund , LIC will release the gratuity to the trust and trust will release to employee concerned. Its all upon the manament by you that gratuity to be paid as per provisions of the Gratuity Act.
From India, Gurgaon
Anonymous
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From India, Rajkot
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