If the establishment is having own trust for the Gratuity, is it required for the Insurance coverage of the employee? i.e ., if any death cases, the gratuity can be paid up to the date of Death or till the employee's retirement age.
From India, Chennai
From India, Chennai
In the case of death, the representatives of the deceased employee shall be entitled to gratuity based on his service only. Paying service gratuity based on the actual service will satisfy the legal requirements. If you have taken any death cum gratuity policy by paying additional premium, then the LIC/ Insurance company will pay gratuity considering a salary and service projected to his retirement age. It is not mandatory that every employer should take that policy but what is mandatory is to ensure payment of gratuity for the period of actual service only.
From India, Kannur
4193From India, Kannur
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