What happens to my gratuity if my current employer is going into bankruptcy. Can I got my gratuity amount or not, explain reasons and rules.
From India, Pune
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1From India, Pune
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Payment of Gratuity Act, 1972
Section: 4A
Compulsory insurance
The relevant portion of the Act reads as follows:
Compulsory Insurance
The Payment of Gratuity (Amendment) Act, 1987, prescribes provisions for compulsory insurance for an employer's liability for payment towards gratuity under the Act from the Life Insurance Corporation of India, established under the Life Insurance Corporation of India Act, 1956, or any other prescribed insurer. However, employers of establishments belonging to or under the control of the Central Government or the State Government are exempted from the operations of these provisions. (Section 4A)[xxiii]
So, cross-check whether the company has taken insurance from LIC of India or not.
From India, Pune
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Section: 4A
Compulsory insurance
The relevant portion of the Act reads as follows:
Compulsory Insurance
The Payment of Gratuity (Amendment) Act, 1987, prescribes provisions for compulsory insurance for an employer's liability for payment towards gratuity under the Act from the Life Insurance Corporation of India, established under the Life Insurance Corporation of India Act, 1956, or any other prescribed insurer. However, employers of establishments belonging to or under the control of the Central Government or the State Government are exempted from the operations of these provisions. (Section 4A)[xxiii]
So, cross-check whether the company has taken insurance from LIC of India or not.
From India, Pune
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AP Compulsory Gratuity Insurance Rule 2011- Notification.pd f