Hi All, I would like to know is there any scheme or any thing when Gratuity on retierment of employees are paid by LIC.If is there any thing please let me know the senario please.
From India, Delhi
3From India, Delhi
Dear Member,
Gratuity is paid by the LIC if the employer have taken insurance from the LIC against his liability for payment towards the gratuity under the Payment of Gratuity Act, 1972. We have section 4A on compulsory insurance under this Act but this provision has not been made applicable so far by the Govt. For more details you may go through this section of this Act.
Regards,
R.N.Khola
From India, Delhi
Gratuity is paid by the LIC if the employer have taken insurance from the LIC against his liability for payment towards the gratuity under the Payment of Gratuity Act, 1972. We have section 4A on compulsory insurance under this Act but this provision has not been made applicable so far by the Govt. For more details you may go through this section of this Act.
Regards,
R.N.Khola
From India, Delhi
Hi!
Mr.Khosla has rightly guided you.
If at all your employer agree to gratuity through LIC, please go for that because LIC charges you very low premium for this.fURTHER if the employee die while in service, before retirement, the gratuity is paid by LIC for the remaining period also i.e. upto retirement age.
From India, Nagpur
Mr.Khosla has rightly guided you.
If at all your employer agree to gratuity through LIC, please go for that because LIC charges you very low premium for this.fURTHER if the employee die while in service, before retirement, the gratuity is paid by LIC for the remaining period also i.e. upto retirement age.
From India, Nagpur
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.
Payment of Gratuity Act, 1972 & The Rules.ppt
THE PAYMENT OF GRATUITY ACT 1972.doc