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Hi,
I believe this thread has ended.However i saw one of the PPts on gratuity and there saw a clause that in the 5th year if the employee has completed around 240 days, he/she is still eligible for gratuity.Is it true?
and how do we withdraw gratuity amount?
Regards,
Madhusudan.
From India, Hyderabad
I believe this thread has ended.However i saw one of the PPts on gratuity and there saw a clause that in the 5th year if the employee has completed around 240 days, he/she is still eligible for gratuity.Is it true?
and how do we withdraw gratuity amount?
Regards,
Madhusudan.
From India, Hyderabad
Dear Mr. Malik,
Our company is 5 years old & some employees are about to complete 5 yrs in our company. We were making provisions for gratuity earlier & now we have decided to keep aside gratuity fund with LIC but they are insisting us to form a society but our management is not keen to form any society. Please let me know how we can manage these funds without forming a society.
Thanks,
Prachi
From India
Our company is 5 years old & some employees are about to complete 5 yrs in our company. We were making provisions for gratuity earlier & now we have decided to keep aside gratuity fund with LIC but they are insisting us to form a society but our management is not keen to form any society. Please let me know how we can manage these funds without forming a society.
Thanks,
Prachi
From India
Dear Aarti
As a HR professional it is needless to say when ever any statutory force is there for ANY hR releted issues such as Gratuity, ESI,PF,Professional Tax,Income Tac,Labour welfare fund,Shops and Est Ace, Factory Act tec the provisions of such statute is automatically applicable to any employee in a given case.
Having said this in your case it is applicable. You may have more benefical scheme compare to Gratuity ACT BUT THE aCT PROVISION IS ALWAYS BINDING.
pl decide your issues accordingly.
If any issue contact without any hesitation.with regards.
himanshu Pathak
Torrrent Power Ltd,Ahmedabd.09227233315
From India, Ahmadabad
As a HR professional it is needless to say when ever any statutory force is there for ANY hR releted issues such as Gratuity, ESI,PF,Professional Tax,Income Tac,Labour welfare fund,Shops and Est Ace, Factory Act tec the provisions of such statute is automatically applicable to any employee in a given case.
Having said this in your case it is applicable. You may have more benefical scheme compare to Gratuity ACT BUT THE aCT PROVISION IS ALWAYS BINDING.
pl decide your issues accordingly.
If any issue contact without any hesitation.with regards.
himanshu Pathak
Torrrent Power Ltd,Ahmedabd.09227233315
From India, Ahmadabad
All the points given are correct. Instead of making the payments to employee (which will certain times high value) which jeopardise the financial strength of the organisation. You can form a trust (LIC will help you in forming the trust) and all the funds pertaining to the gratuity can be paid to LIC by obtaining a policy, which is exempted as per the income tax if the trust is not approved you are not eligible for the payment made towards the policy. All the claims will be settled by LIC to the trust in turn you can make the payment to the employee. The advantage in obtaining the policy is that the employee get gratuity amount till the date of retirement in case of death.
Srinivas
From India, Bangalore
Srinivas
From India, Bangalore
Dear Malik,
I do not think it was right of you to comment on Mr.Sangeeth's interruption querry regarding PF. After all doesnt PF fall under a similar category as Gratuity ? He may not be a HR Professional like you and me to differentiate properly between PF and Gratuity. For a 3rd party all fall under the same tree. So it was quite natural for him to raise such a querry in between. Atleast he was smart enough to know where to put it and under which thread. Please dont post such remarks against members anymore in public. It makes the atmosphere unpleasent. You can perhaps send him a personalised message. One more thing Mr. Malik , it is easy to point out mistakes especially with a person not from your field of expertiese. It takes greater maturity levels and wisdom to understand that and react accordingly . Please take this as a healthy criticism. Keep posting... Your other posts seem to be great , and very interesting.
From India, Kochi
I do not think it was right of you to comment on Mr.Sangeeth's interruption querry regarding PF. After all doesnt PF fall under a similar category as Gratuity ? He may not be a HR Professional like you and me to differentiate properly between PF and Gratuity. For a 3rd party all fall under the same tree. So it was quite natural for him to raise such a querry in between. Atleast he was smart enough to know where to put it and under which thread. Please dont post such remarks against members anymore in public. It makes the atmosphere unpleasent. You can perhaps send him a personalised message. One more thing Mr. Malik , it is easy to point out mistakes especially with a person not from your field of expertiese. It takes greater maturity levels and wisdom to understand that and react accordingly . Please take this as a healthy criticism. Keep posting... Your other posts seem to be great , and very interesting.
From India, Kochi
Dear Malik,
I do not think it was right of you to comment on Mr.Sangeeth's interruption querry regarding PF. After all doesnt PF fall under a similar category as Gratuity ? He may not be a HR Professional like you and me to differentiate properly between PF and Gratuity. For a 3rd party all fall under the same tree. So it was quite natural for him to raise such a querry in between. Atleast he was smart enough to know where to put it and under which thread. Please dont post such remarks against members anymore in public. It makes the atmosphere unpleasent. You can perhaps send him a personalised message. One more thing Mr. Malik , it is easy to point out mistakes especially with a person not from your field of expertiese. It takes greater maturity levels and wisdom to understand that and react accordingly . Please take this as a healthy criticism. Keep posting... Your other posts seem to be great , and very interesting.
From India, Kochi
I do not think it was right of you to comment on Mr.Sangeeth's interruption querry regarding PF. After all doesnt PF fall under a similar category as Gratuity ? He may not be a HR Professional like you and me to differentiate properly between PF and Gratuity. For a 3rd party all fall under the same tree. So it was quite natural for him to raise such a querry in between. Atleast he was smart enough to know where to put it and under which thread. Please dont post such remarks against members anymore in public. It makes the atmosphere unpleasent. You can perhaps send him a personalised message. One more thing Mr. Malik , it is easy to point out mistakes especially with a person not from your field of expertiese. It takes greater maturity levels and wisdom to understand that and react accordingly . Please take this as a healthy criticism. Keep posting... Your other posts seem to be great , and very interesting.
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From India, Kochi
Hiiiii everybody....
Dear Sangeeta Mam, I have seen ur PPT on Gratuity... it is very helpful...
Please clarify me, for example " If an employee draws Gratuity of 1,00,000/- from a company. He joined a new company... is he only entitled to get remaining 2,50,000/- from the new company? "
Regards
Santosh Kumar
Dear Sangeeta Mam, I have seen ur PPT on Gratuity... it is very helpful...
Please clarify me, for example " If an employee draws Gratuity of 1,00,000/- from a company. He joined a new company... is he only entitled to get remaining 2,50,000/- from the new company? "
Regards
Santosh Kumar
Yes, Sangeeta. Besides an answer to immediate above query I too am keen to know that if an employee completes 240 days in the 5th year of continuous service and there is no "case" to with hold this entitlement, can we actually pay the Gratuity benefits?
Can anybody on the group corroborate this, i.e. incase they have privy to such a settlement in their organisation?
From India, Delhi
Can anybody on the group corroborate this, i.e. incase they have privy to such a settlement in their organisation?
From India, Delhi
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FORM-F-NOMINATI ON OF GRATUITY.pdf
Gratuity Form I.doc