KARNATAKA COMPULSORY GRATUITY INSURANCE RULES, 2024

Key Highlights *No Insurance company currently sells a Group Gratuity product without a Gratuity Trust Key Observations:  All  Gratuity  Products  offered  by  Insurance  companies  have  a mandatory  requirement  to  set  up  a  Gratuity  Trust.  Thus,  60  days  can  be  considered  a tight  deadline  for  obtaining  an insurance  policy An  employer  should  ensure  that  premium  towards  [...]

ACTUARIAL VALUATION INSIGHTS: GRATUITY ACCOUNTING PROVISION

   Compliance Assurance & Financial Reporting: Helps Audit Professionals in ensuring compliance with accounting standards like AS -15 (R), Ind AS 19 | IAS 19 | US GAAP which mandate the use of Actuarial Valuation methods for provisioning for Long Term Employee Benefits. Transparent and Accurate Provisioning helps build the trust of the Stakeholders   [...]