Defined Benefit Plan

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joshy k.g. (Querist)
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02 August 2008 If company contributed premiuum on group Gratuity Cash Accumilation scheme framed by the LIC
Is it consider as defined benefit plan or defined contribution plan

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
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02 August 2008 If the company has no other liability other than the premium demanded by LIC, and the gratuity settlement is that of LIC's responsibility, without recourse to you, it is a defined contribution plan, for the company has no other liability other than contributing to the premium. But is there such a scheme from LIC?

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