Gratuity Act'1972
This query is : Resolved
24 October 2008
Could anybody tell me how the Gratuity Fund is created and what are the procedures to comply with?
25 October 2008
Gratuity Fund is created by means of a trust deed created in accordance with the IT Rules in order that the approval of the same by IT authorities is obtained. The trust deed is also to be approved by the company's Board.
25 October 2008
Thanks Mr.Raghavan but I want to know something more i.e.what's the criteria of creation of this gratuity fund?What amt. is to be deposited to it?
30 October 2008
The criteria is to fund the liability. The funding is determined based on actuarial valuation.
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