Why gratuity
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Read on to know more about it. The scheme is targeted at private sector employees. Read further to know about the scheme in detail. One of the most important factors that are taken into consideration by lenders when you apply for a loan is your CIBIL score. First Name Last Name. Gratuity is a lump sum amount paid by the employer to the employee as a token of appreciation for the services they have provided towards the company. It is important to know what are the eligibility and the amount of gratuity that an employee will receive.
What is Gratuity in Salary? Gratuity is the monetary amount which is payable to the employee of an organisation under the Payment of Gratuity Act Gratuity payment is one of the several components that make up the gross salary of the employee. Wealth Wise Series How they can help in wealth creation. Honouring Exemplary Boards. Deep Dive Into Cryptocurrency.
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The current regulatory framework in India does not prescribe the amount of funds to be maintained and companies can choose to maintain a level of funding that they are comfortable with. Companies are also free to choose the amount of contributions they want to make into the fund.
Actuarial liability assessed under AS 15 or Ind AS 19 is totally independent of the funding issues, such as solvency, target assets and contributions. Deciding whether to fund gratuity liabilities is a long-term strategic decision and a multitude of issues need to be considered.
A carefully planned funding strategy can significantly reduce the tax bill of a company. However, tax benefits are not the only consideration for deciding whether to fund a gratuity scheme. For funding gratuity liabilities, companies will need to find cash from within the business and commit to a gratuity trust. Arguably, the most important consideration would be the alternative ways that cash could be put to use and the return that cash would generate and for how long. When making such a comparison, one thing to remember is that since the interest earned within a gratuity fund is tax-free.
Excess cash can be returned back to shareholders as dividends, but this option will generally be less attractive than funding, given the tax benefits. If liabilities are unfunded, companies will need to pay off the gratuities to leaving employees as and when they leave. Therefore, the amount companies would pay could vary greatly from year to year as the number of people leaving will be uncertain.
This would be a particular concern for small or mid-size companies where the resignation of just a few senior employees, with high salary and service, could create a strain on their cashflow positions. For new companies, the gratuity payments to employees would be few and low. However, gratuity payouts increase nearly exponentially as employees age and work longer. By having the liabilities funded, companies can replace the rapidly increasingly gratuity payouts with a relatively stable stream of contributions into the fund.
Once funds are set aside to back the gratuity liabilities, a thoughtful investment strategy could go a long way in enhancing the returns and therefore reducing the costs for the employer. Although there is no single strategy that would suit all companies, there are a few things to consider:.
Ultimately, the decision to fund will depend on how important the above factors are for the company, for meeting their overall business objectives. Generally, new companies often overlook this issue as there are other more pressing issues to consider. However, even for small and new companies, there is a lot to gain from better liquidity and stability.
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