Mithras Consultants

In: Atomic Technologies Clients

Mithras Consultants is an independent actuarial and insurance consultancy firm providing qualitative financial and insurance solutions to its clients. Our goal is to provide business solutions customized to client’s needs to help our clients make the best possible decisions on their financial, insurance, and risk management programs.

Our team has a combined experience of over 2 decades that spans into areas of Pricing, Valuation, Investments, Risk Management, etc in Insurance in general and actuarial in specific. Mithras’ advantage stems from our ability to bring our experience into our client advisory services.
Our team has rich regulatory experience allowing us to build client solutions centered on regulatory compliance in order to build forward-looking robust internal processes to allow our customers to operate smoothly and to be stakeholders in their progress.

Our Values

DISCIPLINE

Honoring our commitments to all the stakeholders
Deliver assigned work on time

INTEGRITY

Follow ethical professional practices
Maintain absolute confidentiality of the client’s data and information
Being Accountable
Being open and sincere in all dealings

WHY US?

Value for money.

Personal relationships with clients to provide tailored business solutions.

Truly integrated and well-tested processes.

Practical innovation by continuously striving for excellence stemmed in new ways.

GRATUITY PROVISION

Under the right circumstances, a decision for finding the right gratuity provision is a win-win situation for the company as well as for the employees. Now the question arises is “what is gratuity?” So gratuity is a benefit that a company has to give to the employees who have served for a minimum of 5 years in the company. This amount is calculated as 15 days of eligible salary for each year of service.

Unlike other benefits like salary, bonus, and life insurance, an employee receives gratuity only when he/she leaves the company. They will not get gratuity provisions at the time of service. Gratuity Provision is led by payment of the Gratuity Act 1972.

In this post, we will discuss whether we should fund a gratuity scheme or not. Gratuity Provision is very useful for Employees.

WHY IS ACTUARIAL VALUATION REQUIRED?

Actuarial Valuation is an analysis performed by an actuary that compares the assets and liabilities of a pension plan. Actuarial valuations are necessary to assess the long-term sustainability of a defined pension plan and can serve as a decision-making tool for plan sponsors.

Actuarial Valuation is required at the end of the accounting period for the purpose of preparation of financial statements. The valuation required by all enterprises, if AS15 or Ind 19 is applicable, whether fully or partially.

However, it is a type of appraisal of a pension fund’s assets versus liabilities, using investment, economic, and demographic assumptions for the model to determine the funded status of a pension plan. In addition, the assumptions are based on a mix of statistical studies and experienced judgment.

Actuarial Valuation of Gratuity calculation 15/26* years of past services*final salary. Actuarial valuation benefit events are on death, disability, resignation and retirement, and gratuity. It is offered to the employee after the completion of 5 Years of service.

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For More Information:- Visit our Website – https://www.mithrasconsultants.com/