Mithras Consultants is an independent actuarial and insurance consultancy firm providing qualitative financial and insurance solution to its clients. Our goal is to provide business solution customized to client‘s need 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 a stakeholder in their progress.
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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 provision at the time of service. Gratuity Provision is led by payment of Gratuity Act 1972.
In this post we will discuss whether we should fund a gratuity scheme or not. Gratuity Provision is very useful for the Employees.
WHY IS ACTUARIAL VALUATION REQUIRED?
Actuarial Valuation is an analysis perform 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 accounting period for the purpose of preparation of financial statements. 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 demographics assumptions for the model to determine the funded status of a pension plan. In addition to 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 offer to the employee after completion of 5 Year service.
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