Our Firm Gratuity Trust Fund Consultant - GTFC is a Leading Corporate Consulting Firm providing Actuarial Valuations and Gratuity Trust Solutions for Management of Employee Benefit (i.e. Gratuity, Leave Encashment, Pension, PRMB etc.) compliances to Schools, NGOs, Autonomous Bodies of Different Ministries of Indian Government, Indian Public, Private and Multinational Companies with employee strength more than 10. From last 14 years, our firm is actively involved in providing End to End Consultation for: -
1. Actuarial Valuation Solutions - As per provisions of Section 129 of the Companies Act 2013, Indian and Multinational Companies Operating India needs to prepare the Financial Statement such as Balance Sheet & Profit/Loss Accounts at the closure of each financial year in compliance of Accounting Standards as stipulated in Section 133 of the Companies Act 2013, so that they can give a true and fair view of state of affairs of the company. Accounting and Disclosure requirements for Employee Benefits Plans is laid down in the following Accounting Standards as issued by The Institute of Chartered Accountants of India (ICAI) & other International Accounting Regulators: -
A. Indian Accounting Standard for Accounting of Employees Benefits
I. AS-15 (Revised 2005)
II. IndAS-19
B. Global Accounting Standard for Accounting of Employees Benefits
I. IAS-19 (Revised 2011) - IFRS
II. NAS 19 - NFRS
II. US GAAP – (FAS-87, 88 & 158) etc.
Generally, Actuarial Valuations for compliance above Accounting Standards are required for following Employee Benefit Plans under: -
a. Actuarial Valuation for Gratuity Plans,
b. Actuarial Valuation for End of Service Benefit Plan,
c. Actuarial Valuation for Earned Leave Plan,
d. Actuarial Valuation for Sick Leave Plan,
e. Actuarial Valuation for Defined Benefit Pension Plans,
f. Actuarial Valuation for Post-Retirement Medical Benefit Plan,
g. Actuarial Valuation for Settlement Allowances on Retirement,
h. Actuarial Valuation for Long Service Award Plans/Incentive Plans,
i. Actuarial Valuation for Interest Rate Guarantee for Exempted Provident Funds,
j. Actuarial Valuation for other Defined Benefit
Actuarial Valuations for above plans are required by the Indian Companies in following events :-
i. For Actuarial assessment for Contribution into Gratuity Trust Account.
ii. For Actuarial assessment of Gratuity Liability in BS in compliance of AS 15 Revised 2005 & IndAS 19 as at closure of Audit on:-
a. 31.03.20XX (i.e. Financial Year Closure),
b. 30.06.20XX (i.e. Q1 Closure),
c. 30.09.20XX (i.e. Q2 Closure),
d. 31.12.20XX (i.e. Q3 Closure).
iii. For Actuarial assessment of Gratuity Liability of Transferred Employees from Company A to Company B in following events: -
a. On the date of Transfer within Group Companies,
b. On the date of Demerger,
c. On the date of Acquisition,
d. 31.12.20XX (i.e. Q3 Closure).
vi. For submission of Financial Statements in SEBI for Listing on Share Market.
vii. For Assessment of Actuarial Liability of Pension, Gratuity and other Long Term Employee Benefit Plan for taking Grant of Assets from any Ministry by any Autonomous Bodies.
Most frequently used terms used in Actuarial Reports in compliance of the above standards are: -
i. Present Value of obligation.
ii. Interest Cost.
iii. Current Service Cost.
iv. Service Cost
v. Past Service Cost.
vi. Curtailme
vii. Settlement Cost
viii. Service Cost.
ix. Benefit Paid.
x. Actuarial Gain/loss
xi. Experienc
xii. Other Comprehensive Income.
xiii. Defined Benefit Obligation.
xiv. Statement of Profit/loss.
xv. Interest Rate for Discounting.
xvi. Salary Escalation Rate.
xvii. Withdrawal Rate
xviii. Mortality Rate, etc. etc.
2. Gratuity Trust Solutions - The Payment of Gratuity Act, 1972 is applicable to all establishments (i.e. MNC’s, Schools, Private Colleges, Autonomous Bodies under Different Ministries, NGOs and Other Private Business entities) having more than 10 employees. For the purpose of effectively implementing the Payment of Gratuity Act, 1972, various compliance measures are imposed on Establishments by the Controlling Authority (i.e., Deputy Labor Commissioner) Regulating the Provisions of the Payment of Gratuity Act, 1972. We provide end to end consultation for following compliances of Rule 3 of the Payment of Gratuity Rules – Notice of Opening, Change or Closure of the Establishment following Forms to be submitted by the establishment to Competent Authority (i.e. DLC Office): -
I. Form A - Notice of Opening
II. Form B - Notice for Change in Name, Address, Employer or Nature of Business.
III. Form C - Notice for Closure of Establishment.
IV. Form F - Nominations - As per provisions of Rule 6 the Payment of Gratuity Rules, All Indian Establishments with employee strength 10 or more are required to maintain the records of Form – F, so that they will have all information available to make the payment of gratuity to employee or his Nominee/Nominees within 30 Days on exit or death of employee (Refer Section 7 of the Payment of Gratuity Act, 1972)
V. Maintenance of Records Forms prescribed in Rules of the Payment of Gratuity Rules.
VI. Formation of Irrevocable Trust for Approved Gratuity Fund (Refer provisions of sub-section (3) of Section 4A – Compulsory Insurance of the Payment of Gratuity Act, 1972) and related activities such as:
A. Vetting of Board Resolution for Gratuity Trust Formation,
B. Vetting of Gratuity Trust Deed,
C. Vetting of Gratuity Trust Rules &
D. Vetting of Application for Approval from CIT in terms of Rule 109 of Income Tax Rules 1962,
i. Deed of variation for Change in Name of Trust,
ii. Deed of variation for Change in Address of Trust,
iii. Deed of variation for Change in Trustees,
iv. Deed of variation for Change in Investment Pattern of Gratuity Fund,
v. Deed of variation for Change in Benefit Formulae for Gratuity Benefits,
vi. Deed of variation for Change in Retirement Age of Employees,
vii. Deed of variation for Change in Object of Trust
viii. Deed of variation for Change in Trust Rules
ix. Vetting of application to CIT for Approvals for winding up of Trust
x. Vetting of application to CIT for Approvals for Transfer of Fund in Event of Merger
F. All matter related to Old Gratuity Trusts and Group Gratuity Schemes such as Vetting work of Deed of Variations, Application, Board Resolution and Application to Bank, LIC & CIT in various events such as Merger, De-merger, Acquisitions etc.
Our Team - We have a team of highly skilled personnel equipped with the expertise-statistical, actuarial and analytical essential to meet the changing needs of Accounting Standards. Our human resources are our strength and asset. We have an office with adequate Infrastructure (Computer Hardware).
Our Clients:- Our clients are spread in all sectors of the Indian Economy in the Public & Private Sectors which covers areas of :-
o Schools,
o Universities,
o IIT’s,
o Manufacturing,
o Software,
o Technology,
o Electricity,
o Electronics,
o Call Centers,
o Banks,
o Educational Institutes,
o Hotels,
o Hospitals,
o Hospitality Companies
We are associated with more than 500 Global Multinational Companies (MNC’s). In case of any clarification/requirement on the above subject, you may send your query/requirement at tikaramchaudhary@
Tika Ram Chaudhary
Founder
Gratuity Trust Fund Consultant
An MSME - Registered with Ministry Micro Small and Medium Enterprises vide Registration Number UDYAM-DL-11-0013795
(Corporate Consulting Firm providing Actuarial, Legal, Insurance and Investment Solutions for Employee Benefits (i.e. Gratuity, Leave Encashment, Pension, PRMB etc.) Trusts in compliance of the Payment of Gratuity Act, 1972, The Payment of Gratuity (Central) Rules, 1972, CCS Pension Rules, 1972, AS 15 (Revised 2005), IndAS 19, IAS 19 (Revised 2011) – IFRS, Part C of Schedule IV of Income Tax Act, 1961 & Rule 98-111 of Income Tax Rules to Indian and Multinational Companies)
Registered Office Address: R 11, F/F, R Block, Vikas Nagar, Uttam Nagar, New Delhi -110059
Mobile Number: 9211637063, 9818322186
Landline Number: 011-45261651
Email Id: tikaramchaudhary@
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