Life Gratuity Scheme
Availability of gratuity benefit at the end of an employee’s service period helps to boost the morale of workers and retain the best pool of talents.
Gratuity is payable to employees on leaving the service of an employer. However, sound system of accounting practice envisages providing for liability every year and claiming tax benefit.
About the Scheme
The scheme is managed through the IGI Deposit Administration Programme, and payment is made as and when liability occurs.
- IGI offers attractive interest rates
- Fund starts earning interest from the date of contribution
- IGI renders actuarial services when necessary
- Preparation of Trust Deed and Rules as well as Membership Handbook are handled by IGI
- Considerable administrative work is undertaken by IGI on behalf of the employer