Comprehensive
Actuarial &Employee
Benefits Solutions for Businesses
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.
Years of trusted experience
Serving Clients from all over the world with our actuarial expertise.
We are providing our services since 2015, with 70+ years of cumulative team experience.
Well Documented reports with complete disclosures and analysis.
We provide draft reports within 2 working days of data received.
We have clients from all kinds of industry like FMCG, Manufacturing, IT, Educational Institutions, Automobiles, Pharmaceuticals etc
Solving all the auditors queries over call or Video meeting and making necessary changes as required.
In India, Gratuity benefits are payable as per Payment of Gratuity Act, 1972. The Act defines the level of benefits payable to an employee.
As per Payment of Gratuity Act, 1972, Gratuity payment is payable to an employee only after completion of 5 years of continuous service at the time of termination, resignation, or retirement… Read More
The Institute of Actuaries of India has introduced a new Actuarial Practice Standard (APS) on Employee Benefits (APS 27) (the “Standard”), which applies to all actuarial work relating to employee benefits effective 01-Jan-2018. This is a principle-based standard that’s aims to strengthen actuarial work/valuation related to… Read More
An actuarial valuation is a critical financial assessment conducted for employee benefit plans, particularly those offering retirement benefits. It provides a snapshot of the plan’s financial health at a specific point in time.
Through a series of calculations and assumptions, actuaries estimate the plan’s ability to meet its future obligations to participants. This process involves determining the plan’s liabilities, which is the present value of all future benefit payments promised to employees… Read More
Life insurance provides financial security and peace of mind by protecting policyholders and their families against unforeseen events. It ensures timely financial support through well-defined products tailored to clients’ needs. With our extensive expertise in actuarial processes, we specialize in product pricing, compliance, and documentation in alignment with IRDAI regulations. At Mithras Consultants, we deliver reliable solutions backed by industry experience and a commitment to excellence… Read More
Mithras Consultants is an independent actuarial and insurance consultancy firm providing qualitative financial and insurance solution to its clients. At Mithras, we take pride in providing detailed and clear actuarial solution.
Complete adherence to regulatory principles and professional guidelines is at the heart of each financial activity we carry at Mithras. Actuarial Services are best provided.
Comprehensive communication with client to understand their financial situation and to be able to deliver actuarial solution tailored to the financial needs of the client.
The Gratuity Act 1972, describes that the gratuity is payable to an employee after completing 5 years of vesting period in case of resignation, termination or retirement. However, the provision shall be done as per the accounting standard even if the Company has not completed 5 years of operations. As per Para 72 of Ind AS 19/ Para 70 of AS 15, Gratuity Provision shall be made even for service of less than 5 years.
Payment of Gratuity Act applies to your company if you have more than 10 employees. All companies having 10+Employees need to make Provision for Gratuity as per Actuarial Valuation method Projected Unit credit method (PUCM) to comply with AS15/ Ind AS19.
No, the actuarial valuation is not required for short-term benefits. In case, the benefit paid after 12 months, the actuarial valuation is needed as per AS 15 R / IND AS 19 accounting standard.
For SMC, the actuarial valuation is required but detailed disclosures are exempted.
Para 78 of AS 15 states that the rate used to discount post-employment benefit obligations (both funded and unfunded) should be determined by reference to market yields at the balance sheet date on government bonds. Similarly, IND AS 19 also prescribe to refer government bond yield to set discount rate. In order to set the discount rate, its critical to keep currency and term of the bonds to be consistent with liability duration.
In India, currently there are no regulations to keep fund to back the gratuity provision calculated by an Actuary. However, it is always encouraged to keep fund in order to pay off liabilities on time and to avoid/reduce interest rate and reinvestment risk. Further, there are tax advantages for funding.
There are three key factors which shall be considered to set attrition assumption: a) Company’s recent attrition experience in last 2-3 years b) Industry experience of employee attrition c) Management view on future attrition.
Even if the plan is funded and managed by an Insurance Company, still the Company need to get a separate actuarial valuation done. The reason being that an insurance company does not provide complete disclosures as required by accounting standard regulations and sometimes the assumptions are not fair and inconsistent with Company’s own experience.
In the dynamic business environment of the Gulf Cooperation Council (GCC), companies constantly navigate economic shifts, workforce transformations
Every employer must value gratuity obligations accurately. It will help them maintain financial stability and regulatory compliance in future. Gratuity is
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Actuarial valuation forms the backbone of long-term financial planning. It helps organisations manage risks in pensions, insurance
Actuarial valuation is important for creating accurate financial reports for businesses. It helps companies assess their future financial obligations, especially related to employee
The Present Value of Future Benefits is the aggregate value of forecasted benefit payments to staff, discounted to the present day. It allows organisations to put away adequate funds to cater for…
Employee benefits are a vital part of an organisation’s compensation strategy, including pensions, gratuities, and other post…
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Gratuity is an essential employee benefit that rewards long-term service. Companies must estimate their gratuity liabilities accurately to comply with financial and regulatory standards…
Leave encashment is a crucial aspect of employee benefits and financial planning. Employers provide this benefit to compensate employees for their unused leaves…
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End of service benefits (ESB) are essential for employees and employers, reflecting mutual commitments in the workplace. These benefits provide financial security to employees when their…
Data plays a vital role in gratuity actuarial valuation. Gratuity, a statutory benefit in India, is crucial for employees and organizations. Actuarial valuation calculates gratuity liabilities, ensuring financial…
The End of Service Benefits (EOSB) is an essential entitlement for employees under labor laws in many countries. It serves as a financial reward for their dedication and contribution over the years…
Effective leave valuation is essential for organizations to manage employee benefits responsibly. Compliance with IAS 19 and AS 15 ensures businesses meet accounting standards for employee…
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