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ACTUARIAL VALUATION OF GRATUITY/LEAVE ENCASHMENT/MEDICAL BENEFITS

New Actuarial Practice Standard (27)Used for Actuarial Valuation

  • Date: 27-March-2018

    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:

    • Gratuity Valuation
    • Leave Valuation (Privilege / Earned, Sick etc.)
    • Post-Retirement Pension Valuation
    • Post-Retirement Medical Scheme (PRMS) Valuation
    • Long Service Awards Valuation

    You can access the new APS by clicking on any of the following links

APS 27 comprises of two major sections:

  1. General Principles (Section 8 of the standard)
  2. Technical Application section (Section 9 of the standard)

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