Let’s consider something important for a moment—financial security. Picture working for years, pouring your time, energy, and talent into an organisation, and when you need to retire or leave, they give you a lump sum as a gesture of appreciation.
Continue ReadingActuarial liability provisions are key to the financial soundness and regulatory requirements of insurance entities in India. These actuarial science-based provisions help ensure that insurers have adequate reserves to fulfill future policyholder claims. The Indian Income Tax Act, 1961, and
Continue ReadingIn the world of employee benefits, leave encashment is a key element that enables employees to exchange their accumulated leave for cash. While this practice is beneficial in terms of flexibility and monetary gains to employees, it also creates a
Continue ReadingGratuity, a statutory advantage under the Payment of Gratuity Act, 1972, is a gesture of appreciation by employers to workers for their loyal service. In India, organisations employing more than ten employees have an obligation to make gratuity payments to
Continue ReadingEmployee benefits are a vital part of an organisation’s compensation strategy, including pensions, gratuities, and other post-employment benefits. These benefits not only serve to recruit and retain talent but also to demonstrate a company’s care for the welfare of its
Continue ReadingThe 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 future outlays. Discounting must be undertaken to account
Continue ReadingEnd of Service Benefits (EOSB) in Qatar serve as financial security for employees when they leave their jobs. The country’s labor laws ensure that employees receive fair compensation for their years of service. These benefits help employees transition smoothly after
Continue ReadingGratuity is an essential employee benefit that rewards long-term service. Companies must estimate their gratuity liabilities accurately to comply with financial and regulatory standards. Actuaries play an important role in determining these liabilities using mathematical models and financial assumptions. They
Continue ReadingLeave encashment is a crucial aspect of employee benefits and financial planning. Employers provide this benefit to compensate employees for their unused leaves. Proper valuation and compliance with accounting standards ensure that companies report their liabilities correctly. Various accounting standards
Continue ReadingEnd of Service Benefits (EoSB) in the UAE ensure financial security for employees after leaving their jobs. These benefits compensate workers for their service and help them transition smoothly. The UAE Labor Law mandates that companies provide gratuity payments based
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