Working long enough with a company will expose you to quite a few financial terms. One such common word is “gratuity”. Although, it might sound fancy for a lot,it actually refers to a kind of monetary benefit some employees receive.
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For an employee, the cornerstone of their savings is none other than the pension funds. But in this context, one aspect which plays a critical role is none other than the actuarial valuation. It is with the help of actuarial
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You must have noticed that when you join a company, there is a leave policy that you get to know about. One such component of the leave policy is the concept of “leave encashment”. The central concept of leave encashment
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Businesses of all types and sizes need to know the rules for actuarial valuation of gratuity. This is especially necessary for the most common benefit in India. They need to understand the regulatory framework for the gratuity scheme. Today, we
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Sick leave is a cornerstone of employee well-being. It grants employees time to recover from illness or injury without financial worry. But for businesses, managing sick leave effectively can be a challenge. Actuarial valuation of sick leave steps in to
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Actuarial valuation relies on financial assumptions, which are crucial for accurate financial planning. These assumptions include variables such as mortality rates, interest rates, and expense levels. Changes in these assumptions can significantly impact the valuation’s outcome, making them a critical
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Planning for the future is crucial for financial stability. Actuarial valuation plays a vital role in this planning, especially concerning leave availing strategies. Understanding how actuarial valuation impacts leave availing can help individuals and organizations make informed decisions for the
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Organizations offer leave encashment policy as an employee benefit. This policy allows employees to convert their unused vacation or sick leave into cash. Employees can convert their leave balance to cash when they retire or when they resign from the
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The Payment of Gratuity Act, 1972 (the Act) serves as a foundation for employee gratuity in India. However, determining eligibility for employees with service exceeding four years but falling short of the five-year threshold can be complex. The landmark case
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In actuarial valuation, determining the duration of liability for setting discount rates is important. It helps in accurate financial forecasting and risk management. Organizations need to understand the best practices in this process. It will help them optimize their financial
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