The re-introduction of the Old Pension Scheme (OPS) has sparked conversations and opportunities within the financial sector. For actuarial consultants, the Old Pension Scheme offers promising new avenues for consultation and advisory services. Businesses are eager to understand the financial
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Understanding the difference between limited and unlimited contracts is important for employment contracts. It is even more important when employees think about their future. These contracts influence various aspects of the work life of employees, including end of service benefits.
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Financial stability is crucial for businesses. One way to achieve this is through actuarial valuation. This process helps assess risks and predict future financial outcomes. Here, we will explore how actuarial valuation supports financial stability in enterprises. What is Actuarial
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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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Actuarial valuation plays a vital role in assessing the financial implications of various employee benefits, including leave policies. These policies encompass different types, such as annual leave, sick leave, and maternity/paternity leave. Actuarial valuation helps organizations understand the present and
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Leave Encashment Valuation Every salaried person, as per labor law, is entitled to a minimum number of paid leave every year, however, it is not necessary that an individual employee utilize leave balance at the time of retirement or resignation
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The Actuarial Valuation of Gratuity is a method of valuing the value of an employee’s pension liability. It is used to determine how much money employers will have to pay out in pensions. The Actuary determines how much an employer
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What is IND AS 19? The Goal of the Indian Accounting Standard Ind AS 19 is to establish accounting and disclosure requirements for employee Benefits. Accounting according to Ind AS 19 criteria comprises both recognition and measurement. Furthermore, the accounting
Continue ReadingWhat is a Warranty? A Warranty is a form of guarantee given by a manufacturer or other similar entity on the condition of their product. It also refers to the conditions and circumstances under which repairs or exchanges will be
Continue ReadingFunding a Gratuity Scheme Gratuity is a portion of such a worker’s remuneration that is paid by his or her company in exchange for such tasks or services that the worker has provided to the organization. Funding a Gratuity Scheme.
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