The Karnataka Compulsory Gratuity Insurance Rules, 2024
On 10th January 2024, the Government of Karnataka published the Karnataka Compulsory Gratuity Insurance Rules, 2024 (‘New Gratuity Insurance Rules’) to prescribe the requirement for employers to obtain a valid insurance policy for the employer’s liability towards payment of gratuity to eligible employees as per the Payment of Gratuity Act 1972 (‘Gratuity Act’).
As per the New Gratuity Insurance Rules, every employer must obtain insurance from LIC or any other prescribed insurer for payment of Gratuity liability to the employees. The Existing employers are required to comply with this requirement within 60 days from the effective date of these rules (i.e., by 10th March 2024) and every new employer are required to comply with these rules within 30 days from the date of applicability of these rules to such new employer.
Click the below link to read / download the brief note on The Karnataka Compulsory Gratuity Insurance Rules, 2024