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The Karnataka Compulsory Gratuity Insurance Rules, 2024, issued by the Government of Karnataka, outline regulations regarding the payment of gratuity to eligible employees. Here’s a summary of the key provisions:

1. Title and Commencement

These rules are named the Karnataka Compulsory Gratuity Insurance Rules, 2024.
They come into force from the date of publication in the Official Gazette.

2. Definitions

Defines various terms such as “Act” (Payment of Gratuity Act, 1972), “employer,” “form, “nomination,” and “section.”
Refers to definitions in related acts like the Insurance Act, 1938, Life Insurance Corporation Act, 1956, etc.

3. Obtaining Insurance for Payment of Gratuity

New employers must obtain a valid insurance policy within 30 days from the rules’ applicability.
Existing employers must obtain insurance within 60 days from the commencement of the rules.
Employers must make timely premium payments and renew policies, informing the Controlling Authority promptly.

4. Recovery of the Amount of Gratuity

The Controlling Authority has the power to recover gratuity amounts from the insurance company in case of disputes or as determined by the employer.

5. Registration of the Establishment

Employers must register their establishments with the Controlling Authority within 30 days of obtaining insurance.
Details of insured employees must be submitted, and updates provided when there are changes.

6. Continuation of Approved Gratuity Fund

Employers with an existing approved gratuity fund or those employing 500 or more persons may opt to continue or adopt such arrangements by submitting an application.

7. Incorporation of Gratuity Trust

Employers with approved gratuity funds must register the Gratuity Trust with representatives and comply with relevant laws.
The trust can be managed privately, by the insurance company, or jointly.
The trust must adhere to certain standards and procedures for claiming and releasing gratuity amounts.

8. Compliance with the Provisions of the Act

Employers must take measures to fulfill their obligations under the Payment of Gratuity Act, 1972.

The notification is signed by Suma. S, Under Secretary to Government, Labour Department, on behalf of the Governor of Karnataka, and is dated January 10, 2024.

Karnataka Compulsory Gratuity Insurance Rules 2024 DOWNLOAD

Courtesy by: PCS Consultancy

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An official government notification (G.S.R. 831(E)) outlining an amendment to the Public Provident Fund (PPF) Scheme, 2019. Let’s break down the key points:

Legal Authority:

The changes are made under the authority granted by section 3A of the Government Savings Promotion Act, 1873 (Act number 5 of 1873).

Specific Amendment:

The focus of the amendment is on paragraph 13 of the Public Provident Fund Scheme, 2019.The
change occurs in the second proviso of paragraph 13. The words “or the date of extension of the account” are being replaced with “or from the date of commencement of the current block period of five years.”

The Central Government is introducing a scheme to further amend the existing Public Provident Fund Scheme, 2019. The amended scheme is named the “Public Provident Fund (Amendment) Scheme, 2023.”

Effective Date:

The amendment comes into force on the date it is officially published in the Official Gazette.

Simplified Summary:

The government, utilizing its authority under the Government Savings Promotion Act of 1873, has introduced an amendment to the Public Provident Fund Scheme, 2019. This amendment is part of the “Public Provident Fund (Amendment) Scheme, 2023,” effective from the date of its official publication in the Official Gazette.

The specific change involves adjusting the language in paragraph 13 of the PPF Scheme, particularly in the second proviso. Instead of referring to the date of extending the account, the amendment now considers the date of commencement of the current block period of five years. This change is designed to provide more clarity in the rules governing the extension of PPF accounts.

DOWNLOAD: 27866_Public-Provident-Fund-Amendment-Scheme-2023_November102023

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