Karnataka Compulsory Gratuity Insurance Rules, 2024
Dear All,
The Government of Karnataka on January 10, 2024 released the Karnataka Compulsory Gratuity Insurance Rules, 2024.
Impacted Party(ies): It applies to every employer in Karnataka
Key Highlights:
(1) As per rule 3(1), every new employer shall subject to fulfillment of sub-section (2) of Section 4A of the Act, within a period of thirty days from the date on which these rules becomes applicable to such establishment shall obtain valid insurance policy in the manner as prescribed under sub-section (4) of Section 4A of the Act.
(2) As per rule 3(2), the employer of an establishment which is in existence at the time of commencement of these rules shall obtain a valid insurance policy within sixty days from the date of commencement of these rules.
(3) As per rule 3 (3) , the employer of the establishment who has obtained a valid insurance policy shall make all payments by way of premium to the insurance company and renew the same periodically and intimate the same to the Controlling Authority within fifteen days from the date of renewal of the policy. The employer shall initiate the process of payment of premium and renewal of policy before the lapse of the policy.
(4) As per rule 5, Every employer shall submit an application in Form-I to get his establishment registered with the Controlling Authority of the area or any other officer notified for this purpose by the State Government within thirty days from the date of obtaining insurance along with the list of its employees insured.
(5) As per rule 6, Every employer of an establishment who had already established an approved gratuity fund in respect of his employees and who desires to continue such arrangement and every employer employing five hundred or more persons who establishes an approved gratuity fund may opt to continue or adopt such arrangement by submitting an application in Form II, provided such existing approved gratuity fund covers the entire liability of all the employees of the establishment under the provisions of the Act.
(6) As per rule 8, Every employer of the establishment to whom these rules apply shall take all measures to fulfill his obligations under the provisions of the Act.
For further details, request you to find the attached PDF for your reference.