gratuity scheme definition

gratuity scheme means a scheme as defined in Section 2(1)(e) of the Law.
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gratuity scheme means a fund, contract, scheme or trust, or part of a fund, contract, scheme or trust (not being a fund, contract, scheme or trust, or part of a fund, contract, scheme or trust, described in paragraph (a), (b) or (c) of the definition of "pension scheme" below) -
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gratuity scheme means a scheme (not being a fund, contract, scheme or trust described in item (A), (B) or (C) of the definition of "pension scheme" below) which is established in connection with the carrying on of business or the exercise of functions and which has, for its sole or main purpose, the purpose of the provision of retirement benefits by means of the provision of a lump sum or other payments for persons employed in or in connection with the business or the exercise of the functions (or their spouses, children, dependants or other persons in respect of them), at a time or occasion (including, without limitation, the expiration of their term of service), or on the occurrence of an event or circumstance, or on compliance with requirements or conditions, specified in the rules of the scheme,
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Examples of gratuity scheme in a sentence

  • You will be eligible to participate in the Provident Fund and Gratuity Scheme, subject to the terms and conditions of the Fund and Scheme from time to time in force as prescribed under law.

  • If an Eligible Member was covered under the gratuity scheme of a previous employer, then the gratuity amount which accrued during his service for that employer may be transferred to the Fund, subject to the Group Gratuity Scheme Rules and the gratuity scheme rules of the previous employer.

  • Post Employment Benefits like Provident Fund Scheme, Gratuity Scheme, Pension Scheme and Post- Retirement Medical benefit plan; Other Long Term Employee Benefits like Long- Service leave, Long- term disability benefits & Termination benefits are not applicable to company.

  • If a Member dies while in Service or retires from Service before, on, or after the Normal Retirement Age for that Member, then the Company will pay the Master Policyholder the Total Statutory Gratuity Benefit or the Extraordinary Gratuity Benefit in accordance with the Group Gratuity Scheme Rules by redeeming Units in an amount equal to the Total Statutory Gratuity Benefit or the Extraordinary Gratuity Benefit.

  • NO Review by Director Employee assessed to have “E” grading in Performance Ranking YES Letter informing employee of placement The Special Gratuity Scheme (SGS) has been drawn up to give management the discretionary power to pay a separation benefit in the form of a special gratuity to facilitate the release of selected employees.

  • Eligible staff who desire to make career transitions to new jobs in the industry that better match their passion, aptitude or career aspirations may opt for the Special Gratuity Scheme (SGS).

  • If a Member dies while in Service or retires from Service before, on, or after the Normal Retirement Age for that Member, then the Company will pay the Group Policyholder the Total Statutory Gratuity Benefit or the Extraordinary Gratuity Benefit in accordance with the Group Gratuity Scheme Rules by redeeming Units in an amount equal to the Total Statutory Gratuity Benefit or the Extraordinary Gratuity Benefit.

Related to gratuity scheme

  • Gratuity means tendering, giving, or providing anything of more than nominal monetary value including, but not limited to, cash, travel, entertainment, gifts, meals, lodging, loans, subscriptions, advances, deposits of money, services, employment, or contracts of any kind. The exceptions set forth in the Governor’s Code of Conduct, Executive Order 1980-18, the 4 Pa. Code §7.153(b), shall apply.

  • Schemes the Principal Civil Service Pension Scheme available to Civil Servants and employees of bodies under Schedule 1 of the Superannuation Act 1972 (and eligible employees of other bodies admitted to participate under a determination under section 25 of the Public Service Pensions Act 2013), as governed by rules adopted by Parliament; the Partnership Pension Account and its (i) Ill health Benefits Scheme and (ii) Death Benefits Scheme; the Civil Service Additional Voluntary Contribution Scheme; and the Designated Stakeholder Pension Scheme and “alpha” introduced under The Public Service (Civil Servants and Others) Pensions Regulations 2014;