Gratuity

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Gratuity is a lump sum payment given by the employer on resignation or retirement or death. It is a mark of recognition to the employee's service.

In India, as per the Payment of Gratuity Act, 1972, it is mandatory for all companies with employee strength of 10 or more employees to pay Gratuity. The provisions of the Act state that every employee who has completed 5 years of service with an organization is eligible to get the gratuity as per the pre-defined formula as given in the Act. The benefit is non-taxable up-to a ceiling of INR 10 lakhs.

Accounting standard classifies this benefit as a Post Employment Benefit and requires an Actuary to value these benefits for measurement, recognition and disclosures in the Financial Statements

Leave valuation

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During the course of an employment, an employee accrues leave. These leaves are to be exercised in accordance with the prevalent rules and company policy. There are different kinds of leave generally granted by the companies. Some examples are Casual leave, Earned/Privilege leave, Maternity leave, Sick leave and others.

If the leaves can be carried forward to the future years either for the purposes of utilization or for encashment, then the accounting standard categorizes such leaves as "Other Long term benefits". An entity is required to make provision in the books of accounts from a Actuary in respect of these benefits to comply with accounting standards and good corporate governance practices.

Pension valuation

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Most of the government organizations provide pensions to their employees are retirement. Since pension benefits are not mandatory for private companies, only few employers in private sector provide pension to their employees.

Pension is typically given to employees to ensure a stable livelihood post retirement. An actuary is required to value the pension liability for the company based on the pension rules. The measurement, recognition and disclosures in the Financial Statements will be on similar lines to Gratuity/ End of Service Benefit.

Provident Fund valuations

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Provident Fund is a defined contribution scheme where the employer and employee contribute a fixed sum to Employees Provident Fund Organization.

If the provident funds have an exempt status, then the responsibility of provision of benefits rests in the hands of the employer. Employer needs to ensure that fund earns at least equivalent to EPFO rate or better.

An Actuary is required to certify the sufficiency of the funds and provision be made in the books of the employer for any shortfall in the funds.

ESOPs & Retention Bonus Schemes

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In India, many companies have given ESOPs to their employees. ESOPs help ensure alignment of goals of the management and shareholders. We help companies design ESOP and other loyalty bonus schemes and value them for accounting and other purposes.

Design, Re-Design & Drafting of Employee Benefit Schemes

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Employee benefits schemes should be stitched with a lot of care and diligence as they help defining employer-employee relations and have regulatory implications.

Owing to our core expertise in this domain, we provide clients with a 360 degree view of all stakeholders of scheme advantages and disadvantages and budget their current and future costs.

Other related services

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Pricing & Product development

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Reserving & Statutory valuations

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Bonus estimation for 'participating' portfolio

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Experience Analysis

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Investments

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Others

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Pricing & Product development

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Reserving & Statutory valuations

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Experience Analysis

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Investments

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Others

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Mr.-Jenil-Shah

Nalin Kapadia

Late Shree Nalin Kapadia (1935 to 2014) was the founder of Kapadia Actuaries and Consultants (formerly known as Nalin Kapadia Actuarial & Financial Consultants (NKAFC)). Nalin Kapadia had a vast experience of more than 40 years. During his tenure Nalin Kapadia nurtured and developed this organization and the current team. Nalin Kapadia had worked as an appointed Actuary of Agricultural Insurance Company of India, and served as a consulting Actuary to several organizations like Fidelity Life Assurance Company Limited (Zimbabwe), Zimbabwe Reinsurance Corporation, Vangaurd Life Insurance Company Limited (Malawi), ABB and many more. He worked as the Chief Actuary & Assistant General Manager for Old Mutual Zimbabwe (10 years) prior to starting NKAFC.

He was also the President and the Honorary Secretary of the ‘Actuarial Society of India’ (now ‘The Institute of Actuaries of India’), and had actively contributed in the administrative & professional matters, contributing immensely to the profession of Actuary.


Education:
  • Fellow of the Institute of Actuaries, UK
  • Fellow of the Institute of Actuaries, India
  • Associate of the Society of Actuaries, USA
  • Fellow of Institute of the Insurance of India
  • Bachelor of Commerce

Saurabh-Kochrekar

Saurabh Kochrekar

An engineer by qualification, he has worked for a brief period at an engineering consulting company. He has over 5 years of experience in the fields of Pension & Employee Benefits and Life Insurance. He is one of the few actuaries who have completed their Actuarial exams in less than 5 years.

He has been a consulting actuary for Life Insurance companies and pension funds in Zimbabwe and Nigeria. He also serves at the Actuarial Institute to help the profession of Actuaries. He has an expertise in actuarial valuations of employee benefit schemes, esp. pensions, scheme design, re-structuring, and , Reserving, Pricing and Bonus declaration calculations of Life Insurance Products. He is primarily involved in generating models for valuations of various schemes, performing research and managing the work process at the firm.


Education:
  • Fellow of the Institute of Actuaries, India
  • Bachelor of Chemical Engineering

Email: saurabh@nkapadia.com / saurabh@kacindia.com

Mobile: +91 96999 41102

Mr.-Jenil-Shah

Jenil Shah

Being a chartered Accountant and an Actuary, Jenil has over 9 years of diverse experience in the fields of Pension & Employee Benefits, Non-Life Insurance, and Audit & Taxation.

He is a consulting actuary to more than 600 companies assisting them on various aspects relating to Employee Benefits Space. He has a passion for Finance and Investments apart from Employee Benefits. At the firm, he looks after the investment advisory, valuation, reporting and scheme designing relating to employee benefits. He also looks after valuation, reporting and design of other financial instruments as covered by IFRS 9.

He also is taking care of the over-all team management and client relations.

He has been an active speaker at seminars on employee benefits and actuarial science. He writes articles and papers for the firm.

Education:
  • Fellow of the Institute of Actuaries, India
  • Chartered Accountant (CA)
  • Bachelor of Commerce

Email: jenil@nkapadia.com / jenil@kacindia.com

Mobile: +91 98670 75522

Gopal-Kumar

Gopal Kumar

Gopal is a generalist with specialized skills and has developed macro perspective with micro insight. He has got professional working experience in the areas of economic research, business planning & modeling, academics, business journalism, training, product management, product pricing, valuation and life and actuarial consulting.

His professional experiences in the insurance domain include working or consulting stint with Tata AIA Life Insurance Company, TransValue Consultants LLP (Actuarial Consulting Firm), Allons Insurance Research & Consultants and Reliance Life Insurance Company.


Education:
  • Fellow of the Institute of Actuaries, India
  • Masters in Business Economics (MBE)
  • Certified Financial Planner (CFP)
  • Diploma in Business Finance (DBF)
  • B. Sc (Hons) Statistics

Email: gopal@kacindia.com

Rammohan-Bhave

Rammohan Bhave

Mr. Bhave is a consultant to KAC. With over 29 years of total industry experience and after nearly 13 years working as a CFO for various groups like Reliance Infocomm, Mittal Group (Europe), Foundation Software, Gammon India etc. across various countries like India, Europe, USA, Singapore and Australia to name a few, founded ConsultIFRS.

He holds a Limca Book Record 2011 on IFRS. His core strengths are IFRS, IndAS, Valuation, M&A –Trainings and implementations. He has published more than 10 articles on IFRS and IndAS, delivered lectures in various countries including India and taught more than 100 CFOs of reputed organizations.


Education:
  • International Financial Reporting Standards (IFRS), London
  • Company Secretary (CS)
  • ICWA
  • LL.B. (G)
  • Chartered Accountant (CA)
  • Bachelor of Commerce
  • Other courses— Six Sigma, 2009, XBRL, 2009, Systems Application Products (SAP), 2000, Indian Institute of Management, Ahmedabad (IIM-A), M & A, 2005