Khushwant Pahwa is a qualified practicing actuary, who is also the founder and consulting actuary for KPAC. Besides being a practicing actuary, he is also the appointed actuary with Iffco-Tokio General Insurance Company. KPAC can assist in diverse actuarial specialization areas, and gratuity valuation is amongst one of those. KPAC can assist in in performing gratuity valuation as per Accounting Standard 15 (AS 15), International Accounting Standard 19 (IAS 19), US GAAP and various other International Accounting Standards. With respect to the gratuity valuation, KPAC can assist you in the following –
- Calculating expenses to be recorded in the Profit and Loss account,
- Calculating Balance Sheet Liabilities,
- Ensuring thorough checking of data (and providing a data quality report)
- Supporting in determination of assumptions (backed by our in house research of listed companies)
- Ensuring strict delivery Turn Around Times (TATs) – we look to provide the report within 3 working days of
- provision of correct data
- Engaging in qualitative discussions with your auditors, in case the need arises
- Assistance in midyear valuations in case of significant downwards fluctuations in discount rates.
- Providing employee wise valuation results (closing liability) in excel format (in case required)
Besides gratuity valuation, the team can also assist in the following –
- Designing of employee benefit schemes, i.e. structuring and restructuring of employee benefit schemes within the ambit of local markets, tax and legal restrictions and align them to your human resource and financial needs.
- Developing funding and investment strategies, i.e., understanding and quantifying the key risk drivers and their impact on scheme funding as well as manage the interaction between funding and investment strategies.
