Actuarial Valuation of Employee Benefits

At Veritas, we carry out valuation of your organization's employee benefit schemes (as per AS15, IAS19, US GAAP and other International Accounting Standards, as applicable) and ensure you stay in compliance with the applicable accounting standards.

Our valuation support involves use of data analytics, continuous industry research and consideration of organisation specific factors in setting different assumptions, thereby ensuring optimum recognition of liability and better management of expenses.

The main defined benefit plans covered by us include:
  • Gratuity
  • Accumulating leaves (Privilege / earned / sick / others)
  • Defined Benefit Pension Plans
  • Long Service awards
  • Provident Fund (in case of employer managed trusts)
  • Deferred Bonus / Benefits schemes
  • Post-Retirement Medical Benefit Schemes (PRMBS)
  • Any other benefits such as Warranty Cost / Rewards points accumulation etc.
Asset Liability Management (ALM) of employee benefit schemes

Reducing investment risk exposure and pro-actively managing scheme funding are key priorities of the sponsors of defined benefit plans. This requires having an in-depth understanding of how scheme assets and liabilities perform under a range of market conditions, identifying different risk drivers and establishing check points to ensure continued relevance of the asset liability management strategy.

We at Veritas, help you quantify and understand the key risk drivers and their impact on scheme funding as well as manage the interaction between funding and investment strategies.

Designing of employee benefit schemes

We also provide support in structuring and restructuring of employee benefit schemes within the ambit of local markets, tax and legal restrictions and align them to your employee needs and financial goals.