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Thursday, September 24, 2015

Pension on resignation


Is Pension payable for more than 10 years LIC service ?



Referring to the query of Mr Sekhar,as far as my understanding of the LIC Pension Rules 1995  goes, resignation  before completion of 20 years of service does not entitle an employee to receive pension.

As per Rule 14 of LIC Pension Rules 1995, pension is payable  to  an employee who has served for more than 10 years ,but less than 20 years,only in the event of  normal retirement as per  LIC Staff Regulations , viz on completion of  the  age of 60 years, but not on  resignation from service.

As per Rule 31(1) in Chapter V of the said Pension Rules, pension  will be permissible if the employee seeks voluntary retirement  after completion of a service of 20 years  in the Corporation subject to the conditions mentioned in the Rule 31.

Greetings.

C H Mahadevan