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Friday, September 18, 2015

What if P&H HC order is not issued before 23-9-2015 ?


18 Sep 15, 04:34 AM

SDSarma: If P&H HC does not publish its order on lic application in time what will happen?

18 Sep 15, 08:47 AM

JM Aboobucker:  If the P &. H HC order is not coming out before 23-9-2015 no loss for LIC. It has got a lame excuse for not paying the petitioners of P&H HC and simply plead in SC its inability which court also will accept.

The object of the impugned LIC Board Resolution is to bring all the pensioners under one HOMOGENEOUS GROUP so as to reduce the administrative work in the Pension Calculations and disbursement. At the time of passing the Resolution there were only few Groups which with the influx of time increased to more number of Groups due to successive wage revision every 5 years. Now on the order of SC LIC is trying to combine the Groups that were existing pre 8/1997. This action of LIC will negate the very purpose of the Board Resolution, because the No. of Groups will continue to grow with every wage revision. So what is the solution to this constant problem faced by LIC? They will have to give Upgradation to all pensioners with whatever formula LIC would like as and when wage revision takes place every 5 years