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Saturday, October 03, 2015

IS IT PENSION UPGRADATION OR DOWNGRADATION?‏


18% OF PRE-AUGUST 1997 

RETIREES TO HAVE THEIR 

PENSIONS REDUCED 

ACCORDING TO LIC’s 

METHOD?


I just verified from my available data base and discovered the following:

Record Clerks constituted 7.75% of total employees as at 31/3/1992.
Class IV employees constituted 10.2% of total employees as on 31/3/1992.Many of them might have got promoted as RCs before their retirement.


Thus we can safely assume that about 18% of the total retired employees who were in the cadre of RC and Class IV and retired prior to 1/8/1997 are victims of decrease in pension on account of the faulty methodology of calculations followed by LIC.

Are the AIIEA and AIIPA leaders aware of this situation?

It will be useful for the Respondent parties to get the data of correct number of RCs and Class IV employees retired from LIC prior to 1/8/1997 by invoking RTI Act so that this information can be placed before the Apex Court on 18/11/2015 to highlight the pension anomaly in this regard.
  • We are already aware that every family pensioner of pre-August 1997 retiree will get reduced pension on LIC’s methodology followed. 
Can there be a better proof of the anomalous formulae followed by LIC?

Greetings.
C H Mahadevan