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Friday, November 27, 2015

"LIC PENSIONERS A BLESSED LOT"‏


Dear Mr Gangadharan,

Referring to the post with the above caption of Adv. N Pradeep Kumar, I attach a material culled out from a bankers' website, from which it can be easily understood how RBI Pensioners are better off CLICK HERE  than LIC and PSB pensioners in the following respects:

1.Minimum Pension Rs 3500/-
2.Full pension when the period of service exceeds 20 years.
3.Increase in family pension to 30% of last drawn pay
4.Pension at 50% of last 10 months' average emoluments or 50% last
drawn pay whichever is higher.

Mr NPK may find LIC Pension Rules 1995 a better one than PSBs & RBI's Rules. But the benefits implemented for LIC and PSBs are far short of those presently enjoyed by RBI Pensioners.

But our case managers may take a cue from Mr NPK's post and should make good use of the Residuary Provisions in LIC Pension Rules 1995, besides other strong points to win the cases in the Supreme Court. Actually the Residuary Provisions are already being implemented in respect of Chairman & Managing Directors of LIC (who are whole time officers of the Corporation governed by LIC Pension Rules 1995) as will be seen from the attached note entitled 'Pensionary Status of LIC Chairman & MDs'. CLICK HERE 

Greetings.
C H Mahadevan