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Tuesday, December 01, 2015

LIC Pension Rules vis-a-vis RBI Pension Rules‏


Which Pensioners are "the Blessed Lot" 
among the 3 STATE Financial Institutions? 
According to Shri Pradeep Kumar, 
it is the LIC Pensioners. But 
Shri Mahadevan insists that it is 
the RBI Pensioners who are the 
"Better Blessed Lot".

Shri NPK has compared the respective Pension Rules of the 3 FIs as at the time of inception of Pension Schemes whereas Shri Mahadevan compares the Different Pension Rules as they prevail today including the Amendments brought about from inception to date. 

While both the views are correct, the better view would be that of Shri Mahadevan and therefore I fully endorse his rating that RBI Pensioners are the "better blessed lot" than LIC Pensioners. We do not have the following 4 very important Benefits granted to RBI Pensioners by way Amendments in 2013:

1. Full Pension on completing 20 years service

2. Fixation of Pension by taking 50% of last salary drawn or 10 months average whichever is higher.

3. Family Pension at the rate of 30% of the last salary drawn by the deceased Pensioner

4. Minimum Basic Pension Rs.3500/- p.m.

The above 4 Extra Benefit now enjoyed by RBI Pensioners were wrested from the unwilling hands of the Management  not by the sole efforts of the Pensioners Associations but by the solid support and pressure given by the in-service employees Unions for the just and reasonable demands of their erstwhile colleagues. 

But alas! what is the position in LIC?  The Pensioners interests and welfare are treated by the in-service employees Unions as UNTOUCHABLES. The poor Pensioners Associations which have no bargaining power like in-service employees Unions have to depend simply on the mercy and sweet will of the callous Management to get these simple and NON-FUND INTENSIVE BENEFITS.

The Pensioners Unions should find out ways and means to enlist the Support and elicit the Cooperation of in-service Unions to make a vigorous pursuit with the Management  to get these 4 vital Benefits for us at the earliest.
J.M. ABOOBUCKER