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Saturday, January 16, 2016

HK AGGARWAL


It is indeed a great pleasure and
an occasion for celebrations for the LIC employees
to get a respectable increase in their wages w.e.f 1.8.2012.


We retired employees CONGRATULATE all sections of in service employees from the core of our heart on this wage revision besides other benefits like lunch coupons, and wish all & LIC more progress & prosperity.

This most satisfactory revision has come as a pleasant surprise for all sections of employees and their unions/ organizations and they must have welcomed it with thanks to LIC/UOI and with the resolve to continue to work with more dedication & devotion for their prestigious and biggest financial/life insurance institution of the country – the solid foundations of which were laid down in 1956 by the then/thereafter employees who have been contributing their best in very hard pressed environment, having teething troubles, with limited resources and infrastructure. They (who are retired now) have been discharging their duties with

utmost dedication, sense of participation and pride towards the achievement of Corporate objectives of spreading insurance widely, maximum mobilization of peoples savings, investment of funds to the best advantage of the policyholders, the community and the country.

The graph of progress of LIC on all fronts since 1956 to date has been rising, and to reinforce my views I give figures of one of the most important parameters of any financial institution ie. INVESTMENTS.



LIC’s Investments during the current five year Plan period of 2012-2016 have gone up to Rs.7,52,633 Crores from merely Rs.184 crores in the period 1956-1961.

Government of India’s initial capital investment was only Rs.5 (FIVE) Crores and till now LIC is regularly paying 5% of its profits to GOI which may count to thousands of crores, and LIC’s own Life Fund may be in more than FOURTEEN figures.

While LIC has now shown generosity towards in service employees;Government of India had earlier come out with OROP for armed forces pensioners and 7th Pay commission for central Govt. employees; we poor LIC pensioners are being dragged in long drawn & expensive legal fight and (without hiding our sentiments) we really feel sad and distressed by the adamant, coldhearted callous attitude of LIC/UOI towards our most legitimate and constitutional demands against discrimination on payment of DA and Pension Revision/Up gradation.

In his reportable (Historic) Judgment dated 12.1.2010 Hon’ble Justice Mr.MN Bhandari of Rajasthan High Court JAIPUR, had elaborately dealt with pensioners Writs on both the above demands and allowed both the writs and SB orders were upheld by the Division Bench and in Review as per directions of SC. High Courts of Pb & Hry and Delhi also concurred with Jaipur, besides Ho’ble Supreme Court did not stay the HC judgments.

So why step-motherly treatment with LIC pensioners, particularly the seniors aging 75-85 yrs & above?

It is really painful to write that during the 15/16 yrs of legal fight more than 40% of retirees (about 15-16K) have already left for their heavenly abode and almost daily the sad news pour in from one or other corner of the country.

Many Ministers and MPs in the Govt. have been approached in person by the leaders a number of times.

While they personally agree with the just demands, but fail to redress our grievances when they go back to Delhi.

Similarly LIC Chairman, MDs, Board members also express empathy, but are unable to be bold to act in our favour  till they get green signal from Ministry of Finance/FM/Babus of MF.

All have one excuse “THE MATTER IS SUBJUDICE”.

Where as the fact is – if they have the WILL they have the powers and authority to withdraw their Appeals in the Supreme Court and show bigheartedness towards the seniors.

But who cares even about their own rules including the litigation policy & respect to the seniors majority of whom are in the last legs of their lives.

So friends, we have no alternate left than to look towards Hon’ble Supreme Court for justice and wait till Jan 20.2016 when CAs 8959-62/2013 of LIC are taken up for hearing along with SLPs of UOI. Lets pray God sincerely for granting more strength to our petitioner/s, Sr. Advocate/s and our leaders/Federation/s for success.

With best wishes & kind regards,

HK Aggarwal.
Mohali, Chandigarh.