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Sunday, May 29, 2016

CH Mahadevan

MC Jain category of Class I Pensioners‏


All of us are aware of the non-implementation by LIC of the M C Jain case judgment delivered in 2012 by the Jaipur Bench of the Rajasthan High Court for all similarly placed retirees,the SLP(C) No 16713/2014 relating to which that was filed by LIC was dismissed by the Supreme Court on 2/7/2014. Even to Mr M C Jain, LIC has not paid the correct amount due as per the Jaipur judgment.

As per the judgment, the following benefits are legally and legitimately due to this category of pensioners:

1. LIC has to refix the salary of Mr M C Jain and all similarly
placed retired Class I officers on 1/8/1992 and arrears of
difference in salary have to be paid for the months from Aug 1992
upto the date of retirement the latest date in this category being
31st March 1993;

2. Consequently, Provident Fund deductions have to be effected on
the difference of Basic Pay and PF & interest thereon up to the date
of payment of arrears. have to be paid

3. Difference in salary in lieu of Leave encashment as on the
date of retirement has also to be paid if eligible.

4. Pension has to be refixed based on revised scale of pay from
1/11/1993;

5. Arrears of difference in pension from 1/11/1993 till date have
to be paid.( As a result of this LIC will also have to pay difference
in 40% interim relief arising out of refixation of pension from
1/11/1993 as per the Supreme Court Order dated 31/3/2016 as they
would have paid to all similarly placed pensioners only the amount
calculated without factoring the refixation of pension as per the
judgment)

6. Difference in commuted value of pension has to be paid on
account of revision of pension; (As commuted value of pension is
structured with a loading for interest rate, besides mortality factor,
interest will have to be paid by LIC on the difference in commuted
value of pension at least at the rate which has been reckoned in
the CV factor, upto the date the commuted value of pension was
restored. The difference in commuted value of pension payable, if not
paid with interest, will result in much of the arrears of pension
being eaten away).

7. Restoration of consequential difference in commuted value of
pension to be done from the date of completion of 15 years from the
date commutation became absolute;


I suggest that a representative group of three or four out of the 86 pensioners as listed in the attachment, may seek an appointment with the Chairman, MD and ED(Personnel) and press forth their claim for implementing the judgment.

If there is no positive response from LIC, this group of pensioners may consider legal action in the Supreme Court jointly with Mr M C Jain who has been paid inadequate amount. Any omissions or errors in the attached list may be communicated to me with the particulars,so that I may update/ correct the list.

Greetings.
C H Mahadevan

CLICK HERE FOR LIST OF MC JAIN GROUP PENSIONERS