* CHRONICLE - PENSIONERS CONVERGE HERE, DISCUSS ISSUES OF THEIR CHOICE * CHRONICLE - WHERE EVEN CHAT COLUMN PRODUCES GREAT DISCUSSIONS * CHRONICLE - WHERE MUSIC IS RISING IN CRESCENDO !

Thursday, October 06, 2016

CH MAHADEVAN

TO CONTINUE READING, PLEASE CLICK BELOW.



“RULE 55B

Pensionary benefits to employees mentioned in proviso to sub-rule (j) of Rule 2 and employees appointed as Managing Director under Section 20 of the Act (LIC Act 1956) and who were in service on or after 1st January 1996;

Notwithstanding anything  contained  in these rules, in respect  of an employee appointed as Managing Director under Section 20 of the LIC  of India Act 1956, and in respect of an employee covered by  proviso to sub-rule(j) of Rule 2,who were in service on and after 1st January 1996, the pensionary benefits shall be calculated  in accordance with  the provisions contained  in the Central Civil Services(Pension) Rules 1972 and the  Central Civil Services( Commutation  of Pension)Rules, 1981, as applicable  to Central Government   servants and in accordance  with the instructions issued  by the Central Government  there under from time to time;

Provided that where such  an employee who has retired  on or after 1.1.1996 and before the  date of publication of  these rules in the Official Gazette  or the family of such employee in the event of death of such employee, gives a notice in writing within 90 days  of the publication of  these rules, expressing an option not to be governed by  the provisions  of this rule, then , the provisions of the above paragraph shall not apply  in respect of such employee or the family of such employee as the case may be. Option once exercised under this proviso shall be final”.

--------------------------------------------

“EXPLANATORYMEMORANDUM  IN THE NOTIFICATION DATED 13/8/2001

1. The Central Government has accorded approval of extending the pensionary benefits, gratuity and encashment of leave, as applicable to Central Government servants, to Chairman or Managing Director ofthe Corporation who is governed by the Life Insurance Corporation of India (Employees) Pension Rules,1995, with effect from 1-1-1996, Accordingly, the Life Insurance Corporation oflndia (Employees) Pension Rules, 1995 is amended with effect from 1st January, 1996.

2. It is certified that no employee of the Corporation appointed as a Managing Director or employees covered by the proviso to sub-rule (j) of Rule 2 of the Life Insurance Corporation of India (Employees) Pension Rules, 1995, is likely to be affected adversely by the notification being given retrospective effe