- Sometime ago I had calculated the benefits to a retired officer arising out of the above judgment. If the pensioner opts for difference in Commuted Value or if LIC insists on paying the difference in CV of pension, the pensioner will stand to lose substantially unless LIC pays interest on the difference of CV at 12% as awarded in M L Gandhi case. Also as the pension scheme was notified in 1995 interest should be demanded from LIC both on the difference in commuted value of pension and also in arrears of pension. Otherwise there will be very meager benefit to this category of pensioners.
- Secondly, as arrears of difference in salary will also be payable from 1/8/1992 to the date of retirement (before 31/3/1993), it will have implications on PF deduction and interest payable thereon to the pensioner upto the date of payment of arrears.
- Again interest should also be demanded on the difference in salary by the pensioner from LIC from 1/8/1992 itself to the date of payment as this is a liability of the Corporation towards the pensioner right from that date ,with the dismissal of SLP.
- I am sure you will keep these points in view while taking up the matter of implementation of the judgment with LIC.
Kind regards.
C H Mahadevan
SIR
THERE IS NO QUESTION OF PAYMENT OF COMMUTED VALUE NOW SINCE THE PERIOD OF DEDUCTION IS ALREADY OVER LONG BACK AND IT IS ONE TIME. LIC WILL HAVE TO DEEM YOUR OPTION FOR THE AMOUNT PAID AT THE RETIREMENT BENEFITS SETTLEMENT AND IT CANNOT BE REVIVED.
IN CASE THEY REVIVE THE CV THEY WILL HAVE TO PAY INTEREST ON THIS AS WELL AS PAY REVISED GRATUITY IF ANY WHICH MAY BECOME PAYABLE.
KML ASTHANA
42A, MOTI NAGAR, GUJAR KI THADI
GOPALPURA BYEPASS,
JAIPUR-302018