Please see the recent SC judgement unfavorable
to the VRS (with special compensation scheme)
employees of GIC.
It is hoped that salary, pension and commuted value will be revised on the basis of the coming wage revision of LIC employees with effect from 01.08.2012.
If pension is not revised, the employees who took VRS will
lose lakhs of Rupees towards the balance/ difference of commuted
value.
It will be remembered that no VRS scheme was implemented in LIC with special monetary compensation for the remaining service.
Please give me your observation and reply on this matter.