by the GOI, but it will not hold water in the courts as the LIC and other Public
Sector organisations are distinct entities.
The service of employees are not inter changeable and the post retirement
benefits are not identical. For instance, there is a welfare fund set up by each
public sector bank for meeting domiciliary medical expenses, while LIC has no
such arrangement.
The litigation of LIC pensioners has arisen, inter alia, out of a resolution in LIC
Board of Directors on 24/11/2001, while there is no such trigger for the Banking
sector. RBI has made some beneficial changes for pensioners and Family
Pensioners,but the so called 'ripple effect' has not flown to even the Public
Sector Bank pensioners, leave alone LIC pensioners.I would rather term it as
a 'wriggle out' attempt to deny legally entitled and legitimate benefits to LIC
pensioners. I am sure Supreme Court will definitely consider this aspect while
deciding on the Civil Appeals.
So no need to worry; 'ripple effect' will have very little effect!
Kind regards.
C H Mahadevan