Dear Mr Ramanathan,
The additional
liability estimated in 2001 by LIC was Rs6-8 lks p.a when the total o/s
liability towards pre-Aug 97 retirees estimated by them was about Rs
51.5 cr.At that time LIC did not take into account the effect of future
wage revisions from 1/8/2002 onwards and the Jaipur judgment was
delivered only on 12/1/2010 also permitting upgradation.
Now
in the changed scenario, in my view based on conservative rough
calculations, the liability of LIC as on date factoring upgradation of
pension also as at1/8/2007, the liability may well be at least Rs 3200
cr and the yearly annual additional outlay required may be at least Rs
250 to 300 cr p.a.When wage revision takes place w.e.f 1/8/2012, the
total liability may increase further and the annual required outlay
may still be higher by about 15%.
I am open to correction by any
one who can give more authentic
figures.
So
the 'ripple effect' may go on
getting compounded as LIC goes on
denying the just dues to the
pensioners until hopefully the
Supreme Court orders them to pay
to the eligible pensioners.
getting compounded as LIC goes on
denying the just dues to the
pensioners until hopefully the
Supreme Court orders them to pay
to the eligible pensioners.
Kind regards.
C H Mahadevan