LIC Employees Pension Revision Latest News 2019

LIC Employees Pension Revision Latest News 2019

ALL INDIA INSURANCE EMPLOYEES’ ASSOCIATION

President : Com Ashok Tiwari

General Secretary : Com T K Chakraborty

Cir No : 05/2019

Date : 5th March 2019

To
All Divisional/Regional/State units of AIIPA

Dear Comrades,

Re: Letter to Shri Rajiv Kumar, Secretary, Dept. of Financial Services, GOI.

We reproduce below our letter dated 5th March 2019 addressed to Shri Rajiv Kumar, Secretary, Dept. of Financial Services, Govt. of India.

With greetings.

Comradely yours.

sd/-
General Secretary

—-

Date: 5th March 2019

Shri Rajiv Kumar,
Secretary, Department of Financial Services,
Government of India,
New Delhi.

Dear Sir,

Fresh pension option in P S Insurance

All India Insurance Pensioners’ Association expresses its thanks for having accepted to grant one more option to the employees of public sector insurance industry, especially covering those who had retired , since inception of the scheme[June,1995] , and had not opted earlier.

This decision was received with enthusiasm, by all those eligible for another option, as they felt they would also get what they had desired for all along. However this elated feeling became short lived as the Government communication had stipulated certain conditions, for the benefit to accrue.

The decision to ask for refund of the amount received towards employers’ contribution with interest with an additional percentage of the same, will further strain the hard financial conditions they are in.

Again with eligibility for pension from the Date of Notification, these retiree’s, are deprived of pension for the period from Date of Retirement and also commuted value at a higher rate, for a lower age.

The present scheme will make them remit a huge sum and get a lesser amount of commutation and this will entail lot of difficulties.

AIIPA requests the Government to go by the spirit of the decision to mitigate the suffering of these senior citizens and requests that these retirees may be granted pension and commutation value as from the date of retirement and adjust there from the amount they received then, towards employers’ contribution and interest.

As you will appreciate it will be difficult for these retirees to marshal funds for refund even the amount they received and the Government should not insist on additional percentage thereon if they are not entitled to arrears of pensionary benefits earlier to date of notification, in the ultimate.

For family pensioners, the amount of pension will be far less in the absence of uniform rate of family pension and it will be far more difficult for them to become eligible for pension if they have to pay additional amount over and above employer’s contribution and interest thereon as received by deceased employee/retiree.

As you are aware the scheme was compulsory for recruits after the date of Notification and employees recruited with special qualifications had become and or will become entitled to proportionate pension only. With the decision to allow notional addition now these employees/pensioners, should become eligible for higher pension and commuted value and this should also be extended for such special recruitments before the Date of Notification.

We also request that the benefit of notional addition is granted to Ex Servicemen Employees and Pensioners also.

The Organisation hopes that the representation will be considered with due consideration of the merit and empathy and a favourable decision taken.

Thanking you,

Yours faithfully,

sd/-
(T.K.CHAKRABORTY)
General Secretary

Source: http://cziea.org/

• LIC Office Revised Working Hours for the Employees Effective from 10-05-2021 May 7, 2021Read more…
• LIC Wage Revision 2021 Latest News April 16, 2021Read more…
• LIC Employees – Delay in Settlement of the Wage Revision Issue February 6, 2021Read more…
• AIIEA Wage Revision News 2021 February 5, 2021Read more…
• LIC Wage Revision | LIC Employees Wage Revision Latest News January 26, 2021Read more…
• Resumption of LIC Wage Negotiations July 23, 2020Read more…
• LIC Delay in Wage Negotiations February 18, 2020Read more…
• LIC Employees Wage Revision And Absorption of Temporary Employees Latest News November 4, 2019Read more…
• AIIEA 25th General Conference – Letter from an Agent – Allegations October 15, 2019Read more…
• LIC Employees Pension, Wage Revision and Recruitment – AIIEA delegation meets the Chairman, LIC May 9, 2019Read more…