Pension Revision for LIC Employees GOI on 05th March 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
All Divisional/Regional/State units of AIIPA
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.
Date: 5th March 2019
Shri Rajiv Kumar,
Secretary, Department of Financial Services,
Government of India,
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.