If the service rules apply similarly to the resigning Ex-Chairman and other resigning ex-employees, why should the Ex-Chairman expect preferential treatment to get his retirement dues? Kindly refer to the report from the Economic Times, as reproduced below.
If the Government considers his resignation as VRS, all the resigning ex-employees' resignations must also be treated as VRS and their arrears and retirement dues must be released by LIC of India, immediately. No two ways about it!
Priya
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Source: http://economictimes.indiatimes.com/news/lic-chairman-sk-roy-asks-government-to-treat-resignation-under-vrs-category/articleshow/53565351.cms
LIC chairman SK Roy asks government to treat resignation under VRS category
By Dheeraj Tiwari, ET Bureau |
Updated: Aug 06, 2016, 04.10 PM IST
NEW DELHI:
Life Insurance Corporation of India chairman SK Roy, who resigned unexpectedly,
has asked the government to relieve him under the voluntary retirement scheme
after realising that he stands to lose benefits including pension and other
emoluments if he quits.
Roy stepped down as chairman of state-owned LIC, the country's largest insurance company, in June, two years before the end of his term. It was widely reported that his decision was due to "personal reasons," although no statement was issued by Roy, LIC, or the government.
A senior official confirmed that Roy had written to the government seeking to leave the company under VRS.
The official said it may be the case that he resigned without realising that he may lose all those years of service that he has put in.
"Now the resignation may be considered under VRS," the official said, adding that it was rare for a government employee to resign instead of seeking voluntary retirement. A detailed email sent to LIC did not elicit an immediate response. Roy did not respond to text messages or phone calls.
Roy is expected to serve for another three months unless a replacement is appointed and he is allowed to leave earlier. "The Appointments Committee of the Cabinet will soon take a call on his resignation," the official said.
Roy stepped down as chairman of state-owned LIC, the country's largest insurance company, in June, two years before the end of his term. It was widely reported that his decision was due to "personal reasons," although no statement was issued by Roy, LIC, or the government.
A senior official confirmed that Roy had written to the government seeking to leave the company under VRS.
The official said it may be the case that he resigned without realising that he may lose all those years of service that he has put in.
"Now the resignation may be considered under VRS," the official said, adding that it was rare for a government employee to resign instead of seeking voluntary retirement. A detailed email sent to LIC did not elicit an immediate response. Roy did not respond to text messages or phone calls.
Roy is expected to serve for another three months unless a replacement is appointed and he is allowed to leave earlier. "The Appointments Committee of the Cabinet will soon take a call on his resignation," the official said.
Under the
rules, an employee can opt for VRS after completing 20 years of qualifying
service and has to give notice of not less than 90 days, in writing, to the
appointing authority.
A senior LIC executive also confirmed the development. He said the issue is over the interpretation of the rules and Roy must have sought VRS as a measure of "abundant protection."
According to the LIC (Employees) Pension Rules, 1995, forfeiture of service, including resignation, dismissal, removal, termination and compulsory retirement, will entail loss of past service and pensionary benefits. "The rules also state that if the employee of the corporation becomes chairman, then these rules will apply to him as well," the executive said.
A senior LIC executive also confirmed the development. He said the issue is over the interpretation of the rules and Roy must have sought VRS as a measure of "abundant protection."
According to the LIC (Employees) Pension Rules, 1995, forfeiture of service, including resignation, dismissal, removal, termination and compulsory retirement, will entail loss of past service and pensionary benefits. "The rules also state that if the employee of the corporation becomes chairman, then these rules will apply to him as well," the executive said.
Roy started
his LIC career in 1981. Prior to becoming chairman, he was manager of the
north, central and eastern zones. Roy's resignation is a rare instance of a top
LIC executive leaving prematurely.
GN Bajpai resigned as chairman to join the Securities & Exchange Board of India and TS Vijayan stepped down as managing director to become chairman of the insurance regulator.
GN Bajpai resigned as chairman to join the Securities & Exchange Board of India and TS Vijayan stepped down as managing director to become chairman of the insurance regulator.
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