Pension option granted again.

Source: https://www.businesstoday.in/top-story/government-approves-pension-option-for-42000-employees-of-psics/story/323942.html

Government approves pension option for 42,720 employees of PSICs

This benefit is applicable to those who have joined any of the Public Sector Insurance Companies (PSICs) on or before June 28, 1995.

 PTI        Last Updated: March 2, 2019  | 20:01 IST

In a big bonanza to over 42,000 employees of public sector insurance companies, the government Saturday decided to give one more pension option as retirement benefit to these leftover officers and staff who missed the opportunity in the past.

This benefit is applicable to those who have joined any of the Public Sector Insurance Companies (PSICs) on or before June 28, 1995.

"Govt. approves one more pension option for leftover employees of Public Sector Insurance Companies who joined on or before 28.06.1995. To benefit 42720 employees including 10720 senior citizens," Finance Minister Arun Jaitley said in a tweet.

These employees had opted for contributory provident fund instead of the pension option.

Of the total beneficiaries, 24,595 are of LIC and 18,125 of five general insurance companies -- GIC, New India Assurance Company Ltd, National Insurance Company Ltd, Oriental Insurance Co Ltd, United India Insurance Co Ltd, an official statement said.

"In order to mitigate the hardship of such employees of whom many have retired, Government has decided, as a welfare measure, to allow one more opportunity to employees of PSICs who joined service on or before June 28, 1995, to opt for the Pension scheme of their respective organizations, in lieu of Contributory Provident Fund," Financial Services Secretary Rajiv Kumar said.

The pension was introduced as a retirement benefit in PSICs with effect from June 1995, it said.

In April 1997, employees of LIC and General Insurance Companies namely GIC, New India Assurance Company Ltd, National Insurance Company Ltd, Oriental Insurance Co Ltd, United India Insurance Co Ltd, who joined service on or before 28 June 1995 were given another opportunity to opt for Pension as a retirement benefit.

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My take on this report and this issue:

During our conversation in the course of my exit interview, the then Manager (P&IR) had told me that when 40% of the employees were not working, the officers should get their work done by the remaining 60% of employees who were productive! When I pointed it out to him that it would be an injustice to the productive employees as they would be unnecessarily burdened with the additional work of the unproductive employees, he just shrugged and smiled sheepishly. Why should the unproductive employees be paid their salary if they are not working? I asked. He had no answer!

It was a revelation for me! LIC knows the exact number of black sheep in its yard, but will not herd them out, (read - retrench them), for reasons best known to it. It also considers such employees as loyal, as they at least warm their seats! L.O.L.

Now, in the light of this pension option being granted again, such unproductive employees in LIC, who have already been draining the precious resources of the Corporation by being unproductive or not working to their 100% potential, throughout their lackluster service, will be granted a cozy life after retirement too!

Persons like me who have resigned and left service after several years of sincere and hard work, have not even been given our arrears payable on wage revision in LIC since more than two decades, i.e. 1997 onwards till date!

I worked for 18.5 years and have not been paid the arrears legally due to me, from August 2007 to July 2010.

Even the difference in retirement benefits, like Provident Fund and Gratuity which are Statutory Payments, (accruing due to revised pay scales), have not been paid to the resigning employees.

We urge the Government to look into this matter on a priority basis. We also need money to survive! Our legally rightful dues must be paid to us at the earliest, with accrued interest. 

The Supreme Court has already given its decision in the affirmative, as early as 2007! The details are there in my earlier blogs.

Priya

P.S. My crusade against L.I.C's injustice towards its resigning employees, is in its 9th year. And still counting.....