Wednesday, 15 April 2020

Awaiting positive results from LIC of India in the NCOVID -19 Era!

In this period of the dreadful pandemic arising out of the highly infectious Novel Corona virus - 19, the whole world is witnessing a lock-down of unprecedented proportions. Governments have asked employers to be considerate and pay their employees full wages despite them being at home due to the lock-down restrictions.

Isn't it ironical then, that we, the resigning ex-employees of the reputed Life Insurance Corporation of India are still awaiting the payment of our arbitrarily and illegally repudiated Wage revision Arrears and difference in payments of Statutory Retirement Benefits like Provident Fund and Gratuity; since 1997? We who have actually worked for long hours during the period for which the payments have been repudiated, have been swindled of our hard-earned money despite being on the wage-rolls of the Corporation; despite a Supreme Court's verdict ordering the payments to be made!

Wages are the fundamental rights of employees. They can neither be waived away or bartered away. They are Constitutional Rights. We have just celebrated the Birth Anniversary of the great leader and drafter of our Constitution, Dr. B.R.Ambedkar on the 14th of April. While remembering him and honoring his memory, LIC of India must recollect and rectify its great injustice towards all of us resigning ex-employees, whose dues have been repudiated cruelly, arbitrarily and illegally by it.

Likewise, the Government must also do its duty of directing the Corporation to make amends to rectify its blunder!

Now that everyone is at home, and has enough time to introspect and reflect on their wrongdoings, let the Chairman and Managing Board of Directors of LIC of India and the Finance Ministry Officials see new light and decide to pay us all our dues!

All of us will pray for the same.

This is one positive result that we all await with bated breaths and will surely welcome with open arms!

Saturday, 7 March 2020

Happy Women's Day! Women's Empowerment, the L.I.C Way!

The topmost echelons of the management of L.I.C of India consist of many women. Unfortunately, while they are apparently interested in women's empowerment, (rather, just talking about it!) their actions belie their attitude. There are some who deliver powerful lectures on women's empowerment but when it comes to actually walking the talk, develop cold feet and coolly look the other way!

My tryst with the R.T.I appeal to the organization for getting my arrears and answers to queries; proved the above-mentioned sad truth. If I'd have got all my answers, I'd have also felt empowered, but alas, these ladies have forgotten the very meaning of empowerment, by choosing to be the Devil's Advocate (literally)!

True empowerment can be attained only by supporting others. If ladies deprive other ladies (and men!) of their legally rightful dues and also justify it, it's a matter of concern and shame. Surely, they can use their own sense of judgment, reasoning and logic to make the men in their team aware of their flawed and unjust decisions instead of towing their line and trying to save their jobs and maintaining the status quo!

These ladies have not shown the slightest bit of support to the cause of the resigning employees; arbitrarily and unjustly not being given their arrears and difference in retirement benefits, by the management.

So one can just conclude that women can be women's best friends and worst foes too!

Once we get all our dues from the Corporation, I will be filling the form for Dehadaan (body-donation). That is my vow.

In case of my earlier demise, my family will be donating my body to my chosen hospital.

Thursday, 5 March 2020

Why a veteran investor will steer clear of LIC's IPO!

Source: https://economictimes.indiatimes.com/markets/stocks/news/shankar-sharma-says-he-will-never-touch-lic-as-an-investor-heres-why/articleshow/74150904.cms?from=mdr

Shankar Sharma says he will never touch LIC as an investor. Here's why

"Govt sold their unsold items to LIC and now they are selling the owner to us” said Sharma.

ETMarkets.com|

Last Updated: Feb 17, 2020, 10.53 AM IST

Veteran investor Shankar Sharma said he would stay away from the initial public offer (IPO) of state-run Life Insurance Corporation of India (LIC), blaming the government for making it absorb public sector undertaking’s unsold issuances.

“I would never touch LIC as an investor. The government sold their unsold items to LIC and now they are selling the owner of those unsold items to us,” Sharma, Co-founder, and Chief Global Strategist, First Global said on Saturday at ANMI’s International Convention 2020.

Market participants have often blamed the government for pushing state-run corporations, particularly LIC to absorb the shortfall in their offerings, a claim which the life insurer has denied.

Earlier this month, Finance Minister Nirmala Sithamraman unveiled plans for LIC’s IPO, which is going to be a key component in the government Rs 2.1 lakh crore revenue target to be raised from the sale of public assets and equity holdings in various public sector enterprises.

Samir Arora, the Singapore-based fund manager and founder of Helios Capital, said though he was bullish on the market after the corporate tax cut, that optimism has now tempered down.

In a major fiscal booster, last September, the government had slashed effective corporate tax to 25.17 per cent inclusive of all cess and surcharges for domestic companies.

The current narrow market rally will continue, the market stalwarts said.

Wednesday, 4 March 2020

Why LIC's IPO must be put on hold!

Source : https://economictimes.indiatimes.com/markets/stocks/news/lics-mega-ipo-is-highly-unlikely-in-fy21-heres-why/articleshow/74101252.cms

LIC’s mega IPO is highly unlikely in FY21; here’s why

The chances of LIC IPO hitting the market in financial year 2021 is very low, given a slew of challenges.

ETMarkets.com|

Last Updated: Feb 12, 2020, 08.42 PM IST

New AAO recruits, think twice before joining LIC of India!

New AAO recruits, think twice before joining LIC of India

          Recently, LIC of India has advertised for recruitment of AAOs, in the newspapers and other media. Most of you, who think that LIC's is a lucrative job with bright career prospects; and are eligible candidates; will fill in the forms.

          Here's a warning. BEWARE! The reasons for exercising caution are as follows:
If selected, LIC of India will give you appointment letters, stating your expected salary, with a statement in brackets, saying, 'Wage Revision Due'.
But if you leave LIC within 3 years, you won't get the arrears due to wage revision and will be left high and dry. You'll run from pillar to post for your legally rightful dues, but won't get any response from LIC or you'll get the hackneyed response that 'as per rules, you are not eligible for arrears' payment.'
In every Charter of wage revision, LIC includes a Clause 3 1 ii)/b) which states that resigning employees will not get the arrears. This is in spite of the fact that the Supreme Court has declared this Clause to be ultra vires, in 2008.
In effect, if you stick around with LIC for a minimum of 20 years, you'll get the arrears, but if you leave before 20 years, even by one day, you won't get the arrears.
So friends, think carefully whether you'll continue to serve in LIC for so long and only then apply for the job. This is especially for the Direct Recruits as Assistant Administrative Officers in LIC of India.
If you are applying for other jobs in the Government Sector, simultaneously, and get some call letter from them after joining LIC, and decide to take up that offer and resign from LIC, you will not get the arrears payment because of LIC's Clause, as above-mentioned.

Let me give you an instance:
Mr. X joined LIC in 2013 and left in 2015, to join the Income Tax Department as an Income Tax Officer. As per the wage revision Gazette of 2016, he will not get arrears for those two years, in spite of having been on the salary roll of the Corporation!

This injustice has been going on since 1st August, 1997 (23 years and still counting!)

My sincere advice is that think not only twice but 2000 times before joining LIC of India. And if you do join, serve for full 20 years at least!
************************************************************************

Kindly refer to my blog post dated 14.04.2015, as follows:

No mention of repudiation in the appointment letters!

In the appointment letters to the employees, nowhere is it mentioned that the employees can't leave service, or that their arrears' payments will be repudiated if they leave service of the Corporation. So how can this clause be introduced, that too with retrospective effect? If at all it has to be introduced, it could be with prospective effect and the same should be mentioned in the appointment letters.

In fact, some employees who joined LIC in the recent years, have been given appointment letters stating that the wage revisions are due, meaning that they will be eligible for the same when they are notified. But when they resigned from LIC, they were denied the arrears' payments! Shouldn't they have been informed about the repudiation's clause, beforehand, so that they could've made an informed decision?

Likewise, even after their resignation letters were received by LIC, they should've been intimated accordingly, with respect to this clause. The fact that LIC regularly accepts resignations without doing so, indicates that LIC is not playing fair. It can easily keep the resignations pending and accept them after the notification is made public, so that they aren't deprived of their hard-earned dues.

The Supreme Court has declared this clause itself to be ultra vires, meaning 'beyond reach' of the Chairman's powers. But obviously, LIC's management thinks that it is beyond any law of the Nation! It is a law unto itself!

Besides, the Finance Ministry too ratifies this unjust clause in the Wage Arrears' Notification, every 5 years, since 2000; without considering the Supreme Court's judgement.

LIC, (and the Finance Ministry), it's time for some serious introspection!

Monday, 30 December 2019

Whose trust does L.I.C of India treasure?

L.I.C of India presented a cheque of Rs. 2610.74 crores to the Government as its share of the surplus arising out of LIC's actuarial valuation as at 31.03.2019.

When will it pay us, the resigning ex-employees, our wage revision arrears, difference in Statutory Retirement Benefits - Provident Fund and Gratuity; with interest?

When will it stop betraying our trust?

L.I.C of India must learn to treasure all its stake-holders' trust. It's high time!

We hope that the New Year will teach L.I.C of India invaluable lessons in honoring trust, learning the meaning of commitment and ethics; and playing fair!

L.I.C - Kindly start computing our dues with the accrued interest thereon. You will have to pay them this year. (The dues have remained unpaid since 1997, more than two decades!)

Happy New Year!

P.S. Hope the Prime Minister and Finance Minister are listening too! Kindly direct the Management of L.I.C of India to do the needful, PRONTO!

Thanks in anticipation.

The long-suffering, resigning, ex-employees of L.I.C of India

Monday, 4 November 2019

Vigilance Week in LIC of India

Source: https://blog.ipleaders.in/can-employee-sue-his her-employer-penal-provisions-faced-employer/

What are the instances under which an employee can sue his/her employer?

By Ajay Thakur

March 15, 2017

What actions can you take if your employer does not pay salaries or fails to deposit TDS or PF?

For unpaid salary, you can approach the Labour Commissioner, who will further hand over the matter to the court, in case Labour Commissioner is not able to handle the matter. The employee can make an application to the Labour Court under Section 33 (C) of The Industrial Disputes x Act, 1947. (Refer Case law: Sant Raj & Anr vs O.P. Singla & Anr on 9 April, 1985).

The definition of workman under the Industrial Disputes Act includes a part time employee (Case law: Yashwant Singh Yadav vs State Of Rajasthan And Ors. on 12 April, 1989)

Also, such an application should be made within one year from when the money becomes due from the company. All other benefits such as Provident Funds under “Employees’ Provident Funds and Miscellaneous Provisions Act, 1952”, capable of being computed in terms of money, shall also be included in the amount to be recovered. An employer who contravenes, or makes default in complying with the provisions of this Act, shall be punishable with imprisonment for a term which may extend to 3 years but which shall not be less than 1 year and a fine of ten thousand rupees in case of default in payment of the employees’ wages which shall not be less than 6 months and a fine of five thousand rupees, in any other case.

If you are an employee above the executive level or a manager and above, you can also file a case against the Company in the Civil Court.

In case of fraudulent practices by the company under section 447 of Companies Act, 2013, you can always approach Registrar of Companies and intimate them of the fraudulent activities of the company.

If for a period of one day in a year, 20 or more persons were employed in the establishment that will be sufficient to attract the provisions of the Act (Case Law: Ramanujam Press Represented By … vs The Regional Provident Fund … on 19 June, 1969)

As the power of regional PF commissioner to impose damages is a quasi-judicial function, an order under section 14(B) must be a speaking order containing the reasons in support of it (Case law: Organo Chemical Industries & Anr vs Union Of India & Ors on 23 July, 1979)

What will you do if your employer doesn’t pay you gratuity?

According to section 8 of the “Payment of Gratuity Act, 1972, in case the employer doesn’t pay the gratuity within the prescribed time to his employee (or nominee), the aggrieved employee can apply for redressal to the controlling authority. The controlling authority after investigation will issue a certificate for that amount to the Collector, who shall recover the same, together with compound interest at such rate specified by the Central Government. In case of delayed remittances of contributions, administrative / inspection charges by an employer, he has to pay both interest and damages for the period of delay.

According to section 11 of the “Payment of Gratuity Act, 1972, where the amount of gratuity has not been paid, or recovered within 6 months from the expiry of the prescribed time, the appropriate Government shall authorise the controlling authority to make a complaint against the employer, whereupon the controlling authority shall, within 15 days from the date of such authorisation, make such compliant to a magistrate having jurisdiction to try the offence.

According to section 9 of the “Payment of Gratuity Act, 1972, if the employer fails to pay the gratuity, he shall be punishable with imprisonment for a term which shall not be less than 6 months but which may extend to 2 years, unless the court trying the offence for reasons to be recorded by it in writing, is of the opinion that lesser term of imprisonment or imposition of a fine would meet the ends of justice.

Here “Controlling Authority” means an authority appointed by the appropriate Government.

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Dear friends,

In the light of the facts mentioned in the above article, LIC of India should be grateful to us that we haven't yet sued it! Who knows, we could be ultimately pushed to the wall in the near future and file a 'Class Action Suit' or a 'Public Interest Litigation'!

I wonder how the officials in the Managing Board of Directors of LIC of India even get sound sleep at night, after defrauding scores of resigning ex-employees of their hard-earned dues like arrears arising due to wage revision, difference in Statutory Retirement benefits like Provident Fund and Gratuity; despite the Supreme Court's verdict favoring such employees, in several cases? No prick of conscience?

Ironically, they will even take an oath of acting ethically, in their dealings as office-bearers of the Corporation, during the currently ongoing Vigilance Week! And keep including the illegal Clause in the Wage Revision Charter, every time that it is published; stipulating that such arrears are to be repudiated. By the way, this Clause was included in the 2010 and 2016 Wage Revision Charters, even after the 2007 judgement of the Supreme Court! And even approved by the Government of India!

A clear case of 'Contempt of Court'.

The Supreme court has ruled in its 2007 judgment that this offending Clause is "Ultra Vires" i.e. beyond the reach of power, of the Chairman of LIC of India.

May we persuade these officials to look up the dictionary for the equivalent of 'ethics'?

Even walk the talk? But probably that is too tall an order!

However, rest assured dear friends, the truth will ultimately prevail. We will definitely get our dues in the near future. Didn't India win her freedom after decades, nay, a century of struggle? Even if none of us is around, our descendants will reap the benefits of our crusade against LIC's injustice.

Satyameva Jayate!

Priya

LIC betrays its resigning employees' Good Faith