Discussion about – LIC Pensioner New Pension

Discussion about – LIC Pensioner New Pension

The latest decision of govt to allow pension Revision in RBI is a clear indication of their ‘election time softening’ attitude. It however does not mean anything for LIC pensioners because we are linked with Pensioners of Nationalised bank and we are in the court. Still it would be worthwhile for the leadership of our pensioners’ organisations to make a last minute effort before elections are notified — GN Sridharan

M L BHATIA: As per copy of circular sent by one of my friends, Finance Ministry has approved updation of pension of RBI employees. It is high time that Associations in LIC can also take up this matter with LIC -Govt combine. As per circular pension factors have been mentioned as 1.5, 2.06 and 3.63 respectively as on 1-11-2002, 1-11-2007 and 1-11-2012. I have just mentioned brief of this circular of Finance Ministry. Thanks and regards to all with a similar hope for LIC pensioners.

C H Mahadevan: There will be no arrears. Revision is prospective. CCS Pension Rules 1972 will provide much better benefits.

M L BHATIA: Yes Mahadevan ji. You are right. Even then a well beginning is there.

SB Singh: Good news and certainly an additional weapon in our arsenal.

B.Ganga Raju: One more option for pension in LIC/GIC. Upgradation of pension in RBI…I am anxiously looking forward for enlightening posts from our experienced, scholarly contributors like CHM, SN 92 & others. For me it looks like a serving of gruel (kanji) when everyone is looking for a good dinner. IN LIC the unions while seeking improvements, did not give any call for outright rejection. AND THE NOTIFICATION FOR ELECTIONS IS EXPECTED SOON. At the close of the term for present Loksabha the ruling dispensation wants to be seen doing things to please middle class.

DGK: A significant though a small window of opportunity has opened. Let us seize it. Side by side, we should prepare the statistics of the estimated amount likely to be spent by LIC for giving one more option for retirees who have not opted for pension. That will knock the bottom of LIC’s argument, that they do not have paying capacity for pension updating linked to wage revision. The quantum required for this may be compared to the quantum required for one more op-tion.RBI development coupled with one more option given, should clinch the vital issue of Pension updation for us.

Madhavan: Is the old saying” Something is better than Nothing” holds good seeing the development in the RBI pensioners’ demand?

S.R. Nagarajan: Yes, Mr. Madhavan. Something is better than nothing.. Our leaders should grab this well in time. Will they? Let us hope.

C H Mahadevan: RBI updation is linked with wage revision not in quantum but merely in terms of an increase by a multiple which is much less than what is provided for in CCS Pension Rules as applied to Rule 55B pensioners. All the same, majority will feel that something is better than nothing. First it should get replicated for Bank Pensioners. Then we can have better hopes.