HERE IS SOME GOOD NEWS FOR "US" WRITES SRI D.KRISHNAN. "US" REFERS TO THOSE WHO DID NOT OPT OF PENSION , NOT THOSE WAITING BEFORE SC

FEDERATION OF RETIRED LIC CLASS I OFFICERS' ASSOCIATIONS     

President :    N.P. Bali 705, Sur, Veena Saaz, Thakur Complex, Kandivali (East), Mumbai - 400 101 Mob : 9820324213 Email Id - npbali@hotmail.com

General Secretary :    D Krishnan No.6/1, Sreshta Riverside Apartments, Wood Creek Road, Nandambakkam, Chennai - 600089 Tel : 9176635967 / 044 42850049. Email Id - dkrishnan1@gmail.com

            Ecircular No.DK/55                                                                                                                                                             3-03-2019

Reg:  Second Option for Pension ......... now a reality

Friends,

Here is some good news for us.  We had been expecting it  in recent days, and it has now become a reality.

Government approves pension option for 42,720 employees of PSICs (Today’s media reports)

“In a big bonanza … 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. … Of the total beneficiaries, 24,595 are of LIC and 18,125 of five general insurance companies … 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.

Out of the above 24595 employees, left-out,  Pre June 1995-retirees are be very small in number. Still it is a great benefit to them. Needless to mention that ‘One More Pension Option’ was one of the points that we raised and impressed on the Management during our meeting in November 2018. A decade back, banks  implemented the second option and outcome was substantially beneficial to retirees and the family pensioners. We hope that the same pattern will follow. We will await implementation details.

We are hoping for more of such populist announcements, and we will provide details in due course.

Our case in SC – SLP 21206 of 2017 

It gets shifted by once more,  to the next TUESDAY 26/3/2019 (Again computer generated).  

With Greetings, 

D.Krishnan.

General Secretary