E circular No.Dk 71 from The Gen. Secretary of Federation of Retd.Cl 1 officers Associations.

 FEDERATION OF RETIRED LIC CLASS I OFFICERS' ASSOCIATIONS        

Acting President :     P.P.Dhamija R-6/104, Raj Nagar, GHAZIABAD – 201002. Tel: 0120-4107104 / 9810186067 Email Id – premdhamija38@gmail.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

 

E circular No.DK/71                                                01-09-2021

Dear Friends,

Reg: Family Pension rise for Bank  Retirees…

& Our efforts

 

My hearty greetings to all fellow LICians of the yesteryear, on the occasion of the 65^th Anniversary of the formation of the Corporation.  65 years is pretty long, and we are now seeing furthermore changes hovering in the horizon. In any case, LIC virtually rewrote corporate history in India, by carving a niche for itself, in the area of customer commitment and service. We built such a safe and secure edifice of monumental proportions that the Govt. of India is now tempted to cash in on the tremendous marketable value that lies embedded within.

A lot has been happening around the Banking sector, with the Federation of Bank Retirees, going on the overdrive, and finally reaching their avowed goal of raising the Family Pension from its present level of 15% of last drawn pay, to 30%, virtually doubling the quantum of Family Pension. It was on the 25^th of August that the Finance Minister, finally placed her seal of Approval for the change. The raise is effective from the 1^st of April 2021 and detailed instructions from the IBA to the Banks should be on its way anytime now. Since in the Banking Sector, the Emoluments change for employees, over Bipartite Settlements between the IBA and the Employee Representatives, every 5 years or so, the different Blocks of 5 year periods will suggest the level of changes for the Retiree families, depending on when the employee concerned retired and what was his last drawn pay then.

This brings us to the important question as to when this change will come for the LIC Retiree families. By usual practices, this step should automatically follow within a quick time, as the principle adopted for Bank employees is applied in a similar way to the LIC employees. However, this step needs some prodding from the side of the LIC, though LIC had already recommended it through an appropriate Board Resolution in 2019 itself. I have therefore sent in a communication addressed to the Chairman LIC today, requesting him to initiate steps to remind the Department of Financial Services, in the Ministry of Finance, that the Approval for raising the Family Pension for the Employees of LIC too has fallen due. The letter to Chairman is reproduced here for your information.

With my sincere Greetings to all

D.Krishnan.