NO CONTRACTUAL
RELATIONSHIP? SILLY!
Who ever said there is no contractual
relationship between Banks/LIC and pensioners? The Meriam –Webster Dictionary
gives the meaning of the word 'contract'(verb)
as “shrink, lessen esp. to draw together esp.so as to shorten”.
True to this meaning, with every wage
revision, the salaries of employees expand and the pension in relation to them contract!
Forget that the policy document is an evidence of an insurance contract and the
Pension Rules 1995 are an evidence of the
Pension contract!
The IBA could very well have conceded
that there is a contractual relationship between the Banks and Pensioners
within this dictionary meaning of the word ”contract” instead of labouring hard
to deny such a relationship. There would then have been no legal hassles for
them in future.
Greetings.
C H Mahadevan
