Re: LIC's Deposit Far too Little!

I send my response to MrAboobucker's query below C H Mahadevan 17 Aug 15, 07:59 AM JM Aboobucker: 17 Aug 1 The amount deposited by LIC for Jaipur Petitioners defies any reasonable reckoning as to how it was arrived at. Could Mr CH Mahadevan with sharp acumen for figures throw some light in this matter? My response: It is very clear that the amount was arrived at by LIC by working out the DR at the existing anomalous rate  upto 1/8/1997 and merging it with the existing Basic Pension.The  merged total was taken as revised pension on 1/8/1997.No weightage of 11.25%  was provided as required under the LIC Board Resolution dated 24/11/2001.The arrears were calculated  upto 31/10/2013 by applying the  DR slab percentage of 0.23% of gross basic pension per slab at the time of depositing the final (third) instalment in the Jaipur Registry.The principle  followed in revising the Basic Pension  was also not followed to revise the Basic pension similarly on 1/8/2002 and 1/8/2007 and the revised Basic Pension was kept static even after two more wage revisions. Also as per the Jaipur SJB judgment  reinforced by the PB & H HC judgment,the pensions have to be updated in substituted scales of pay on the date of every wage revision ,viz, 1/8/2002 &1/8/2007( & on 1/8/2012,when the next wage revision takes place).This has  also been completely ignored by LIC.   For the above reasons, the payments made by LIC in the Jaipur HCB Registry and the Chandigarh HC registry are  not even 9% of what was due legally to the pre-August 1997 retirees as per the above two stay-refused judgments.Unfortunately,this fact  was not stressed before the Supreme Court on 7/5/2015 when the order for interim relief was  issued by the Apex Court. There is no doubt that the pensioner-respondents have been given a raw deal, not to speak of the sad  plight of  40000 plus pensioners at large. Greetings. C H Mahadevan