*AIIEA takes up the demand for periodical updation of pension in the wake of some developments in the RBI*.

*AIIEA takes up the demand for periodical updation of pension in the wake of some developments in the RBI*.  

*Relevant portions of the AIIEA's Circular no. 17 dt. 3rd October, 2018 is given below*: 

Dear Comrades, 

*Discussions with LIC Chairman Coms Amanulla Khan and V.Ramesh, President and General Secretary, AIIEA visited the Central Office, LIC on October 1, 2018 and held discussions with Shri V.K.Sharma, Chairman, LIC on many issues of importance relating to the employees and the institution. Shri Hemant Bhargava (MD), Shri Sharad Srivastava and Shri Mukesh Kumar Gupta, Executive Directors (Personnel), Shri G.S. Wanwar Chief, Smt Aruna Seth, Secretary and other officials of the P&IR were present……….*. 

*PENSION OPTION*

*We stressed on the importance of a favourable solution to this demand pending for a long time. The AIIEA reiterated its arguments in favour of this demand. The Chairman agreed that this is a just and legitimate demand and despite various difficulties LIC is continuing to pursue with the Ministry for a favourable decision. The AIIEA pointed out to the developments in RBI where the Government has asked for fresh recommendation on updation and final option on pension. We informed the Chairman that according to our sources, the RBI is sending strong recommendation for accepting both the demand for periodical updation of pension and another option. In the light of these developments, the LIC must vigorously follow-up with the government on our demands. The Chairman said that he is personally in discussion with both the Finance Minister and the Ministry officials on this issue and no efforts will be lacking to find a favourable solution.* 

*The AIIEA also pointed out to the need of bringing some improvements in the pension scheme. We said that the rate of family pension should be revised as done in the RBI and the Government and the last pay drawn should be the basis to determine the pension rather than the average of 10 months pay. The response of Chairman on both these demands was positive.* 

*The AIIEA expressed unhappiness over the fact that LIC chose to implement the Delhi High Court Order on full neutralisation of DA to those who retired before 1.8.1997 in letter rather than in spirit. The Hon'ble High Court recognised the discrimination in payment of DA to those retired prior to 1.8.1997 and thereafter. We pointed out that this violates Article 14 of the Constitution. But unfortunately the Court came out with its own method of removing this discrimination which does not serve the intended purpose. The LIC should have used this opportunity by accepting the spirit of the judgement but unfortunately it chose not to. The AIIEA said that the attitude of unnecessary litigation must be given up and solutions should be found to the demands of the pensioners acknowledging the massive contribution made by the retirees to make LIC a great institution.*

Lsr Krishna Rao