In the last Para it has been stated that the funding is an impediment for upgradation.It may be so for Public Sector Bank pensioners, because the Pension Regulations 1995 are a product of a Bipartite settlement which is not the case with LIC Pensioners.
In case of LIC Pensioners,the Rules have been notified by the Central Government using their statutory powers as a result of which, the protection of fundamental rights as enshrined in the Articles of the Constitution come into play, more so as the Pension Fund is fully contributed for by the LIC.
So our Pension Rules have a fundamentally different structure and character from that of Banks' Pension Regulations although benefits are similar.
C H Mahadevan
1 comment:
Very true sir👍🙏
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