The Ex gratia payment recommended by LIC to DFS is reportedly an one time payment to pensioners.More than 30000 pensioners are likely benefit from this.So it is not on the pattern of the benefit granted to Bank pensioners as ex gratia monthly payment in addition to monthly pension.
What eligible LIC pensioners are likely to get will be a lump sum as one time benefit.This is my inference from whatever is being circulated in public domain. Factual situation will be known when Wage Revision Notification is released on 18 th March 2024( Monday).
The conspicuous difference between the Ex gratia monthly payment for Bank pensioners and the likely one time Ex gratia payment to LIC pensioners is that for Bank pensioners it is without prejudice to the final decision on upgradation of pension, while for LIC pensioners, the payment is stated to be in appreciation of the contribution made by the retirees while in service.In case of Banks, all pensioners of retirement period upto 31/10/2022 will benefit by the Ex gratia monthly payments while in case of LIC more than 30000 pensioners are only likely to get the one time Ex gratia payment. So, at least 30000 LIC pensioners are likely to be left out as totally there are more than 74000 LIC pensioners as on date.Does this mean that the left out retiree- pensioners don't deserve appreciation?
There is some ambiguity in the matter as of now.The actual situation will be clear after the LIC Wage Revision Notification.
C H Mahadevan
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