I forward the details as available on the LIC website.
The following are significant as stated under item 6 in page 2:
a) The remaining amount of Rs 2224/94 out of total additional contribution for one more option for pension(OMOP) in FY 2019-20 has been charged to the Revenue Account.
b)The additional contribution to be made for increase in Family Pension was Rs 11959.52 cr .Out of this Rs 2679.15 cr was provided in the quarter ended 30/9/2023.The remaining liability of Rs 9280.37 cr was to be the contribution over 20 quarters commencing from third quarter of FY 2023-24.Out of this Rs 464.02 cr was charged to Revenue account for the quarter ended 31/3/2024.The balance amount of Rs 8352.33 cr shall be amortised over subsequent quarters upto Q2 of FY 2028-29.
c)Rs 7230.09 cr in Par segment pertaining to excess of Expenses of Management for FY 2022-23 shall be replenished from Shareholders' Account in equal instalments , not exceeding three, commencing from Q1 of FY 2024-25.
d)Additional pension liability due to wage revision was Rs 6306.29 cr. Out of this Rs 829.19 cr has been recognized in FY 2023-24 in respective segments.Balance amount of Rs 5477.10 cr pertaining to Par segment shall be charged to the Shareholders' Account over a period of not exceeding three years commencing from FY 2024-25. The Corporation has obtained requisite approval.
Implications for pre-August 2022 retirees
Now LIC cannot take the plea that expense limits will be exceeded on account of upgradation of pension as the limit has been exceeded in FY 2022-23 even without upgradation of pension.The liability arising therefrom will have to be met from Shareholders' fund.Only permission may be required for spreading them in instalments from concerned authorities.So LIC cannot adduce the ground of financial burden in the arguments before the Supreme Court.
C H Mahadevan
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