HOW MANY LIC PENSIONERS EXITED THIS WORLD

HOW MANY LIC PENSIONERS EXITED THIS WORLD DISAPPOINTED WITH NON-UPGRADATION OF PENSION WITH EVERY WAGE REVISION

I just tried to go through my archives to track the numbers of pre-August 1997 retirees from the earliest time they were authentically available to the present date to estimate the number among them who would have died upto the present date without obtaining the benefit of upgradation perhaps with only the surviving family pensioners getting a meagre family pension after the death of the retiree.

Starting with the pre-August 1997 retirees as recognised by LIC in their illustrative chart prepared as on 1/8/2003 taking the basis as the Board Resolution dated 24/11/2001 we can chart their diminution as follows:

Category                        Number of retirees            Number of retirees      Reduction in              Approximate     (Retirement period)    as per the illustrative       as per the  letter dt      number in 6 years    annual reduction by deaths per year                                             chart  prepared by LIC      20/2/2009 by LIC                                              as at 1/8/2003 and           addressed to MoF                                               sent to MoF 1/1/1986 to 31/7/1992          13817                            11108                               2709                         452 1/8/1992 to 31/7/1997            7945                              5390                               2555                         426 Total                                         21762                             16498                                5264                          877

 

·         Normally the mortality should increase every year for surviving retirees.

·         Assuming a flat reduction of 900 from 2009 per year, the total reduction during the last 15 years should have been 13500.

·         As a result, the surviving pre- August 1997 retirees as at 31/3/2024 out of those alive on 20/2/2009 can be estimated to be not more than 3000. (16498-13500=2998)

·         All the surviving retirees must be between 85 years (for the youngest) to 98 years ( for the oldest).

·         If we estimate the average number of deaths per year from 1997-98 to 2008-09 to be 500 p.a, the  total number of pre-August 1997 retirees who died from 1/8/1997 to 31/3/2003 would have been 5500.Adding  this to 21762,we can estimate that there were at least 27000 pre- August 1997 retirees to start with as on 1/8/1997.

·         Deducting the number of surviving retirees of 3000 as at 31/3/2024 from 27000, we can conclude that at least 24000 pre- August 1997 retirees would have died till date.

·         Assuming an average mortality of 100 p.a for post August 1997 retirees, it can be estimated that another 2500 would have died out of the retirees upto 31/7/2022.

·         This takes it to a total figure of 26500 retirees who would have died from 1/8/1997 to 31/3/2024 having been eligible for upgradation of pension from some date or other.

·         As this can be considered a very conservative estimate, we are justified in confidently claiming that at least 25000 retirees besides family pensioners have died between 1/8/1997 and 31/3/2024 being eligible to obtain upgraded pension before their death, in the absence of authentic figures which are available only with LIC.

I WISH ALL PENSIONER FRIENDS A HAPPY AND HEALTHY NEW YEAR 2025.

C H Mahadevan