AN ANALYSIS
SHRI C H MAHADEVAN
Extract from Illustrative Chart-Click HerePENSION UPGRADATION OR DOWNGRADATION?Referring to my earlier post today ,I would like to correct myself in regard to the percentage of retired RCs & Class IV employees at 18% which I discovered was overestimated by me. This was noticed by me when I went through the August 2003 illustrative chart prepared by LIC CO sent to the Joint Secretary(Insurance & Banking) on 11/8/2003.In the said chart, the number of retired employees cadre-wise has been given in one column. I am attaching a word document prepared by me based on the two charts prepared by LIC-one for pre-Aug 1992 retirees and another for Aug 1992---July 1997 retirees.The indications arising out of the illustrative charts are as follows:· As per the Letter ref Per/ER dt 20/2/2009 addressed to Sanjeev Sinha ,Under Secretary to GOI,DFS,MoF, there were 16498 pre-August 1997 retirees who were drawing pension, whereas when the calculations were made in the illustrative chart by LIC in August 2003 which was sent to the MoF, the total no was 21762.This would mean that during the period of about 5 1 /2 years as many as 5264 pre-August 1997 retirees have left this world without getting justice. Their family pensioners may not also get justice if LIC continues to follow its anomalous approach.· Class III employees who have retired prior to 1/8/1992, who constitute more than 47% of the retirees in the category, and Development Officers who constitute more than 15% of the retirees are in the negative territory in the matter of pension revision. This is an alarming situation. Interestingly retired Record Clerks in this category are in marginal positive territory compared to their higher cadre Class III colleagues.· Among post August 1992 retirees; retired Record Clerks who constitute 2.7% and Class IV employees who constitute 5.9% are in negative territory.These data must be sufficient to drive home the point in the Apex Court that the faulty approach of LIC is detrimental to the interest of more than 28% of the pre August 1997 retirees who will have their monthly pension reduced besides 100% of the family pensioners of deceased pre-August 1997 retirees.Greetings.C H Mahadevan
