ARE THE RESIGNEES ALSO ELIGIBLE FOR OMOP?

The letter from LIC to Min of Finance does not speak how the liability was estimated by an actuary who is not in practice.

FYI

KS

Response by Shri C H Mahadevan as under :-

But the point at issue is,LIC has estimated a liability based on some Actuary's workings to tell the GOI that they can afford to meet the liabilities of pension for about 16000 plus PF  optees while the same LIC used an Actuary's estimates to argue  that LIC cannot afford to pay upgraded pension to  pensioners, in the pleadings before Delhi High Court.

Actuarial science comes in handy because whatever  results are arrived at after analyzing data will be based on assumptions  future values of various parameters .Depending on the objectives to be achieved,the assumptions can be optimistic,pessimistic or status quo related.

That makes the estimates liable to deviate from the actuals.

Kind regards.

C H Mahadevan