RETIRED LIC CLASS I OFFICERS` ASSOCIATION
President: Y Venkateswarlu (9440467768)
HYDERABAD ( REGD NO: 934 /2014) Vice-President: CH Mahadevan
(9349314013)
Secretary: M V Ramana
(9848590636)
To The Chairperson, L I C Of India, 'Yogakshema', Mumbai
DT: 11.10.2023
Dear Sir,
Kindly refer to our letter dt 30/7/2023( inadvertently stated as 30/7/2013, and we regret the error) where we had humbly appealed to you to consider providing 100% DR neutralisation to preAugust 1997 retirees of LIC in the context of Memorandum of Understanding dt 28/7/2023 signed between IBA and UFBU to provide 100% DR neutralisation to pre-November 2002 retirees.
In continuation of the same, we attach herewith a letter dated 5/10/2023 by the Department of Financial Services to the Indian Banks Association conveying the 'No objection' of the Government to providing 100% DR neutralisation for pre-November 2002 retirees of Public Sector Banks.
The pre-August 1997 retirees of LIC are similarly placed as the aforesaid pre-November 2002 retirees of Public Sector Banks except for the difference in the cut-off dates. The other difference is that in the case of pre-August 1997 LIC retirees, the Delhi High Court judgment dated 27/4/2017 granted a partial relief by improving the DR formula by increasing the rate of DR under some tapering slabs of basic pension to 0.23% for retirees drawing more than 3850 in case of post March 1993 & pre-August 1997 retirees (in Class I) and to 0.29% of basic pension from 2130 to 3850 for pre-April1993 retirees in Class I and 0.23% of basic pension above 3850 (which is applicable only to Chairmen and Managing Directors who retired before 1/1/1996).While the Corporation has not challenged the Delhi High Court judgment and also implemented the Delhi High Court judgment effective from 29/1/2007, the pre-April 1993 retirees drawing more than 2130 have been receiving only 0.23% instead of 0.29% for the slab 2131 to 3850 contrary to the Delhi High Court judgment.
Even if the judgment of the Delhi High Court had been correctly implemented by the Corporation, the DR received by the two groups of pre-August 1997 would still be short of 100% neutralisation.
Contd..2
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Now that the principle of 100% neutralisation of DR has been agreed to for the preNovember 2002 retirees of the Public Sector Banks, it will be only proper that the same principle is put into practice for pre-August LIC retirees. The 100% neutralisation of DR is not a matter which is sub judice because with the judgment of the Delhi High Court dated 27th April 2017, the matter has attained finality with the Corporation not having challenged the judgment. What is sub judice is the issue of upgradation of pension for all generations of retirees, with every wage revision under the SLPs pending before the Supreme Court.
We may humbly submit to you the pre-August 1997 retirees have been receiving a raw deal for lack of 100% neutralisation of DR (not speaking about upgradation of pension which is an issue for all pensioners) and tens of thousands of pensioners in the category have exited this world with deprivation of the legitimate benefit.
We therefore humbly appeal to your good self to get the matter placed before the LIC Board and obtain the expeditious approval from the Central Government for implementation as all the surviving retirees in the categories are in their mid- eighties and time is fast running out.
We shall be grateful for an early resolution of the issue.
Thanking you in anticipation,
Yours faithfully,
Encl: a a
SECRETARY.
………………………………………………………………………………………………………………………………………… E-mail; m.ramana1956@gmail.com Address: H.NO: 16-2-836/A/16, LIC Colony, Saidabad, Hyderabad 500059
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