Ahmadi,CJI By this petition brought under Article 32 of the Constitution of India by and on behalf of the retired and in service employees of Life Insurance Corporation of India LIC for short who were employees of the erstwhile Oriental Government Security Life Assurance Company, Limited, thereinafter called the Company , certain reliefs in regard to the upward revision of pension and dearness allowance or dearness relief payable thereon and other reliefs related thereto are sought.
The entry to the said Pension Fund was closed by the erstwhile Company in 1947 and therefore all employees who joined the Company after 1947 were number companytributors to the Pension Fund but became companytributors to the Provident Fund Scheme, Thus, members who joined the Fund did number receive any Provident Fund benefits and vice versa.
703/ 733 850 935 1029 1132 1245 Rs.
The brief facts which are relevant for our purpose are as follows The erstwhile Company had sometime in the year 1908 established a Pension Fund for the Oriental employees which on the nationalization of life insurance business under the Life Insurance Corporation Act, 1956 thereinafter called the Act has been renamed Life Insurance Corporation Oriental Pension Fund.
806/ 887 976 1074 1181 1299 1429 Rs.
The Company had framed rules for the administration of the Pension Fund Rule 10 whereof provided for addition of interest to the said Fund to the extent it would work out to 5 of the amount of the Pension Fund at the close of the year.
444/ 575 633 696 766 843 927 Rs.
512/ 575 633 696 766 843 927 Rs.
605/ 666 733 806 887 976 1076 Rs.
Since the companyt of living was increasing by leaps and bounds the Oriental pensioners were finding it difficult to survive on their meagre pensions and hence they demanded increase in their pension amount by addition of dearness allowance as in the case of State and Central Government pensioners.
The pension presently being paid and few of the pensioner are as follows Pension being paid Annuity on revision as per the Interim Order dated 7.5.1991 Rs.
On doing so all the pensioners will be allowed an increase of 10 in pension and the minimum pension will be increased to Rs.500/ per month.
898/ 988 1087 1196 1316 1448 1593 Rs.
That is because Rule 11 permitted addition to the Fund by way of subsidies by the Company from time to time.
375/ 575 633 696 766 843 927 Rs.
So also the employer was required to pay interest on the monies companytributed to the Fund so, however, that the total interest added at the end of each year was equivalent to 5 of the total Fund.
Rule Nisi was issued on 8.11.1988.
By reason of Section 8 1 of the Act, the Pension Fund came to be vested in the LIC.
After the Act, the LIC took over the assets properties of the erstwhile Company.
The increase was granted from the general revenues of the Company and number the Pension Fund.
933/ 1026 1129 1242 1366 1503 1653 Rs.
Rule 11 permitted additions to the Fund by way of subsidies.
Thus, the responsibility of managing the said Fund was taken over by the LIC.
575/ p.m. and the pension payment to a few of the pensioners for the next 5 years would be as follows As the the Interim Annuity Policies As Above Order dated Aug94 Aug95 Aug96 Aug97 Aug98 Aug99 7.5.91 Rs.
