CUDDALORE:
The Class III and IV employees affiliated to the All India Insurance Employees' Association staged a one-hour walkout from the LIC of India office here on Wednesday.
They were protesting against the new pension scheme of the Union government. R.Vetrivel and K.P. Sugumaran, president and secretary of the association, said that the new pension scheme was made applicable to new recruits who joined the LIC after April 1, 2010. However, the existing employees were already governed by the LIC of India (Employees) Pension Rules 1995.
As such, there was no basis, either legal or otherwise, to alter the provisions of the pension rules for the new entrants. Joint Secretary (Vellore division) D. Manavalan said that the new pension scheme defined only the employee's contribution and not the benefits that would accrue to him and therefore, it was the apprehension of the employees that it would erode their savings.
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