NATIONAL INSURANCE SPECIAL VOLUNTARY Vs. UNITED INDIA INSURANCE

JUDGEMENT

(1.) Leave granted.

(2.) The appellants are ex-employees of the respondent Insurance Companies, who initially joined as Assistants, between 1972 to 1980,and went out of service taking advantage of the General Insurance Employees' Special Voluntary Retirement Scheme, 2004 (for short 'SVRS-2004 Scheme'). The bone of contention is the plea of these appellants, that they are also entitled to certain benefits arising under the earlier scheme known as The General Insurance (Employees) Pension Scheme, 1995 (for short '1995 Scheme'), which inter alia provided that the qualifying service of an employee, retiring under that1995Scheme, would be increased by a period not exceeding five (5) years, subject to certain conditions.

(3.) The concept of providing pension to the employees of the respondent Insurance Companies was introduced for the first time by the 1995 Scheme, which was notified in the Gazette of India on 28.6.1995, but was brought into force from 1.11.199 The relevant para 30 of the 1995Scheme, which is of concern to the present dispute, is as under: