Supreme Court of India · 2018-10-26
NATIONAL INSURANCE SPECIAL VOLUNTARY RETIRED/ RETIRED EMPLOYEES ASSOCIATION vs NEW INDIA INSURANCE COMPANY LIMITED
- Citation / case number
- SC 2017/34106
- Court
- Supreme Court of India
- Petitioner
- NATIONAL INSURANCE SPECIAL VOLUNTARY RETIRED/ RETIRED EMPLOYEES ASSOCIATION
- Respondent
- NEW INDIA INSURANCE COMPANY LIMITED
- Author
- HON'BLE MR. JUSTICE SANJAY KISHAN KAUL
- Bench
- HON'BLE THE CHIEF JUSTICE RANJAN GOGOI, HON'BLE MR. JUSTICE SANJAY KISHAN KAUL, HON'BLE MR. JUSTICE K.M. JOSEPH
Judgment text excerpt
The Supreme Court ruled that ex-employees of insurance companies who retired under the SVRS-2004 Scheme are not entitled to the additional notional benefit of five years of service under the General Insurance (Employees) Pension Scheme, 1995. The Court emphasized that the SVRS-2004 Scheme explicitly excludes this benefit for pension calculation, thereby upholding the terms of the scheme. The judgment clarified the interpretation of the pension scheme provisions and confirmed the legality of the SVRS-2004 Scheme's stipulations regarding pension benefits.