NATIONAL INSURANCE SPECIAL VOLUNTARY RETIRED/ RETIRED EMPLOYEES ASSOCIATION vs NATIONAL INSURANCE CO. LTD

The Supreme Court addressed the entitlement of ex-employees of insurance companies to benefits under the General Insurance (Employees) Pension Scheme, 1995, after opting for the Special Voluntary Retirement Scheme, 2004. The Court held that while the 1995 Scheme allowed for an increase in qualifying service by five years, this benefit was not applicable to those who retired under the SVRS-2004 Scheme. The Court emphasized that the specific provisions of the SVRS-2004 Scheme, which excluded the additional notional benefit, were binding and upheld the decision of the lower courts.