NATIONAL INSURANCE SPECIAL VOLUNTARY RETIRED/ RETIRED EMPLOYEES ASSOCIATION vs ORIENTAL INSURANCE COMPANY LIMITED

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 1995 Pension Scheme. The Court interpreted the provisions of the 1995 Scheme and the SVRS-2004 Scheme, clarifying that the latter explicitly excludes the additional service benefit for pension calculation. The Court held that the appellants' claims for benefits under the 1995 Scheme were not valid, affirming the decision of the lower courts.