ups_00064 — Employees opting for General Insurance Employees' Special Voluntary Retirement Scheme, 2004 (SVRS) are entitled for pension according to Para. 14 of the Pension Scheme, 1995 after they had put in 10 years of qualifying service

Employees opting for General Insurance Employees' Special Voluntary Retirement Scheme, 2004 (SVRS) are entitled for pension according to Para. 14 of the Pension Scheme, 1995 after they had put in 10 years of qualifying service — This chunk discusses a legal case involving Employees opting for General Insurance Employees' Special Voluntary Retirement Scheme, 2004 (SVRS) and their entitlement to pension under the Pension Schem... — Facts: The said SVRS in Para. 3 of the Scheme gives the eligibility condition for employees who opt for Voluntary Retirement Scheme from services of Insurance Company. The eligibility conditions are reproduced. Para. 5 of the Scheme gives the entitlement of ex gratia amount. Para. 6 of the Scheme gives the other benefits which is reproduced. Para. 6

(c) is an important provision which reads: "6 (c): Pension (including commuted value of pension) as per the General Insurance (Employees' ) Pension Scheme, 1995, if eligible. However, the additional notional benefit of the five years added service as stipulated in Para. 30 of the said Pension Scheme shall not be admissible for the purpose of determining the quantum of Pension and Commutation of Pension." The Respondents in the four cases in this appeal claimed pension as one of the benefits admissible under Para. 6 quoted above which was rejected. Hence an appeal was filed in High Court. High Court took the view that Para. 6 above of SVRS of 2004 read with Para. 14 of the General Insurance (Employees') Pension Scheme,1995 entitled the employees to claim pension so long as they had rendered a minimum of 10 years' of service in the corporation /company from whose service they were seeking retirement. That Para. 14 is reproduced in the judgment for clarity. In this connection, the Apex Court held: