Gratuity Scheme of the Life Insurance Corporation of India.

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..... ife Insurance Corporation of India was treated as similar to the death-cum-retirement gratuity Scheme under the Revised Pension Rules of the Central Government. 2. The Board had occasion to review the Gratuity Schemes of some of the Nationalised Banks and the Life Insurance Corporation of India to see whether they are similar to the Gratuity Scheme under the Revised Pension Rules of the Central .....

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..... visions are not exactly the same as in the case of the Central Government in the sense that the qualifying service may be longer than 5 years or the rate of calculation of gratuity slightly different from 9/20th of the emoluments as in the case of Government service. The Board are advised that these differences are not material and will not make these schemes dis-similar to the Government's scheme .....

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..... scheme will be similar to the gratuity scheme under the Revised pension Rules of the Central Govt. The fact that gratuity is payable even in the case of voluntary resignations and/or that no maximum monetary limit of gratuity is fixed, would not alter the position. The position will be the same for deciding the question of similarity of the scheme of a Corporation established by the Central, Stat .....

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