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Parts of one retirement schemes cannot be imported into another VRS scheme

In NATIONAL INSURANCE SPECIAL VOLUNTARY RETIRED/RETIRED EMPLOYEES  ASSOCIATION vs UNITED INDIA INSURANCE CO. LTD., the appellants were ex-employees of the respondent Insurance Companies, who initially joined as Assistants, between 1972 to 1980, and went out of service taking advantage of the General Insurance Employees’ Special Voluntary Retirement Scheme, 2004. The bone of contention was the plea of these appellants, that they are also entitled to certain benefits arising under the earlier scheme known as The General Insurance (Employees) Pension Scheme, 1995, which inter alia provided that the qualifying service of an employee, retiring under that 1995 Scheme, would be increased by a period not exceeding five (5) years, subject to certain conditions.

The Supreme Court found that SVRS-2004 Scheme specifically excludes the benefit of additional five (5) years’ service of the 1995 Scheme and held that if the employees avail of the benefit of such a Scheme with their eyes open, they cannot look here and there, under different schemes, to see what other benefits can be achieved by them, by seeking to take advantage of the more beneficial schemes, while simultaneously enjoying the more beneficial aspects of the SVRS-2004 Scheme.

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