[TO BE PUBLISHED IN THE GAZETTE OF INDIA
EXTRAORDINARY PART II – SECTION 3, SUB-SECTION (ii)]
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(DEPARTMENT OF FINANCIAL SERVICES)
NOTIFICATION
New Delhi, the 8th October, 2010
S.O. (E).- In exercise of the powers conferred by section 17A of the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972), the Central Government hereby frames the following Scheme further to amend the General Insurance (Rationalisation and Revision of Pay Scales and other Conditions of Service of Supervisory, Clerical and Subordinate Staff) Scheme, 1974, namely :-
1. (1) This Scheme may be called the General Insurance (Rationalisation and Revision of Pay Scales and other Conditions of Service of Supervisory, Clerical and Subordinate Staff) Amendment Scheme, 2010.
(2) Save as otherwise provided in this Scheme, this Scheme shall be deemed to have come into force on the 1st day of August, 2007.
(3) Save as otherwise provided in this Scheme, this Scheme shall be applicable to all employees who were in whole-time service in Supervisory, Clerical and Sub-ordinate Staff cadres of the Corporation or Company as on, or after, the 1st day of August, 2007: Provided that the employees whose resignations had been accepted or whose services had been terminated during the period from the 1st day of August, 2007 and the date of publication of this Scheme, shall not be eligible for the arrears on account of revision
under this Scheme.
(4) Nothing contained in this Scheme shall entitle an employee to claim Overtime Allowance higher than what he had been entitled to prior to the publication of this Scheme.
2. In the General Insurance (Rationalisation and Revision of Pay Scales and other Conditions of Service of Supervisory, Clerical and Subordinate Staff) Scheme, 1974 (hereinafter referred to as “the said Scheme”), in paragraph 3, after clause (c), the following clauses shall be inserted, namely:- ‘(ca) “first rationalised terms” means the scales of pay and allowances as specified in the Ninth Schedule
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this wages revision was due on 08/2007.but it is finalised in 10/2010.what are the game show behind the curtain ?when it come to hike for mp mla this system surrender amazingally and settle the issued with rocket speed but when the wages revision matter come the all why/how/where suddenely appears between the final decision.the employees of world's most trusted brand and unique institute having banner of CORRUPTION FREE ORGANISATION THE final verdict came after 40 months.it is interesting to see that in 2012 next wages revision for bank /insurance emloyees is due when the talks will begin when they will reach on a concrete decesion.
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