LIC/GIC Draft Notification For Class I

[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, dated the October, 2010

S.O. …………. (E).- In exercise of the powers conferred by section 17 A 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 of Pay Scales and other Conditions of Service of Officers) Scheme, 1975, namely :-

1. (1) This Scheme may be called the General Insurance (Rationalisation of Pay Scales and other Conditions of Service of Officers) 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 those Officers who were in the service of the Corporation or Company as on, or after, the 1st day of August, 2007:

1.Provided that the officers, 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.

2. In the General Insurance (Rationalisation of Pay Scales and other Conditions of Service of Officers) Scheme, 1975 (hereinafter referred to as “the said Scheme”), in paragraph 3, in clauses (na) and (nb), for the words “Eleventh Schedule”, the words “Thirteenth Schedule” shall be substituted.

3. In the said Scheme, in paragraph 4, after sub-paragraph (9), the following sub-paragraph shall be inserted, namely : -

“(10) With effect from the 1st day of August, 2007, the pay and allowances of every officer shall be in accordance with the Thirteenth Schedule appended to this Scheme: Provided that the officer may choose that his basic pay may be fixed in terms of the Thirteenth Schedule with effect from any date not earlier than the 1st day of August, 2007 and not later than the date of publication of this Scheme, in which case he shall intimate such choice in writing to the Corporation or Company within such period as may be prescribed by the Chairman-cum-Managing Director of the Corporation or Company, as the case may be:
Provided further that no arrears for the period prior to the date so chosen shall be payable to such officer.”.

4. In the said Scheme, for paragraph 8A, the following paragraph shall be substituted, namely:-Click here to read more. .

Source -nicoa.in