ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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LABOUR-LIC Ordinance

LIC Ordinance unilateral termination of settlements was void in the field of industrial disputes. If employers were allowed to P A Sebavhan unilaterally teiminate settlements be ON January 31, the President of India issued an ordinance amending the LIC Act, 1956. The ostensible purpose of the ordinance is to streamline the wage structure of the Life Insurance Corporation (LIC) and to revise the service conditions of its employees and agents with retrospective effect from June 30, 1979, notwithstanding any judgment, decree or order of any court or tribunal or any agreement or settlement that may be in force. The ordinance follows the judgment of the Supreme Court of December 5, 1980 directing the LIC to pay cash 1 minis to its Class II I and IV! employees under the settlements with the workers' with 12 per cent interest per annum.

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