National Insurance Special Voluntary Retired /Retired Employees Association vs United India Insurance Co. Ltd. - Supreme Court Case
National Insurance Special Voluntary Retired /Retired Employees Association vs United India Insurance Co. Ltd. - Supreme Court Important Judgment 2018 -
On 26th October, 2018, in the case of National Insurance Special Voluntary Retired /Retired Employees Association & Anr. v. United India Insurance Co. Ltd. & Anr. [Civil Appeal No. 10775 of 2018], the appellants, who were ex-employees of the respondent Insurance Companies, and had gone out of service taking advantage of the General Insurance Employees’ Special Voluntary Retirement Scheme, 2004 (SVRS-2004 Scheme), raised plea that they were also entitled to certain benefits arising under an earlier scheme, namely, The General Insurance (Employees) Pension Scheme, 1995.
The Supreme Court came to the conclusion “that statutory or contractual, such voluntary retirement schemes as the SVRS-2004 Scheme have to be strictly adhered to, and the very objective of having such Schemes would be defeated, if parts of other Schemes are sought to be imported into such voluntary retirement schemes.” It was held that “what is offered by the employer is a package as contained in the Schemes of voluntary retirement, and that alone would be admissible.”
Dismissing the appeals, the Court held it was “abundantly clear that nothing more would be given than what is stated in the Scheme, and for that matter, nothing less. 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.”