The Gazette of India
EXTRAORDINARY
PART II—Section 3—Sub-section (i)
PUBLISHED BY AUTHORITY
No. 34] NEW DELHI, MONDAY, FEBRUARY 2, 1981/MAGHA 13, 1902
Separate paging is given to this Part in order that it may be filed as a separate compilation
81- , THE GAZBTTE OF INDIA : EXTRAORDINARY [PART II—SEC. £l)l 2. DefinitioM :—In thei* r"lt" unless ihe ccntext oiheiwiite requires — (a) "Act" means the Life Ixsurarce Ccrpciaticn /"ct,MINISTRY OF FINANCE
(Department of Economic Affair*)
NOTIFICATION
N^w Dilhi, the 2nd February, 1981
INSURANCE
THB LIFE INSURANCE CORPORATION OF INDIA CLASS HI AND CLASS IV EMPLOYEES (BONUS AND DEARNESS ALLOWANCE) RULES, 1981
G.S, R. 4;(E).—in exercise of the powers conferred by section 48 of the Life Insurance Corporation Act, 1956 (31 of 1956) as amended by the Life Insurance Corporation (Amendment) Ordinance, 1981 (Ordinance No. 3 of 1981), the Central Govern- ment hereby makes the following rules, namely :—
1. Short Title and Commencement: (1) These rules rr^ay bs called tho life Insurance Corporation of India Class in and Class IV Employees (Bonus and Dearness Allowance) Rules, 1981.
(2) This rule and rule 4 shall come Into force on the date of tho publication of thsse rules in the Official Gazette and the remaining provisions of these rules shall be deemed to have come into force on the 1st day of July, 1979,
1956 ;
(b) "employee" means an emplcyee of ih" Life In
3. Bonus :—(I) No Class III or Ofss IV employee of ihe Corporation shall be entitled to the payment of any prt fit sharirg bonus or any other kind of carh borus.
(2) Notwithstanding anything contained in sutviule (1) every Class In and Class IV employee shall be entitled to a payment in lieu of bonus —
(a) for the period commencing from 1st day of July, 1979 and ending on 31 at day of March, 1910 at (he rate of fifteen per cent of his salary ;
(b) thereafter for every year cemmercirg on ihe fust day cf April and emding on the 31 st day of Match of ihe fcllc w- ing year, at such rate ard tubjtct tc
Provided that —
(i) no payment in lieu of bonus jhall be payable to ary employee drawing a salary exceeding Rs, lcCO/- per month;
(il) where the salary of an employee exceeds Rs. 750/- per month but does not exceed R", 1600/- per month, the maximum payment in lieu of bonus payable to such employee shall be calculated as if his salary were Rs. 7.c0/- per month.
Explanation : For the purpcfes of ihis sub-iule "EF.IFJV" means basic pay, special pay, if any and Deaineps AHcvtrcc.
(3) Regulation 58 of ihe Life Insurance Cnpciaiicn of Jrtf'a (Staff) Regulations, 19C0 ard all other prcvisicrs iclBiirg lo ihe payment of any borus (ircludirg ex gratia pEjment in lieu cf bonus) to the employees, to ihe extent ihftt Reguleticri srd
4. Dcarness AllcwpJite in respect of CIMS III ard Clcss IV employees : Regulation 51 of the Life IreurEXce C o p c r s t kn of India (Steff) Regulaticns 19C0 and P]1 oiher prcvHcrs lclat- ing to dearness allcwarce payable to cless III and class IV employees shall have effect subject to ihe mcdifkalicxs ihet the increase or decrease, as the case nuy be, in 1ht dcearos allowMcc pcyable to Cless III erd Cfos IV frrr'fy"s by reason of revision on quflrteily bfsis for every fcur pcints rise or fell in ihe AH India Avenge Ccrtumer Puce Irdix Numbers for Industrial Woikcrs— (Btsc : ]9CO"=1CO) shall be limited to Rs. 15.80.
5. Interpretation : Where any dcubt or difficulty arises as to the interpretation of ary cf these rules it shall be referred to the Central Government fcr its decision.
[F. No. 65(2>Ins. III/3/81] Km- KUSUM LATA MITAL, Additional Secy.