Life Insurance Corporation (Modification of Settlements) Act, 1976

This Act may be called the Life Insurance Corporation (Modification of Settlements) Act, 1976.

In this Act, unless the context otherwise requires,- (a) "Corporation" means the Life Insurance Corporation of India established under section 3 of the Life Insurance Corporation Act, 1956 (31 of 1956); (b) "salary" means basic pay and includes- (i) special pay, if any; (ii) dearness allowance; and (iii) additional dearness allowance; (c) "settlements" means,- (i) the settlement which was arrived at between the Corporation and their workmen on the 24th day of January, 1974, under section 18, read with clause (p) of section 2, of the Industrial Disputes Act, 1947 (14 of 1947); and (ii) the settlement which was arrived at between the Corporation and their workmen on the 6th day of February, 1974, under section 18, read with clause (p) of section 2, of the said Act and in respect of the terms of which there was no approval as provided for in sub-clause (2) of clause 12 thereof.

Notwithstanding anything contained in the Industrial Disputes Act, 1947 (14 of 1947),the provisions of each of the settlements, in so far as they relate to the payment of an annual cash bonus to every Class III and Class IV employee of the Corporation at the rate of fifteen per cent. of his annual salary, shall not have any force or effect and shall not be deemed to have had any force or effect on and from the 1st day of April, 1975.

Rep. by the s. 2 and the First Schedule, ibid. (w.e.f. 26-12-1986).

Rep. by the Repealing and Amending Act, 1960 (58 of 1960), s. 2 and the First Schedule (w.e.f. 26-12-1960).

Any order altering the remuneration and the other terms and conditions of service of the employees referred to in sub-section (2) of section 11 of the principal Act made or purporting to have been made under that subsection before the commencement of this Act by the Central Government for any of the purposes specified in that sub-section as amended by this Act, shall, notwithstanding anything contained in any judgment, decree or order of any court, be deemed to have been made under that sub-section as amended by this Act as if this Act were in force on the date on and from which the order was intended to take effect, and the order shall continue in force and have effect accordingly, unless and until superseded by anything done or action taken under the principal Act.

Rep. by the Repealing and Amending Act (58 of 1960), s. 2 and the First Schedule (w.e.f. 26-12-1960).