Life Insurance Corporation of India Linked Retirement Plan – Another Indian Corporate Muddle
One of my friends has brought the following facts to my notice, which is another blatant case of Corporate fiddling in Bharath, when it comes to the Retirement scheme. When the going is good the murky side of some of the Bharath Corporate Mahans, would be concealed, and once something fishy starts smelling, some of rotten stuff, comes out. It appears this one is something like that….
This is what my friend had nerrated…..
I worked with Malabar Fertilisers, for 20 continuous years since 1973. I had an excellent career and track record, with this joint sector Company, from the Greenfield stage, in their Marketing Division, and had the distinction of getting all promotions, being the first among equals during the entire service with them. I never had any blemish in the career history nor records to the contrary. I left by resigning consequent to getting a better assignment with Hyderabad Fertilisers and left Malabar Fertilisers in the year 1993.
I resigned and left Malabar Fertilisers in 1993, mainly due to two main reasons:
1. The company was not growing in any manner, even after the joint sector firm's controlling interests were taken over from the State Government by a Private Indian Corporate Group of repute. The employee morale was getting poor due to the culture difference between Malabar Fertilisers and the new group's core business which were into something entirely different. The new promoters interests was also not clear, as they had no competency in the new field, and were more interested in other things other than nurturing and growing the acquired company.
2. The new Managing Director of Malabar Fertilisers consequent to take over by the new group, though a good professional and Technocrat was a peculiar character, otherwise. This new MD had a tiff with my brother, in the past, who was working under him in his earlier assignment before joining the new group, which was one of the reasons, for my resigning at the first available opportunity. Luckily the sibling connection, was not known to my new MD during my tenure under him.
In September, 1993 I submitted my resignation, from Malabar which was duly approved and after serving the due notice period was relieved and a send off was received, which was chaired by none other than the same MD, after which the following…happened.
1. I joined the Hyderabad Company and worked for the next 7 years, where also I had an excellent track record.
2. Within a very short span after I left Malabar Fertilisers the MD mentioned in detail above came to know about my connectivity with his erstwhile foe, that is; my brother and made remarks in my file that all my dues accrued for the service of 20 years should be withheld. As correspondences and Registered letters, did not result in any solution, through the legal process, I obtained my dues like PF, Gratuity etc., while still working with Hyderabad Fertilisers. The legal process I initiated only in the year 1997 after the MD, who had allergy to me left the services of the Company, and the Group as otherwise, he would have done, what best is possible to abort a favorable decision, as he is fighting using the Corporate's money, which in other words is PUBLIC money whereas it is, my own personal means!
3. The EMPLOYEES SUPERANNUATION, from Malabar Fertilisers I am yet to get, as the rules relating to it is another ball game, and for which my various correspondences with the subsequent Managing Directors of Malabar did not get any response till date, though I had been following it up for over a decade by now!
4. I availed VRS from the second company in the year where also there was a separate similar superannuation scheme for which I was eligible to participate and drawing presently the benefits of it without any problem.
5. In my relieving order from Malabar, it is clearly mentioned, since I have resigned, before attaining the age of superannuation then, Quote: FOR THE purpose of obtaining superannuation benefit it should be treated as Premature Retirement " Unquote.
6. Unless the Trustees of the Super Annuation Fund of Malabar Fertilisers do not clear my request, to the Life Insurance Corporation, of India, the assuror, nothing else can be done, except again through court of law. This will take again its own sweet time and costs. My major source of retirement benefits is blocked with Malabar Fertilisers, where I have put in 20 solid years…of..service.
Can somebody suggest:
1. How I can proceed to get my retiral benefits from Malabar Fertilisers as I have earned it, and it cannot be left to the whimsical behavior of people WHO have no concern for such things. This was something which I should get on my leaving the service, and which had been factored in as the cost to me and to the company while working for the Company.
2. What is to be done as similar cases should be a plenty under Indian Corporate scenario, wherein the Trustees of the Retirement Corpus is under the Management control of the Corporate and the Insurance Corporation where the money is accrued and assured, do not have any role, till they are advised to commence releasing the Retirement benefit. Apparently the Insurance linked Insurance Plan is 100% SAFE, whereas it is not so, if the First Party, that is the Corporate - so desire! This I myself can vouch as I am drawing it from the second company where I served, my second part of my corporate life, where it was only a short span of 7 years, to draw Retirement benefits as against 20 solid years with Malabar.
3.Can the concerned Insurance Corporation, which is a 100% Government entity, be brought into the picture, as the Retirement Benefits are held with them, for the concerned Corporate entity and me the beneficiary!
Now from my blog side, it is high time, we should have a Central Nodal Agency, which should take care of such issues, and if it cannot be resolved through that mechanism in a span of say…180 days, then only such issues should go to the Legal scenario. As none other than the current Chief Justice of the country, is seized of the problem of Legal accumulation in the country, and consequential delay better modes of redressel should be available in the first instance. When the Executive of the country is seized of such aberrations, such issues can be resolved FASTER.
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