The 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 ofthe 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 the24th day of January, 1974, under section 18, read with clause (p) of section 2, of the IndustrialDisputes Act, 1947 (14 of 1947); and (ii) the settlement which was arrived at between the Corporation and their workmen on the6th day of February, 1974, under section 18, read with clause (p) of section 2, of the said Act andin respect of the terms of which there was no approval as provided for in sub-clause (2) of clause12 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 anannual cash bonus to every Class III and Class IV employee of the Corporation at the rate of fifteen percent. of his annual salary, shall not have any force or effect and shall not be deemed to have had any forceor effect on and from the 1st day of April, 1975.