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In force Central Act No. 72 of 1976

The Life Insurance Corporation (Modification of Settlements) Act, 1976

An Act to provide for the modification of the settlements arrived at between the Life Insurance Corporation of India and their workmen.

Enacted
29 May 1976
Ministry
Ministry of Finance
Sections
3
Text retrieved
15 September 2026
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Unofficial text. This copy is for reference and has no legal authority. Check the Gazette of India before relying on it. View on India Code

Source and data quality
Source
India Code, Legislative Department (record 123456789/496247)
Retrieved
15 September 2026
Extraction method
sections
Quality score
1.000 out of 1

1. Short title

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

2. Definitions

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.

3. Modification of settlements

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.