Gratuity And Pension - Law Dictionary Search Results
Home Dictionary Name: gratuity and pensionGratuity and pension
Gratuity and pension, Gratuity is a lump sum payment while pension is a periodic payment of a stated sum. They are both 'efficiency devices' and are considered necessary for an 'orderly and humane elimination' from industry of superannuated or disabled employees who but for such retiring benefits would continue in employment even though they function inefficiently, Burhanpur Tapti Mills Ltd. v. Durharpar Tapti Mills, AIR 1965 SC 839 (841)....
Pension
Pension, an annual allowance made to any one, usually in consideration of past services.By the (English) Succession to the Crown Act, 1707, (6 Anne, c. 7) (c. 41 in the Revised Statutes), and 1 Geo. 1, st. 2, c. 56, no person having a pension under the Crown during pleasure, or for any term of years, is capable of being elected or sitting in the House of Commons.Old Age Pension.--The (English) Old Age Pensions Act, 1908, which was not on a contributory basis, gave to every person the right to a pension who fulfilled certain conditions. The Act, with the amending (English) Old Age Pensions Acts, 1911, 1919 and 1924, has been repealed by the (English) Consolidating Old Age Pensions Act, 1936 (26 Geo. 5 and 1 Edw. 8, c. 31). These conditions are contained in s. 2 of the Act of 1936, as follows:-2. The statutory conditions for the receipt of an old age pension by any person are--(1)The person must have attained the age of seventy, or in the case of a blind person, the age of fifty.(2)The p...
Gratuity
Gratuity, it is a kind of retirement benefit like the provident fund or pension. At one time it was treated as payment gratuitously made by the employer to his employee at his pleasure but as a result of a long series of decisions of industrial tribunals gratuity has now come to be regarded as a legitimate claim which workmen can make and which, in a proper case, can give rise to an industrial dispute. Gratuity paid to workmen is intended to help them after retirement, whether the retirement is the result of the rules superannuation or of physical disability, Indian Hume Pipe Co. Ltd. v. Workmen, AIR 1960 SC 251: (1960) 2 SCR 32.Gratuity is a retiral benefit and can be earned as a matter of right on fulfilling the conditions subject to which it is earned, any rule conferring absolute discretion not testable on reason, justice or fair play must be treated as utterly arbitrary and unreason-able and discarded, Sudhir Chandra Sarkar v. Tata Iron and Steel Co. Ltd., AIR 1984 SC 1064 (1071):...
Qualifying service
Qualifying service, 'qualifying service' under rules means 'service qualifying for pension', Hans Raj v. State of Punjab, AIR 1985 SC 69 (74): (1985) 1 SCC 134: (1985) 1 SCR 1040. [Punjab Civil Service (Pre-mature Retirement Rule), 1975, R. 2(3)]Means service rendered while on duty or otherwise which shall be taken into account for the purpose of pensions and gratuities admissible, Union of India v. S. Dharmalingam, AIR 1994 SC 592: (1994) 1 SCC 179: (1994) 1 SCJ 58: (1994) SCW 238: (1994) 1 Serv LJ (SC) 169: (1994) 26 ATC 575: (1994) 68 Fac LR 140: (1994) 1 UJ (SC) 45: (1994) 1 Lab LN 11....
Superannuation
Superannuation, connotes a distinct meaning. It ordinarily means, unless otherwise provided for in the statute, that not only he reaches the age of superannuation thereof, but also becomes entitled to the retiral benefits thereof including pension. 'Voluntary retirement' could have fallen within the afore-mentioned expression, provided it was so stated expressly in the scheme, HEC Voluntary Retd. Emps. Welfare Society v. Heavy Engineering Corporation Ltd., AIR 2006 SC 1420.Superannuation, in relation to an employee, means the attainment by the employee of such age as is fixed in the contract or conditions of service as the age on the attainment of which the employer shall vacate the employment. [Payment of Gratuity Act, 1972 (39 of 1972), s. 2(r)]In relation to an employee, who is the member of the Pension Scheme means the attainment, by the said employee, of the age of fifty eight years. [Emp-loyees' Provident Funds and Miscellaneous Pro-visions Act, 1952 (19 of 1952), s. 2(ll)]The wo...
Current assets
Current assets, means bank balances and cash and includes such other assets or reserves as are expected to be realised in cash or sold or consumed within a period of not more than twelve months in the ordinary course of business, such as, stock-in-trade, amounts due from sundry debtors for sale of goods and for services rendered, advance tax payments and bills receivable, but does not include sums credited to a provided fund, a pension fund, a gratuity fund or any other fund for the welfare of the employees, maintained by a company owning an industrial undertaking. [Industries (Develop-ment and Regulation) Act, 1951 (65 of 1951), s. 3 (ab)]...
Matters relating to employment
Matters relating to employment, It is now well settled that the expression 'matters relating to employment' used in Article 16(1) is not confined to initial matters prior to the act of employment, but comprehends all matters in relation to employment both prior, and subsequent, to the employment which are incidental to the employment and from part of the terms and conditions of such employment, such as, provisions as to salary, increments, leave, gratuity, pension, age of superannuation, promotion and even termination of employment. It is further well established that Articles 14, 15(1) and 16(1) from part of the same constitutional code of guarantees and supplement each other. If any authority is needed for the above enunciation, reference may be made to the observations made by Gajendragadkar, J., as he then was, in General Manager, Southern Railway v. Rangachari. The Manager, Government Branch Press v. D.B.Belliappa, AIR 1979 SC 429: (1979) 1 SCC 477: (1979) 2 SCR 458....
Qualified institutional buyer
Qualified institutional buyer, means a financial in-stitution, insurance company, bank, State financial corporation, State industrial development corpora-tion, trustee or any asset management company making investment on behalf of mutual fund or provident fund or gratuity fund or pension fund or a foreign institutional investor registered under the Securities and Exchange Board of India Act, 1992 or regulations made thereunder, or any other body corporate as may be specified by the Board. [Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, s. 2(1)(u)]...
Reduction in rank
Reduction in rank, a civil servant is reduced in rank only after an inquiry is held; he is informed of the charges against him in such inquiry and he is given a reasonable opportunity of being heard in respect of those charges. [Constitution of India, Art. 311(2)]Reduction in rank, if a civil servant has a right to a particular rank, then the very reduction from that rank will operate as a penalty, for he will then lose the emoluments and privileges of that rank. If, however, he has no right to the particular rank, his reduction from an officiating higher rank to his substantive lower rank will not ordinarily be a punishment (AIR 1958 SC 36 referred); Shitla Sahai Srivastava v. North Eastern Railways, AIR 1966 SC 1197 (1199): (1966) 3 SCR 61.The reduction in rank contemplated by the Article 311 of Constitution of India, 1950 is reduction as a punishment and where no punishment is involved the Article had no application. Any variation in the order of seniority to the prejudice of an off...
Air force reward
Air force reward, includes any gratuity or annuity, for long service or good conduct, badge pay or pension, and any other air force pecuniary reward. [Air Force Act, 1950 (45 of 1950), s. 4 (vii)]...
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