Superannuation - Law Dictionary Search Results
Home Dictionary Name: superannuation Page: 2Retirement
Retirement, means termination of the service of an employee otherwise than on superannuation. [Payment of Gratuity Act, 1972 (39 of 1972), s. 2(q)]Voluntary termination of ones own employment or career, esp. upon reaching a certain age, Black's Law Dictionary, 7th Edn., p. 1317....
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 The Act, with the amending (English) Old Age Pensions Acts, 1911, 1919 and 1924, has been repealed by the (English) Consolidating Old Age Pensions Act, 1936 (26 Geo. 5 and 1 Edw. 8, c. 31).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...
Remittance of asset
Remittance of asset, means remittance outside India of funds representing a deposit with a bank or a firm or a company, provident fund balance or superannuation benefits, amount of claim or maturity proceeds of Insurance policy, sale proceeds of shares, securities, immovable property or any other asset held in India in accordance with the provisions of the Act or rules or regulations made thereunder. [Foreign Exchange Management (Remittance of Assets) Regulations, 2000, R. 2 (v)]...
Pensioner
Pensioner, the expression 'pensioner' is generally understood in contra-distinction to the one in service. Those who render after service retire on superannuation and are in receipt of pension are 'pensioners'. They constitute a homogenour class; for the purpose of pension benefit they cannot be discriminated from other pensioners, D.S. Nakara v. Union of India, (1983) 1 SCC 305: AIR 1983 SC 130 (133).1. One who is supported by an allowance at the will of another; a dependant; he who receives an annuity from Government without filling any office.2. A band of gentlemen who attend as a guard on the royal person. It was instituted in 1539; each gentleman has an allowance of 150l. per annum, and two horses. This band is now called the Honourable Body of Gentlemen-at-Arms.3. A member of a college at Cambridge who is not on the foundation....
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....
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):...
Except as otherwise provided in the other clauses of this rule
Except as otherwise provided in the other clauses of this rule, The words 'except as otherwise provided in the other clauses of this rule' appearing in Rule 161 (1)(a) make the general rule of superannuation at the age of 58 years subject to other clauses of that rule. This is to say, the government is empowered to provide for different ages of compulsory retirement for different classes of government servants, N.C. Dalwadi v. State of Gujarat, (1987) 3 SCC 611: AIR 1987 SC 1933: (1987) 3 SCR 640....
Actuary
Actuary, a registrar of a public body. Also a clerk who registers the acts and constitutions of the Lower House of Convocation; or a registrar in a Court Christian. Especially a person skilled in calculating the value of life interests, annuities, and insurances. The (English) Local Government and other Officers' Superannuation Act, 1922 (12 & 13 Geo. 5, c. 59), defines actuary as meaning a fellow of the Institute of Actuaries or the Faculty of Actuaries in Scotland. The Institute of Actuaries was formed in 1848 and incorporated by royal charter on July 29, 1884.An actuary possessing such qualifications as may be by regulations made by authority. [Insurance Act (4 of 1938), s. 2(a)]Means a person skilled in determining the present effects of future contingent events or in finance modelling and risk analysis in different areas of insurance, or calculating the value of life interests and insurance risks, or designing and pricing of policies, working out the benefits, recommending rates r...
Compulsory retirement
Compulsory retirement, compulsory retirement does not involve civil consequences and therefore it is not necessary to afford to a Government servant an opportunity to show cause against his compulsory retirement, E. Vankateswara Naidu v. Union of India, (1973) 1 SCC 361: AIR 1973 SC 698 (701): (1973) 3 SCR 216.The heading 'Compulsory Retirement' is wide enough to include premature retirement within its fold, S.C. Jain v. State of Haryana, (1985) 4 SCC 645: AIR 1986 SC 169: (1985) Supp 3 SCR 727.A compulsory retirement does not amount to dismissal removal and, therefore, does not attract the provisions of Article 311 of the Constitution, Shyamlal v. State of Uttar Pradesh, AIR 1954 SC 369 (375): (1955) 1 SCR 26. [Constitution of India, Art. 311]For the judicial officers allowed to superannuate at the age of 58 years and the expressions such as compulsory retirement on attaining the age of 58 years according to the procedure for compulsory retirement under the rules, Bishwanath Prasad Si...
Gratuity 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)....
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