Slow Ecgc

Justice delayed is justice denied. This is exactly the fate of retired employees of the insurance sector undertakings which have still not introduced the pension scheme. The Export Credit Guarantee Corporation of India (ECGC) is a case in point.

In June 1995, the union cabinet decided to introduce pensions for the retired employees of the insurance sector. A gazette notification was issued on June 27, 1995. The LIC and GIC put the scheme into practice by early 1996. But the ECGC, known for its lethargy, has yet to get the government clearance.

The corporation traditionally follows the LIC pattern of pay scales, perks etc as per government decision. Ordinarily, it should not have taken more than 2-3 months to get the approval. When it comes to revision or hike in pay scales or other benefits, the corporation moves with electric speed. It is only in the case of senior citizens (i.e. retired employees) of the ECGC that the government takes its own time. Two chairmen of the corporation have retired since the issue was said to have been raised with the commerce ministry, which controls ECGC. Why the commerce ministry does not wish to implement the cabinet decision of introducing pension is not clear. Has the ECGC failed to present the case properly?