Section 11(2) in The Life Insurance Corporation Act, 1956
(2)[ Where the Central Government is satisfied that for the purpose of securing uniformity in the scales of remuneration and the other terms and conditions of service applicable to employees of insurers whose controlled business has been transferred to, and ][vested in the Corporation] [ Substituted by Act 36 of 1957, Section 3 and Schedule II, for " vested in it" (w.e.f. 17.9.1957).][, it is necessary so to do, or that, in the interests of the Corporation and its policy-holders, a reduction in the remuneration payable, or a revision of the other terms and conditions of service applicable, to employees or any class of them is called for, the Central Government may, notwithstanding anything contained in sub-section (1), or in the Industrial Disputes Act, 1947 (14 of 1947), or in any other law for the time being in force, or in any award, settlement, or agreement for the time being in force, alter (whether by way of reduction or otherwise) the remuneration and the other terms and conditions of service to such extent and in such manner as it thinks fit, and if the alteration is not acceptable to any employee, the Corporation may terminate his employment by giving him compensation equivalent to three months' remuneration unless the contract of service with such employee provides for a shorter notice of termination.Explanation .-The compensation payable to an employee under this sub-section shall be in addition to and shall not affect, any pension, gratuity, provident fund money or any other benefit to which the employee may be entitled under his contract of service.] [ Substituted by Act 17 of 1957, Section 2, for sub-Section (2) (w.e.f. 6.6.1957).]
