In Brief
Ex-employees of insurance companies who took voluntary retirement under the 2004 Voluntary Retirement Scheme (SVRS-2004) sought benefits from an earlier 1995 Pension Scheme, specifically an additional five years' notional service for pension calculation. The SVRS-2004 Scheme explicitly excluded this five-year addition. The Supreme Court held that statutory voluntary retirement schemes must be strictly followed as integrated packages—beneficiaries cannot selectively import benefits from other schemes. Observations in a prior judgment on unrelated matters do not constitute binding directions. The Court dismissed the appeals, holding that what is offered by the employer's scheme alone is admissible, nothing more or less."
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